- CryptoTrader.Tax Review & Walkthrough Tutorial
- Cryptotrader.tax Review – Should You Use this Popular Crypto Tax Software?
- Crypto Tax Reporting (Made Easy!) – CryptoTrader.tax / CoinLedger.io – Full Review!
- CryptoTrader.Tax Review 2022: Taxes For Cryptocurrency
- CryptoTrader Tax Review (2020) | Best Crypto Tax Software
- Crypto Tax for cryptotrader.tax review ???? how to do crypto taxes using crypto taxes software
- How To Do Cryptocurrency Taxes in 2021 | CryptoTrader.Tax – Walkthrough | Coinbase, Binance, Uniswap
CryptoTrader.Tax Review & Walkthrough Tutorial[Music],benjamin franklin once famously said,nothing in this world is certain except,death and taxes,and just like death is a topic that is,uncomfortable for most to talk about,taxes are a conversation that we try to,avoid because theres nothing fun about,paying taxes right,now death may happen once in a lifetime,but taxes taxes are something we must,deal with every year and just like a,crazy clingy girlfriend theyre not,going away anytime soon so its a good,idea to have a plan for your taxes and,if you have a traditional job you may,have found that filing your taxes is,fairly easy i mean your boss with the,help of software,will generally provide you with,everything youll need to send to your,tax professional,now in the world of crypto that,responsibility falls upon you,you have to make sure that you properly,track and record your trading,transactions and then put the data in a,format that is understandable to your,tax person,failing to report on crypto transactions,could mean higher taxes and getting hit,with unnecessary fines but im hoping,that from you ill get hit with a like,and a channel subscribe because today,were going to take a close look at,cryptotrader.tax this resource does all,the heavy lifting of tracking and,reporting on your crypto transactions,and could potentially keep you out of,trouble with the government,in this video youre gonna learn what,initially attracted me to crypto,trader.tax my thoughts after using the,platform and a full walkthrough of their,process,by the end youll know if,cryptotrader.tax is right for you so,lets jump in,[Music],so,shortly after i got into crypto i,learned that i had to track my own,crypto transactions for tax purposes and,to be quite honest with you i wasnt,really sure how to go about it my best,idea at the time was to basically use a,pen and a notepad i mean,and you know as you can imagine,this came with a long list of issues i,mean it was time consuming i opened,myself up to recording errors and most,of the time the pin and notepad wasnt,even by my side when i was doing,transactions,i actually remember thinking how silly i,was to be accessing a digital world but,recording it in an analog way,anyways i knew there was a better option,and i actually found a few solutions out,there however,i decided to try cryptotrader.tax,and im going to share my experience in,just a moment but first i want to,quickly tap on why tax reporting should,be very very important to crypto,investors,i mean it really comes down to two main,points first i mean its the law we all,know that failing to include your crypto,activity on your tax return could result,in fines penalties and even possible,jail time but secondly and even more,important in my opinion,it is necessary for us as crypto,investors to have a voice in how the law,will apply to the crypto market and,actually the the entire web 3 movement,you see,cryptocurrency and nfts are an extremely,new asset class and earnings from,activities like staking and yield,farming are basically unfamiliar,territory and so as we navigate through,this brave new world theres a major,need for contemporary regulations,lawmakers at this time i mean they just,dont get it and are really unsure how,to police the crypto world and so if,crypto investors and nft holders avoid,participating in tax reporting it will,just create stricter tax laws and,auditing requirements on the flip side,if the web3 community does its best to,report activity with the tools provided,it will give us the platform to speak up,when politicians get it wrong so i mean,taxes suck but we can make it suck less,by playing along,so now i want to show you the inside of,cryptotrader and how you can create a,report and then im gonna share my,overall thoughts on this service,so once you register a profile with the,site youre ready to walk through the,needed steps to build your tax report,the first step is to add any accounts,you may have with any exchanges or any,platforms out there,you can see on their accounts page that,there are numerous sites to choose from,and of course youre gonna see the most,popular ones on the list after selecting,your accounts youll see them appear in,the left sidebar for reference anytime,and if you find that you need to add any,additional accounts later on you can do,so by clicking the big blue add account,button below the list,you can also add multiple accounts under,an exchange by clicking the plus symbol,icon below the account,when you have all of your accounts added,youre ready to import transactions,now cryptotrader.tax,offers two methods for this they have,their auto import method and also they,have an upload a file method,the auto import is recommended but i,mean the choice is really yours how you,will get the data to the website,if you choose auto import,youll need to retrieve your api info,from the exchange now every platform is,different so if youre unsure how to,find your api info you can always read,the included import guide,so for example,if youre trying to