Mar 9, 2022 19:20 UTC
Mar 9, 2022 at 19:20 UTC
Many crypto exchanges send tax forms to the IRS, each with their own list of supported tokens and data that doesn’t essentially match up. This could produce a great deal of confusion for U.S. taxpayers. Luckily, Cointelli will fleetly and faithfully produce a unified tax report with the push of a button.
And if there are any inter-platform inconsistencies, Cointelli contains a powerful error correction feature that lets users simply edit knowledge. Cointelli’s algorithms make it simple to compile all of the information from Coinbase, Binance, Kraken, and lots of others into one tax report. and every one for the terribly reasonable worth of simply $49!
What is the Simplest Package for Crypto Taxes?
American cryptocurrency traders and investors want all the assistance they’ll get once it involves navigating the legal system effectively. Cryptocurrency has created things sophisticated for several individuals, because the IRS classifies it as ‘property’ for taxation functions — disassembling a standard idea that there’s no tax on crypto. U.S. investors, especially, are having to pay additional attention to news taxes on cryptocurrency. With optimistic growth in cryptocurrency investment, and also the market expected to grow massively, the U.S. government has ramped up its efforts to induce its slice of the pie. The IRS initially wrote its cryptocurrency tax rules back in 2014, and Washington has recently given the agency another $80 billion to trace and catch tax evaders.
Crypto taxes aren’t simple to wrap your head around. Doing them properly typically involves accurately news advanced transactions across several crypto platforms. Thus, having the correct package is a lifesaver once it involves obtaining it right in a very timely manner. Cointelli could be a cloud-based crypto tax preparation package that uses its distinctive technology to assist people, businesses, and CPAs save additional on crypto taxes. Cointelli focuses on serving users reap the foremost crypto tax edge potential whereas news their crypto taxes accurately.
So, what else sets Cointelli apart? Well, the important opening in hard your crypto taxes with tax package is collection and commercialism your dealing knowledge from across multiple exchanges and wallets. This method could look easy, however there are some essential steps you wish to require to make sure accuracy.
First, you’ve got to see what number crypto exchanges and wallets the package supports. Cointelli, as an example, supports a significantly larger variety of major crypto exchanges than several competitors — and with full import capabilities. samples of exchanges supported by Cointelli embrace major ones like Coinbase, Binance, KuCoin, and lots of additional niche exchanges. to feature to the present, Cointelli conjointly options support for a minimum of fifteen blockchains, together with in style ones like Bitcoin, Ethereum, and even Dogecoin.
Cointelli offers support for additional wallets and exchanges and provides the simplest ways of commercialism dealing knowledge from across these platforms. These edges conjointly build Cointelli terribly simple to use for first-timers, creating it a wonderful choice once selecting your crypto tax package.
Reporting Taxes To the IRS
Many important exchanges like Coinbase, Binance, and Kraken send completely different tax forms to the IRS (for instance, Coinbase reports 1099-MISCs and Kraken reports extra forms of 1099 forms). However, these exchanges solely fathom the transactions that happen in their own systems. every important exchange conjointly has its own list of supported cryptocurrencies, that won’t essentially match up with alternative lists. This can be why it’s therefore vital to possess a crypto tax package answer that quickly and accurately aggregates all of this info in one place and processes it for you.
Cointelli not solely delivers these services, however makes them possible for all, with full access on the market for an easy, flat-fee of $49 per annum and no hidden prices. Additionally, users will run the program at no cost to check what quantity they’ll be paying in crypto taxes, and won’t pay anything till they arrange to transfer the finished kind 8949. In addition to making it simple to fill out and transfer the finished reports and forms, Cointelli conjointly contains a seamless and easy-to-use interface and provides 24/7 client service.
Importing dealing knowledge into Cointelli from varied exchanges like Coinbase, Kraken and Binance.US could be an easy affair. except for anyone having trouble, Cointelli provides careful and instructive guides and walkthroughs to point out to you precisely however it’s done.
For example, to import your knowledge from Binance.US, you’d merely follow the steps below:
How to Import Exchange Data from Binance.US
- First, sign up on Cointelli
- Then, log in to Binance and make your API key
- Copy and paste your API key into the page, as below
Once the import is complete, and also the dealing knowledge has been with success additional, you’ll be ready to ensure your transactions. Once that’s done, Cointelli can then prepare your kind 8949.
But what if you’ve listed away, like on Kraken or Coinbase? No problem! simply follow Cointelli’s directions for every exchange, and shortly you’ll have your tax forms in hand.