Ahead of the Tax filing in the United States on April 15, the cryptocurrency industry is gearing up to make the filing of taxes easier. CryptoTrader.Tax has now integrated with the US tax software Intuit TurboTax. According to the co-founder of the company, David Kemmerer, those who file taxes in the CryptoTrader, will automatically divert to the TurboTax software filing software. It is much easier because all that is required is importing the cryptocurrency trades into the platform using the technology and the data would automatically be updated, followed by the calculation of the amount of tax that needs to be paid.
US’s Internal Revenue System has classified the cryptocurrency as an earned asset. The filers need to report the original value of the coin, followed by the market value of the coin in US dollars from the database. Filers also have to file the gain that they have incurred. Experts believe that the lack of tax filing is due to the ignorance of filing up the form since the instructions given by the committee is still unclear. The US-based crypto traders owe property taxes on their crypto-coins, but only if they are traded.
Earlier this year, the major Cryptocurrency agency CoinBase added the resources for the customers to claim the crypto tax trade. It also provided an educational guide for filing taxes. Coinbase has also integrated TurboTax, allowing users to import the transactions automatically to the new platform.
It is said that TurboTax itself partnered with CoinsTax, LLC so that they could offer combined services for the filing of income tax. The new service is said to be available to those who purchased the 2018 premier edition and other versions. Trading data can be exchanged directly from major exchanges like Coinbase, Gemini and Poloniex.
The TurboTax has electronic tax filing capabilities, where customers can get their refund as soon as possible. Some of the features of TurboTax include:
- Maximum tax refund
- Retirement Tax assistance
- Donation Trackers
- Tax payment options
- Electronic Tax filing
- Updated tax and healthcare laws
- Stock plans
- Taxation guide for SMBs
- Expense estimator
- Data security and encryption
- Mobile apps
- Tax reports and preparation guidelines
- Investment assistance
- Tax history
TurboTax offers various packages, pertaining to the customers’ requirements. These are basic, deluxe, Premier, home and business. Customers are really happy with the plan that makes accurate calculations, without the involvement of the users.