connect your,coinbase pro account click the link to,launch the import guide and then just,follow along with the provided steps to,find the needed information,also be sure to read the instructions in,its entirety so you dont miss any,important notes for example at the top,of the coinbase guide it says that,crypto trader only needs read or view,access so when youre creating your api,be sure to only include this and not,give you know the transfer and trade,permissions as well,in all youre going to need the api key,the api secret and the api passphrase so,when you have all three enter them into,crypto trader to connect the accounts,and sync transactions,now if you decide uploading your,transactions is a better option for you,click the upload file button to begin,the import and again,if youre unsure how to export the,needed file crypto trader provides an,easy to follow guide,so you know kind of sticking with our,coinbase pro example launch the import,guide and follow the offered steps to,get your report,now if youre in the process of,preparing your taxes i would recommend,choosing a date range that covers the,entire prior year so you know like,january 1st to december 31st of last,year,also often times platforms like coinbase,pro will allow you to generate your,report in either a pdf or csv format,now pdfs are great for you know personal,reference but,for cryptotrader.tax youre gonna need,the csv format now for me i received my,report in under you know a couple of,minutes and once you have your report in,hand simply upload it to cryptotrader,immediately you will see a list of all,of your transactions from the period you,selected and now youre ready to move on,to the next tab the classify tab,now in the classified transactions tab,you have the ability to give specific,transactions and identity,the purpose of this is to prevent you,from being taxed on transactions that,are non-taxable so like for example,sending money from a wallet you own to,another wallet you own is not a taxable,event,but the blockchain does not know the,wallet you own so classifying it as a,non-taxable transaction may be necessary,now crypto trader alleges that its,pretty good at sniffing out non-taxable,events so its possible you may never,need this tab but,its good to know its there just in,case you need it,the next tab is the review tab and the,purpose of this tab is to catch any,transactions that need more,clarification so for example if crypto,trader is unable to capture your,original cost basis you may see those,transactions appear in the to review tab,the last tab is the tax report tab and,its here where you can see a summary of,your crypto transactions and find your,downloadable tax report that can be used,to file your taxes or send to a tax,professional,there is some useful data here and some,youre able to see and some youre not,able to see with this test account that,im using because it requires you to,upgrade and pay for the report,and although there are some a
Cryptotrader.tax Review – Should You Use this Popular Crypto Tax Software?[Music],[Music],hey guys whats going on my name is tom,spark and welcome,back to another video today were going,to be checking out cryptotrader.tax,its a popular website that helps you do,your cryptocurrency taxes,at the end of this video were going to,be ranking cryptotrader.tax against,other cryptocurrency based tax platforms,to help you guys decide,which one is the best one worth using,now keep in mind guys like i said in the,disclaimer im not a financial advisor,or a licensed cpa or anything like that,im just someone whos enthusiastic,about cryptocurrency and,finance and wanted to help um people,find out some more information about,some of these services from more of like,a,software review standpoint because,thats where i come from,reviewing softwares like vpn which i,also have rated here on the channel as,well,so at the end of this review well be,putting it in the crypto tax,tier list um on the channel and ill be,putting the link,right here in the video so you can go,ahead and check that out and see,all the different crypto tax softwares,rated um,throughout my system all right guys so,without further ado lets go ahead and,check out cryptotrader.tax,now from doing my research and testing,out a couple different crypto tax,platforms,cryptotrader.tax is easily one of the,biggest ones around,i see a lot of youtubers talking about,it and its definitely one of the more,popular ones out there in terms of,search metrics and just,size of the website itself here on the,website you can see some basic,information about it,um as well as the fact that you can,integrate it with turbo tax it kind of,says like,official turbo tax partner but there are,also other crypto tax platforms like,this also,being able to be integrated with turbo,tax as well,so guys lets go ahead and check it out,and see what its like using,so kind of when youre starting out it,kind of leads you through a sign up,process,um you can put where youre located um,what kind of currency you use,and then you can start integrating and,importing your transactions,um really quickly and thats kind of,like the main,meat of cryptotrader.tax is that youre,just kind of integrating it,very simply with a simple and clean user,interface,so you can pick from a wide variety of,different platforms here,and they do support most of the major,ones and in fact you can even import,your ethereum addresses with something,like the uniswap,this will actually work with uniswap and,also you know your other,ethereum addresses as well the one kind,of con