Cryptocurrency trading has been extremely profitable for years now, but never as much as it was in the last 12 months, since the beginning of this last bull run. Millions of traders from all over the world rushed to enter the crypto industry and try their luck, and thanks to the constantly increasing prices — most of which made a full recovery since the mid-May price drop — they were able to score major profits.
However, even though earning profits from trading is fine now, it will definitely be difficult to deal with once the tax season comes. Calculating crypto taxes is extremely tedious and difficult, or even impossible if you did not keep notes of your investments, crypto prices at the time, the profits that you made, and alike.
With the prices rushing up and down all the time, it is basically impossible to do it right, which means that you risk filing your taxes with errors that could end up costing you a lot.
Fortunately, there is a solution, and all you need to do is turn to a growing crypto tax tracking and portfolio managing company, ACCOINTING.com.
What is ACCOINTING.com?
As mentioned, ACCOINTING.com is a company that tracks your portfolio and files your crypto taxes. The company also makes it extremely easy to report your crypto taxes by yourself, using either TurboTax or with your cryptocurrency tax advisors.
Best of all, you don’t need to do anything manually ever again. The project offers a software that lets you instantly connect to your crypto exchanges and wallets via API or blockchains. More than 300 wallets, exchanges, and trading platforms are supported, both in mobile or desktop versions.
What can ACCOINTING.com actually do?
With access to your accounts, the platform can keep track of all the necessary details needed for filing taxes precisely and accurately, and log them for automatic calculation of your total tax debt once the taxing season arrives.
You can easily use your dashboard and crypto tracker to calculate your crypto taxes, in both mobile and desktop. More than just keeping track of taxes, you can also use this tool to calculate your trading performance, deep-dive on your transactions in real-time, and have an amazing user experience, which is something that most people certainly do not expect when dealing with a tax app.
But, logging data and storing it safely is only a part of what this app can do. It only takes about 5 clicks to get your customized crypto tax report for your country, as the project generates the Form 8949 to fill the Schedule D Form. The firm also generates a TurboTax file to drag and drop online, as well as a crypto tax report for your CPA in less than 5 minutes.
You can even use this app as a tool for trading, as it lets you explore the crypto market, set up alerts, research various popular tokens that are being pursued by traders and investors at any given time, and even socialize them via your personalized and curated token lists on Twitter.
There is a lot that you can do with this app, beyond just using it to calculate your crypto taxes. However, given how taking care of your earnings and investments is not the easiest thing to do in crypto, even if you only use it for calculating your crypto taxes and nothing else, you still have a lot to gain and nothing to lose by trying it out.