TaxBit has emerged as a new contender in the world of crypto tax software platforms. They have backing from some big names that are well known in cryptocurrency investment, and many end-users who need to issue 1099s will also be able to use their services since they specialize not just with individuals but enterprises too!
According to the TaxBit team, they are taking a one-stop-shop approach with their platform. Regardless of whether you’re an individual or corporation, if tax assistance is what you are after – either as part of consumer confidence and security in this new industry or for business purposes such as legal compliance – then TaxBit’s app has got it all sorted out. The mobile app uses three different modules that allow users to do anything from checking cryptocurrency balances to inputting information about trades into account reports; which means no matter where users may be at any given time during services rendered by these applications–Taxbits will always have something up its sleeve. This article talks about how Taxbit works, what it does, and why it’s important for any small business owner to use this service.
Best Features
- Both consumers and institutions will find it useful.
- A cryptocurrency accounting one-stop-shop
- Very respected company, backed by some of the biggest names in cryptocurrency.
- All software comes with a money-back guarantee.
How does Taxbit works?
With their ever-increasing popularity, TaxBit seems to be on the verge of becoming one of the most popular crypto tax applications out there. With a significant investment from some very well-known investors in early 2021 and an ambitious goal for future growth, it’s easy to see why this company is making headlines with these investments.
Every year, It helps companies of all sizes and across industries to provide 1099 forms for their customers. With the likes of Coinbase Ventures backing them up with investments as well as Winklevoss Capital’s support, it comes as no surprise that this crypto tax software has become a defacto solution in enterprise-level businesses today. However, while they offer competitive prices on packages (especially when you take into account their Lifetime License), there may be other cheaper options out there if your company doesn’t need too many licenses or features – because overall though? For starters: We’re talking about an industry where people are already accustomed to paying exorbitant fees; so when I say “competitive,” keep that in mind!
TaxBit aims to become the go-to service for crypto tax filing, and they have been able to help regulatory agencies learn how best to move forward in this new blockchain world.
Is it for Beginners?
TaxBit’s overall goal is to make the process of dealing with cryptocurrency taxes as easy and straightforward as possible. By providing a variety of tools for anyone involved in this booming market, TaxBit hopes to take all the guesswork out when it comes time for filing their crypto tax return or calculating their net income from various investments like Bitcoin.
The growing use of cryptocurrencies has left many people unsure about how they should deal with them on paper, but thanks to new companies like Taxbit everything can be done online through PayPal–a system that most people are already familiar with if not by name then at least by sight.
The user interface is unlike anything you’ve seen before. The layout features a clean design with an intuitive navigation system that will make it easy to browse through your portfolio and zoom in on any transaction when necessary, so there’s no need for guesswork or scrolling endlessly down the page looking for where transactions from different cryptocurrencies exchanges appear. All of this information can be gathered without ever leaving the app.
It is not just for those who know how to work out crypto taxation, it’s also a great tool for learning about the process. With TaxBit you can get your hands on some of their excellent features before signing up with them and paying anything upfront such as free trials or in-depth knowledge base articles that go into more detail about what they offer.
Pros
- Some of the biggest personalities in the cryptocurrency have backed it
- It is useful for both consumers and businesses
- The market leader in crypto-focused 1099s
- Regulatory authorities make use of it
- CPAs and tax attorneys created it
- There is a free trial available
Cons
- comparatively new
- It can be very costly
- There is no mobile app available
- At the moment, only works with the IRS in the United States
Sign-up Process
TaxBit is an online platform that makes taxes more affordable, accessible, and simple. Sign up for TaxBit today to get started with paying your taxes in no time!
The TaxBit website has an exciting free trial offer. Just click on the banner and you’ll be directed to a page that contains buttons for signing up for various offers, as well as information about what each one entails. Once you fill out some basic personal details in their form, they will send your chosen package right away.
As the TaxBit sign-up process takes you through a series of questions, it will ultimately calculate your rates and provide an estimation for how much tax is owed. Once this has been calculated to be accurate with what you owe in taxes, inputting all exchange account information makes filing capital gains easy as pie.
Taxbit automatically imports information from various exchanges to help you keep up with taxes owed or received throughout the year without any hassle! As soon as this service syncs up with your account history, just input everything in through Taxbit’s user-friendly portal and receive notifications if there are any discrepancies between what was expected compared to what actually happened based on actual transactions made by Crypto purchases/ sales.
Costs and Fees
TaxBit is a revolutionary crypto tax software that has introduced three different paid tiers to choose from. The free trial will allow you to see what type of account suits your needs best before deciding which tier fits the year ahead.
- Basic account: If you’re a crypto-enthusiast and want to take advantage of all the latest developments in this ever-changing field, then TaxBit Basic is perfect for you! With 250 transactions per year limit on your account, there’s plenty of room to experiment with new ways of earning income from decentralized finance (DeFi) applications. In addition to this limitation, it should also be noted that a basic account can be used solely for tax forms related to last years’ activities – meaning you won’t find yourself able to use TaxBit’s services.
- Plus account: You don’t have to worry about reporting your crypto gains every year. The TaxBit Plus Account can be used for any tax year and will help you go back as needed so that it’s easier to handle all of those pesky taxes. With four additional tools like Tax Optimizer, Loss Harvesting, Portfolio Performance, and DeFi Beta- there is no way we could forget anything. Crypto traders and DeFi users alike are welcome to use TaxBit Plus as a reliable crypto tax service. The account is limited but at just $175 per year, it’s worth the investment for those who need reliability with their taxes.
- Pro account: This tier of service that’s tailored for those who treat cryptocurrency trading as their full-time job. While it may seem pricey at $500 per year, the additional features are more than worth every penny when you’re always on your computer and want to import 25,000 transactions from other exchanges into TaxBit all in one go: no need to do this manually. More importantly, this TaxBit Pro service allows you to get your tax reports reviewed by a CPA before they are sent in. Having a certified accountant look over your crypto-tax filing can not only make sure that you avoid any mistakes on the forms but also potentially lead to additional savings missed when compiling all of these trades.
Final Thoughts
Taxbit is a great solution to keep up with your ever-changing tax rates. Taxes have always been complicated and difficult for people to understand, but TaxBit makes it easy by being the one place where you can find all of this information in an organized way that’s easily accessible anytime on any device. It provides financial and tax advice to clients. They have staff who offer free consultations with expert advisors, as well as various services like filing taxes online or preparing them for an audit.
