There is little wonder that cryptocurrency is continuing to grow and be so popular. Investors and traders have become tired of the way that they are seemingly held hostage by banks and government decisions that can decimate their funds.
The independence provided by decentralised crypto takes away the power from the state and its institutions and allows free thinkers to make profits and decisions on factors that they can determine.
Of course, nothing is perfect, and traders should be wary of investing only what they can afford to lose as the markets in coins and tokens can be extremely volatile, with so many currencies out there. A perfect way of keeping a handle on all a person’s dealings and trades is by using the wonderful software that provides a crypto tax calculator.
- Cryptocurrency is taxed in the same way as any other currency when receiving it as payment for services and is determined by its ordinary income at its fair market value on the date the taxpayer receives it. The software and app are the ideal solutions for dealing with the tax, as it produces updated reports imported for both API and File, carrying out comprehensive PDFs so all the work is done for the user, allowing them to concentrate on their trading.
- Tax reports from previous years are produced at no extra cost, with realisations being broken down into long-term and short-term capital gains to reduce a trader’s tax bill.
- Cryptocurrency continues to grow, with over 20,000 out there in the digital world. It doesn’t matter how many currencies a trader wants to use, as the software can handle it and produce reports and updates as to how a particular currency is faring.
- Everything is kept in one place for a dealer using the system, with all transaction history including trade, deposit, and withdrawal data. Data can be imported from Excel and CSV files, which saves time having to gather manual data which is the norm in alternative inferior systems.
- All a trader’s wallets and exchanges are connected by the time-saving software, even when using numerous smart chains as the transfers will be brought to other currencies so that the balances are calculated automatically.
- The list of satisfied customers using the system is large, as many testify just how easy it makes their trading with everything being in one place while their profits have grown thanks to the provided features.
- A whole portfolio can be scrutinized and through the power of analytics, a record of previous performances on separate exchanges is produced. This data offers comparisons to how a user did against other finances and resources, to offer insight into how to improve as a trader.
There are certainly sizable profits to be made when trading in cryptocurrency, with the chances being increased when aided by using the all-in-one accountant tool that is guaranteed to save time and money calculating tax and offer insights through analytics that can point an investor in the right direction.