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For many cryptocurrency investors, tax season can be a real pain in the back. Typically, people are anxious to get their returns filed as soon as possible so they can use their funds for an immediate need or investment opportunity. If you’re like most crypto holders, you may not have the expertise to accurately calculate and report your capital gains and losses without the help of software that is designed especially for it.
Features Crypto Tax Management offers:
Here are nine different features crypto tax software offers crypto investors to help them out.
- Calculate Capital Gains and Losses – Crypto Tax Management is perfect for calculating all kinds of capital gains and losses from cryptocurrency transactions. It will accurately calculate your total investment and show you the overall profit and loss for that particular period.
- Report – The software also comes with a built-in report that can be sent to the IRS or other third parties if desired like a form 1099 or Schedule D. You can choose if you want to just e-file or print and mail your return directly from the software.
- Historical Data – Once you’ve completed your capital gains calculations, you can use the historical data feature to review every transaction for that period in easy-to-understand reports. It will also show you how much your investments were worth at that time so that you can better assess your current financial position.
- Wallet Integration – The Crypto Management software is designed to integrate with some of the most popular wallets including Coinbase, Binance, Gemini, and others. This means you can easily view all of your funds without the need to transfer them to a paper wallet or exchange account.
- Timelines – Whether you’re just getting started with cryptocurrencies or have been in the space for years, the Crypto Tax Management software is designed with timelines that can show you how long it takes to accumulate different amounts of bitcoin and ether respectively. Time is money after all and being able to easily calculate your ROI is a major feature for anyone who wants to make more money in the future.
- Multiple Profiles – Sometimes, people may have multiple cryptocurrency wallets or different investments that are unrelated. For instance, you may have 1 in Finance and another in Coinbase. The Crypto Tax Management software allows you to create multiple profiles so that you can keep track of everything separately.
- Trade History – You can also use the software to break down your crypto gains and losses by exchange as well. It will show you both the total amounts and your overall profit. This is a great way to see which exchanges are giving you the most bang for your buck.
- Import Exchanges – The Crypto Tax Management software can be imported with data from almost any exchange or wallet provider. If you don’t have a detailed accounting of your trading history, then this feature can be extremely beneficial when it comes time to file crypto tax exchange.
After reading the above article, if you feel that you also need crypto tax software, Then you should use Binocs. It is one of the most famous platforms which will make your investing experience very smooth.