that i,have seen with um cryptotrader.tax is,that it doesnt have quite as many,platforms and integrations as some other,services out there,in fact some of the things that are,missing is more of the wallet specific,addresses for example lets say you have,a ledger and youre earning passive,income or some kind of airdrop,you cant connect it to your ledger and,get some of those transactions imported,of course you can do like a manual,import kind of by making a dot csv file,and importing the tractions,transactions there and kind of,formatting it the way this website wants,but thats honestly a little bit tricky,and i couldnt get it to work right to,get it,import correctly whereas with some other,crypto tax platforms,i was able to do it much easier so in,terms of integrations i think thats,definitely a con with crypto trader.tax,just having uh you know it needs to,implement a little bit more of,those kind of import features for sure,so one of my favorite things about,cryptotrader.tax is that it just has a,very good,interface its very simple to use and,its not,um really um intimidating at all,as someone who isnt familiar with taxes,or anything like that you should be able,to just,jump in and start getting things done,pretty much what youre going to do is,add all your accounts here,its going to show your accounts and,then you could synchronize them and you,could also,um connect through apis its really nice,connecting to coinbase it works really,well and you can also connect to some,other exchanges too,and it will all kind of line them up,here and then once you do that,its going to go to transactions and,its going to show you all the,transactions,incoming outgoing and you can even log,stuff like theft and casualties,when you go to the review section its,interesting because it will have the,transaction ledger but it will also have,a cost basis,so if theres any transactions that,didnt have like a proper record of,where their money came from,itll let you know and youll be able to,fix that there um or you can just kind,of try to do,it without filling in that information,so ill briefly show you what it looks,like while blurring out some of the,trading information and transaction,information,as you can see here you can see all the,different tax seasons the status of the,report,and the ability to view the port um so,each specific year youre going to have,to pay to view that,and based on the number of transactions,thats how much it will cost,if we take a look at the crypto tax,pricing you can see more information,here,itll show you the pricing once you,decide to buy the report and thats,essentially,how this software works is you get to,import everything,but you cant really view the end report,or,that kind of information um without,buying the package here,so there is like something on the,website that says like you can look at,your capital gains and stuff like that,if you do talk to support but as far as,this website goes i havent really,figured out how to do that there might,be a way,by specifically reaching out to support,but that seems kind of like a hassle it,also says,that theres like a bubble down here you,could talk to live chat but i havent,seen that that often im not sure how,active it is,in fact when ive been using it ive,never seen live chat options down there,another thing to know is you can,actually enable 2021 reporting to see,kind of an advanced notice you know what,kind of taxes you could end up be paying,by the end of the year,whether short term or long term i kind,of wish this was more,up here at 2021 because i didnt,actually realize and see it down there,for a while and i was,wondering to see if i had to wait till,2021 to be able to get some information,on my trades and stuff like that,or get some sample reports before its,actually end of the year,so i would like to see that a little bit,more easy to find,overall i think one of my other,complaints with this website like i said,with the stuff like the live chat,its a little tricky here finding you,know how to get,some help you have these help pages and,everything like that but most of these,are just kind of simple facts im going,to move my picture,because i didnt realize youre going to,see it as you can see here you can see,help tutorial video help center blog,pricing public api terms and conditions,um theres no live chat option here and,theres no really contact area,um you have the affiliate program invite,tax professional,view your support you have it up here,find an accountant get help with your,report so if you click on that it just,takes you here,so again i think one of my complaints,with this website is that,its almost too simplistic in what it,offers you in terms of an interface its,both a pro and a con i think other,websites do make it a little bit easier,to find out how to contact an email,support,or present live chat options i havent,been able to find that,exactly with this website so far now,once you do purchase a report its going,to give you a lot of information its,going to tell you the calculation type,the number of transactions income and,capital gains as well as provide you a,lot of information about long-term,income outgoing and stuff like that now,one of the things about this website,that i like,is that the reporting is really good and,very accurate,um in terms of you know what i found,with this site compared to some other,ones some other ones only calculated,like my short term gains not long-term,gains,so
More: spanx leggings review
Crypto Tax Reporting (Made Easy!) – CryptoTrader.tax / CoinLedger.io – Full Review!
