KANSAS CITY, Mo., April 4, 2019 /PRNewswire-PRWeb/ -- CryptoTrader.Tax, a Missouri-based software development start-up, has announced its integration with Intuit TurboTax. CryptoTrader.Tax is the easiest and the most accurate way to calculate trading gains and prepare your crypto taxes. With this integration, consumers can import their crypto tax data directly into TurboTax for easy filing.
Crypto Taxes Done in Minutes!
The IRS treats cryptocurrency as property for tax purposes. This means you are required to report your capital gains and losses from your crypto trades on your taxes. To properly report these transactions, you need to report the original cost basis, the fair market value in USD of the coin at the time of the trade, and the amount of gain or loss you incurred for every cryptocurrency transaction. This becomes nearly impossible to do by hand as the historical USD price for all coins is not readily available. CryptoTrader.Tax automates this entire process.
"You simply import your cryptocurrency trades into the platform using the technology we have built. The software will automatically crunch your capital gains and losses numbers and generate the necessary tax documents including the IRS form 8949," said David Kemmerer, Co-founder of CryptoTrader.Tax. "CryptoTrader.Tax makes it extremely easy to calculate your crypto tax liability and save time doing your taxes."
CryptoTrader.Tax boasts tens of thousands of users on its platform today and has processed over one billion dollars in cryptocurrency transactions.
Co-Founder Lucas Wyland (age 24) states that the mission of the company is simple: "What drives all of our product development decisions as a company is our core mission, and that's to make the world of cryptocurrency easy for everyone."
- Minimize your tax liability: CryptoTrader.Tax calculates your crypto tax liability using the same First-In-First-Out method that CPAs use. It assures that you are paying the correct amount and minimizing your tax liability.
- Easily Import your historical data: CryptoTrader.Tax makes it easy to import your trading history across all cryptocurrency exchanges. In less than 10 minutes, you can have the year's trading history ready for review.
- Export your tax documents for easy filing: You can download your IRS forms to either file yourself, send to your CPA, or import into TurboTax Online.
- Generate Multiple Reports: The software generates the following reports for each tax season:
Cryptocurrency Income Report
Short & Long Term Sales Report
IRS Form 8949
Audit Trail Report
End of Year Positions Report
TurboTax Online Direct Import
Click here to get a glimpse of How CryptoTrader.Tax Works.
CryptoTrader.Tax is available for Free when you get started. For additional features, upgrade to a yearly subscription. To learn more about CryptoTrader.Tax, visit https://www.cryptotrader.tax/
About CryptoTrader.Tax and its Founders:
Founded in December 2017, CryptoTrader.Tax is an automated cryptocurrency tax processing platform that was built out of necessity by the founders after getting into the world of crypto in early 2017 and later realizing the tax implications of it all. Thousands of people have already used the software to do their crypto taxes, and partnering up with TurboTax has helped the company bring the product to many more users.
All under the age of 25, the young founders: David Kemmerer, Lucas Wyland, and Mitchell Cookson are looking to enable the world of cryptocurrency by making it more accessible for the average consumer. Lucas and Mitchell are both full stack developers with a depth of technical know-how. David rounds out the team with a background in growth marketing, SEO, and software sales. To learn more about CryptoTrader.Tax, please send an email to [email protected] or visit https://www.cryptotrader.tax/