David Kemmerer, Co-Founder at CryptoTrader.Tax shared news on 05 April about the integration of CryptoTrader.Tax with Intuit TurboTax.
Missouri-based CryptoTrader.Tax is an automated cryptocurrency tax processing platform. It was built out of a necessity to address crypto tax implications. A multitude of users have already used the software for their crypto taxes. The partnering up with TurboTax has further extended their outreach.
David cited on the usability of the software as –
“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. CryptoTrader.Tax makes it extremely easy to calculate your crypto tax liability and save time doing your taxes.”
The integration of the two tax platforms is well-timed and provides key productivity gain. Since buying, selling and trading of cryptocurrencies are liable to tax, they come under the same bracket as capital gains. This requires the consumers to track and declare their trades on the year-end tax return.
David expressed that CryptoTrader.Tax has hosted tens of thousands of users on its platform. It has processed over one billion dollars in cryptocurrency transactions. With the TurboTax partnership, users would easily be able to generate their required crypto tax reports and export them conveniently into TurboTax to complete their tax return.
David touched upon the Co-Founder Lucas Wyland’s insight. Lucas quoted that the company’s mission is simple, to make the world of cryptocurrencies accessible and easy to everyone. David carried on to convey some key benefits that this embrace would facilitate. The tax liability would be minimized by paying the correct amount.
David sustained by adding that users could easily import their historical data. This feature is available across all cryptocurrency exchanges and users can benefit from quick service. The customers could also avail exporting their tax documents for easy filing and generate multiple reports.
On its website, CryptoTrader.Tax shared insightful content to educate consumers on when they would be liable to pay crypto taxes. Many individuals would have ventured into digital coin trading and would have mixed information on when they must pay up capital gains tax.
David concluded by conveying that all the young co-founders of CryptoTrader.Tax were aspiring to enable the world of cryptocurrencies through easy access. The skill sets of each of the members span from being full-stack developers to marketing and search engine optimisation (SEO).