last year was definitely the toughest,tax year yet for crypto investors and,will likely get a little worse before it,gets better hello im cryptocasey and in,this video we are going to talk about,the importance of reporting all of our,cryptocurrency investment activities,including buying selling trading and,staking cryptocurrencies as well as nfts,and if you stick around until the end of,this video we are going to explore one,of the simplest and most cost-effective,services available at the time of this,video that will make our crypto tax,reporting process easier and more,efficient if you enjoy content where we,discuss topics like taxes and explore,products and services we can use to make,our lives easier let me know by liking,this video subscribing to my channel and,clicking the bell notification to stay,up to date on all the latest videos,before we get started i want to do a,quick shout out to nordvpn as a crypto,investor using a vpn is an easy,effective and important way we can,further protect our investments data and,privacy you can access the correct and,official site by using the link in the,description area below this link also,allows you to redeem their two year plan,at a 70 discount plus one month free of,protection cool,there is rampant scamming activity,happening in the finance and crypto,space right now with people and bots,creating duplicate social media accounts,of influencers and educators in the,financial space like myself the only,official accounts i have are listed in,the description area of these videos,anything not listed in the description,area of these videos is 100 a scam i,will never direct message you i will,never ask you for money or crypto i will,never ask you to install profit,generating or mining software on your,computer i do not offer consulting,services and i do not offer investment,services or anything remotely similar so,only use the links in the description,area to access my only official accounts,and please make sure to report any other,scam profiles that try to follow you,message you because their only goal is,to try to steal your money and crypto so,stay vigilant in these crazy times,crypto fam awesome lets talk texas,[Music],march 5th 2022 congress and the irs,makes moves to improve taxpayer,compliance for cryptocurrency,transactions virtual currency disclosure,on form 1040. beginning with notice,2014-21,the irs has consistently taken the view,that cryptocurrencies are property for,u.s federal income tax purposes absent,any specific statutory or regulatory,exception u.s individual taxpayers are,generally required to report gains,realized on the sale of property,including cryptocurrency and pay tax on,these gains to remind taxpayers of this,requirement form 1040 now specifically,asks taxpayers whether they have,received sold exchanged or otherwise,disposed of any financial interest in,any virtual currency march 8 2022,cryptocurrency owners beware the irs is,trying to strip away excuses for,millions of people who arent complying,with the tax rules on them either,inadvertently or on purpose so basically,youre playing with fire if you dont,report it what happens if you dont,disclose crypto activity this tax season,if you dont report transactions and,face an irs audit you may be hit with,interest penalties or even criminal,charges and they are not joking theyve,already been doing this for the past,couple of years now in fact i had to pay,over 166 000 to the irs in 2020 alone,which part of it was regular income tax,a lot of long and short-term capital,gains from crypto activity and some of,that included interest and penalties,from just not being timely no failures,to disclose or anything it just took a,lot longer than i expected to get,everything sorted and ready to file my,tax return was literally over 800 pages,long or something ridiculous with all,the trading activity for the year and,check this out i couldnt even upload my,tax return to some financial,institutions websites when doing some,property investments because the file,was too big so yes you do have to pay,taxes on cryptocurrency if you sell or,exchange cryptocurrency youll have to,pay capital gains taxes if you receive,crypto as payment or if you mine it its,taxable income and yes you have to pay,taxes on the sale of nfts the irs treats,nfts short for non-functional tokens the,same as it does for any other real world,investment so when you trade any crypto,like bitcoin ethereum or any other,cryptocurrency for fiat or cash like the,us dollar that is a taxable event when,you trade crypto for another crypto a,lot of taxable events are occurring if,you sell the cryptocurrency for cash,less than 12 months from when you first,bought it the transaction is subject to,short-term capital gains which is your,regular income tax well if you sell the,same crypto for cash more than 12 months,after you bought it you only have to pay,the long term capital gains tax rate,which is generally 15,any rewards you receive from staking,airdrops mining interest from lending or,providing liquidity to liquidity pools,gains realized from nfts any extra,crypto you earn from participating in,and interacting with d5 protocols or,from regular centralized exchanges is,all taxable income yes crazy,heres the deal do not mess with the irs,sure they cant get everyone in the,short term right now but all of our,transactions are on the blockchain a,decentralized transparent immutable,ledger of every single move that we make,financial auditing is simpler than you,think with this new technology and if,the irs wants you they will get you 100,and since crypto is new bleeding edge,technology that is gaining popularity,and adoption at a quick pace this is,what the irs will do they are going to,tag a few people and make items out of,them by throwing the book at them very,hard even if their