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28 May 2020

10 Tax Tools to Help Crypto Owners - Bitcoin News

10 Tax Tools to Help Crypto Owners - Bitcoin News

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While tax laws on cryptocurrency vary by jurisdiction, there are many useful tools to help you calculate crypto taxes, lower your tax liabilities, and simplify your filing — no matter where you are.

Many of them work globally, supporting tax forms of multiple countries, and can import data directly from all major crypto exchanges.

In preparing to file your taxes, you would first need to have good records of all your crypto dealings to determine the types of taxes you owe and how much.

The tax tools below can help you keep records of your crypto transactions, calculate your tax liabilities, minimize taxes owed, and prepare your filing.

You can import your wallet addresses and exchange data to calculate your taxes.

Data can be directly imported from eight wallets, over 50 crypto exchanges, as well as 15 closed platforms such as Mt.

Tokentaxaccepts data from every major cryptocurrency exchange and helps you calculate your crypto taxes and file your full return.

Once you have all of your crypto records on hand, you can either take them to a tax accountant who can help you file your taxes or use a tax preparation software to do it yourself.

filers, there are many software products, including the aforementioned Turbotax, to help you file your taxes and claim applicable deductions and credits.

It usually asks questions about your crypto earnings and transactions, then inputs your answers into relevant tax forms.

In addition, even if your tax filing was accepted, tax authorities could ask you to file amended returns or pay back taxes years later, as did the U.S.

Most software aims to help you lower your tax liabilities, such as through capital loss deductions, as crypto losses can be used to offset other types of capital gains or income.

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