To our broader crypto community, we have an exciting announcement to share with you today! We’re working with CryptoTrader.Tax to introduce their hassle-free and affordable crypto tax software to you all and they’re also our first sponsor.
If you’ve visited CryptoCanary recently, you may have noticed CryptoTrader.Tax banners on every project review page. If you click on any of those banners, it will bring you straight to their website.
Additionally, they have graciously offered to all of our members a 10% discount on their products. Just use the code: “CRYPTO10” when you check out to receive the discount. This is a limited time offer (lasts until mid-December) so if you’re looking for software to help you clean up your crypto trades before the tax deadline next April, then you should definitely purchase one of their options before the offer ends.
p.s. David Kemmerer, the CEO of CryptoTrader.Tax recently appeared on Pomp’s podcast Off the Chain. You can listen to the episode where they discuss the latest regarding crypto taxes here: https://www.stitcher.com/podcast/blockworks-group/off-the-chain/e/65297010
What is CryptoTrader.Tax?
CryptoTrader.Tax is a simple yet powerful online tool that helps you figure out the gains/losses that you’ve accrued during your crypto trading/investing.
First, you import your trades by connecting to your exchanges’ APIs or manually via CSV. Second, you add in any potential transactions that are considered income. Then third, you review the results and then generate the Form 8949 that you need to send to the IRS. It’s as simple as 1, 2, and 3!
For more advanced users, have no fear, CryptoTrader.Tax can handle any situation. It supports 35+ exchanges, but for anything else, you can input those transactions using their manual exchange template. Furthermore, you can easily select from 3 different accounting methods to choose from to minimize your tax liability – FIFO, LIFO, and HIFO. And finally, besides the standard Form 8949, you can also download a wide range of useful reports and even direct import files for both TurboTax and TaxAct! All of these features make your life much simpler if you require some flexibility for your bitcoin tax reporting.
I’m interested, how much does it cost?
One of the best parts about CryptoTrader.Tax is how affordable their prices are! Their lowest tier is only $49 and their highest tier is $299 per tax season. The tiers vary mostly based on how many trades you have and the level of support that you desire. But of course, don’t forget the 10% off if you use our code: CRYPTO10 before mid-December! For more info about their tiers, check out their pricing page.