transgressions,werent that terrible the irs is going,to put people in prison bleed them dry,and make their lives a living hell in,order to deter other people from not,reporting crypto activity dont be the,person the irs makes an item out of it,is not worth it we are all here to learn,about and invest in crypto to create a,better world and achieve financial,freedom but we cant do that if we dont,have our actual physical freedom because,we chose not to report crypto activity,and go to prison and just a quick fyi,there is a way you can trade crypto,legally tax free using tax sheltered,retirement accounts like iras i,personally decided to go with i trust,capital because theyve got the lowest,transaction fees of all the other,competitors at one percent their monthly,account fee is non-existent zero dollars,which is pretty amazing when you,consider all the ridiculous fees,associated with traditional retirement,accounts and actually some of these,other crypto retirement accounts also,very soon i trust capital will be the,first and only cryptocurrency retirement,provider that will be able to support,staking as well as other defy related,activity so all staking rewards and,similar you accumulate in your,retirement account depending on whether,you qualify for a roth versus a regular,ira will be tax free or tax deferred,right now any staking lending or,liquidity you provide with block buy,voyager and similar are all treated as,taxable income so d5 within a retirement,account will be exceptionally,interesting and beneficial for us from a,wealth management standpoint so if you,would like to check them out make sure,to scroll down to the description area,below to access itrust capitals correct,and official site all while supporting,the channel awesome,now that hopefully all of us are making,the conscious decision today to report,all of our cryptocurrency investment,activities to the irs lets explore a,simple and easy solution that makes this,daunting task simpler and easier all,around using cryptotrader.tax,cryptotrader.tax at the time of this,video is still cryptotrader.txt,however they are rebranding soon to,their new name coin
More: amazing spider man 2 review
CryptoTrader.Tax Review 2022: Taxes For Cryptocurrency
now as cryptocurrency investing becomes,more and more popular one of the common,questions that comes up time and time,again is how do taxes work with crypto,currencies in this video well be,providing you with an in-depth guide on,how cryptocurrency taxes actually work,well as a tool that can be very useful,for cryptocurrency investors in saving a,ton of time a ton of headache and a ton,of money when it comes to cryptocurrency,taxes so without further ado lets dive,right on into the video and i do want to,mention here that this is not tax advice,i am not your tax advisor this is purely,general information but with that out of,the way how do taxes actually work for,cryptocurrencies well in 2014 the irs,came out and said that cryptocurrencies,like bitcoin will be treated as a,capital asset similar to a stock or a,bond now a capital asset is taxed when,it is sold for a profit so if you buy a,stock and sell it for more later youre,going to be taxed on the difference same,thing with cryptocurrency if you buy,some bitcoin for fifty dollars today and,three years from now its now worth a,hundred dollars that fifty dollars worth,of gain is going to be taxable now this,also happens with crypto when you use,crypto to buy something so lets say,again you buy some crypto today for,fifty dollars in three years you use,that crypto that has now grown to a,hundred dollars in value to buy a,bookshelf youre still going to have to,recognize that 50 worth of gains when,you buy that bookshelf the same as you,would if you hadnt just sold the,bitcoin so whether youre selling it or,whether you are using it to buy,something that cryptocurrency is going,to be taxed the gain on that,cryptocurrency is going to be taxable,now that being said how much are you,going to owe in taxes what is the tax,rate going to be on that gain well the,tax rate you pay on crypto is going to,be determined by your annual income as,well as the amount of time you held that,cryptocurrency for so there are two,different types of gains when it comes,to capital assets youve got short-term,gains and youve got long-term gains a,short-term gain is when you hold that,asset for,365 days or less so one year or less if,you hold that asset for,366 days or more so greater than one,year then youll be paying long-term,capital gains rates which are smaller,than short-term capital gains rates so,if you hold something a capital asset,for longer than a year youre going to,have lower tax rates same thing applies,to cryptocurrencies now on the,short-term capital gains side of things,youre going to pay the same tax rate as,you would with your ordinary income,these tax brackets currently range from,about 10,on the low end all the way up to about,39 on the high end with a long-term,capital gain your tax rate is going to,be smaller as mentioned its going to,range anywhere from zero percent on the,low end so potentially paying no capital,gains tax if your annual income is low,enough all the way up to about 22,percent on the very high end now one big,question that a lot of people have about,cryptocurrency taxes is how do you,actually keep track of all of those,different transactions because many,cryptocurrency investors are making a,number of different transactions some,people making multiple transactions,every single day maybe other people,trading every single week how do you,keep track of all of those transactions,because again youre taxed on the gains,so every time you sell there could be a,gain or a loss on that transaction,youre gonna have to keep track of all,of those gains and losses it can be a,very tedious process for you if