The very mention of the word tax can create negativity and worry. Nobody likes paying it. In fact, many go out of their way not to, but unfortunately, it is something that needs attention and a financial outgoing. The same is true in the world of cryptocurrency, where payments are also required.
Traders are enticed towards the digital world of finance to avoid being affected by governments or other more conventional financial institutions. It can return healthy profits, especially if making the best decision when it comes to using a crypto tax calculator. Here are 6 great benefits offered by a quality software.
- There is a wide range of plans available to suit traders of all levels and sizes. However, all can provide up to 6 years of tax reports, that are made easy-to-use importers for both API and File allowing comprehensive PDF reports to be collated showing all capital gains and losses. Why take time trying to put such data together when time and hassle can be saved?
- Having a calculator that manages over 20,000 cryptocurrencies, plus adding more each day, ensures that a trader will never be caught unawares and can stay ahead of the game, whether it’s looking after their coins, currencies, or non-fungible tokens.
- Assessments of performance can be analysed to ensure better results as mistakes can be learned from, through the “what if” tool which shows what would have happened if alternative decisions had been taken. A greater control of trading will be managed allowing for greater profits and the saving of time.
- Many who use the software and calculator praise it for the time and effort that is saved when providing exact information on exact trading positions, allowing for the best decisions to be made.
- Unlimited accounts from a trader’s wallet and exchanges can be added, whatever smart chains are being used. The balances will be kept automatically so a complete picture is painted as all transaction history is imported. There is no need for manually collecting data.
- If income is generated through staking or interest payments, the software will summarise these transactions in its report to assist those carrying out the accountancy in lowering tax bills.
The best crypto tax calculator will provide the perfect solution so that any crypto traders can save themselves time and money and work out their tax returns in an instant.