youre,doing that by hand or in a spreadsheet,and that is where this piece of software,this tool that i mentioned earlier,really comes into play so this tool is,called,cryptotrader.tax and it is a platform,that you can use in order to,automatically keep track of all of your,cryptocurrency transactions without you,having to lift a finger but what,actually is it and how does it actually,work well its basically a tax software,specializing in crypto currencies its,got over 100 000 different users so,theres a lot of traction behind this,piece of software its kind of the,industry standard when it comes to,accounting for your cryptocurrency,transactions a couple important things,to know about the platform is that they,support over 47 different cryptocurrency,exchanges so no matter where youre,buying and selling your crypto theres a,good chance that you can easily,integrate with crypto trader.tax its,also an official partner of turbotax so,if you use turbotax to file your taxes,thats going to be a very easy,integration as well theyve got over 10,000 different cryptocurrencies supported,on the platform and theyve got live,chat support for you to take advantage,of but how does cryptotrader.tax,actually work well there are essentially,five simple steps that you follow in,order to use the platform the first of,which you have to select the crypto,exchanges that you currently use as i,mentioned there are 47 different,supported exchanges and you can directly,link up your exchange with,cryptotrader.tax so they can pull in all,of your transaction information,automatically the second step is going,to be to import your trades so like i,mentioned you can easily do that,automatically you have to find the api,key from your crypto exchange plug that,into,cryptotrader.tax and then itll,automatically pull in your transactions,step three is if you have any other,transactions that werent recorded on,your exchange you can manually enter,those yourself step four is to review,all of your transactions for accuracy to,make sure that everything looks correct,then step five is to create your reports,these are used for your taxes and there,are a number of different reports you,can generate with,cryptotrader.tax these include an audit,trail report if you ever do get audited,a cryptocurrency income report for your,income taxes a tax loss harvesting,report to potentially save you money on,taxes and a number of different reports,that you can use for various different,things now the next important question,you should probably have is how much,does this all cost okay most tax,softwares are not free and,cryptotrader.txt is no different however,you can access a preview of all these,reports absolutely for free but if you,want to actually use the software,yourself then you are going to have to,pay a fee now there are four different,pricing tiers that ill put on the,screen right now and these range,anywhere from 49,all the way up to 299,this fee applies for the entire year so,you pay this fee once per tax year and,youre able to take advantage of the,full platform for that year now the main,difference between these different tiers,is the amount of trades that they do,support so on the lower tiers youre,going to be limited to a certain number,of trades per year whereas on the,highest tier youll have unlimited,trades that will be imported into your,cryptotrader.tax account each of these,plans also do come with a 14-day,money-back guarantee so you can have,that peace of mind to just try it out,see if you like it see if it gets the,job done and if you dont then you can,get your money back absolutely,guaranteed now if you want to give,cryptotrader.tax a try you can check out,the link in the description and pin,comment below that will help you support,the channel and allow you to sign up for,the platform additionally if you want a,full comprehensive breakdown of exactly,how taxes work on cryptocurrencies as,well as a full review on,cryptotrader.tax you can find that on,our website investingsimple.com,the easiest way to get there is to head,on over to google search for crypto,trader.tax review and then click on the,link for,investingsimple.com well see you over,there
CryptoTrader Tax Review (2020) | Best Crypto Tax Software
what is going on guys crypto renegade,here again with another video for you so,in todays video I wanted to let you,know of a service that I just tested and,use myself now it is tax season no one,hates taxes more than me in fact I think,taxation is theft but Im not gonna go,down that rabbit hole here but it came,to my attention that if you have ever,purchased Bitcoin off of an exchange,namely coinbase you are being tracked on,how much money you spend on crypto and,any amount of money that you spent on,any exchange whether it be an app,whether it be coin base whether it be,finance the list goes on and on if,youve ever used crypto on an exchange,your information is being reported,whether you know about it or not I,learned that the hard way,so the reason for this video is I was,looking for a solution so that I could,not overpay on taxes because when you,get a notice that basically indicates,that hey we notice youve done some,cryptocurrency purchasing and/or trading,we want this dollar amount they didnt,do the math for you and say this is,exactly how you owe because they dont,even know necessarily what youve done,in terms because the IRS are not quote,unquote tax professionals they simply,just want as much money as they can from,you,theyre going to give you a letter for,how much they think you should be owed,and you can either bend over and take it,and give it to them or you can look for,solutions like I did where you can sort,of plug and play and get a software to,help automate that or you can hire a CPA,to manually calculate it but the easiest,way and the cheapest way that Ive done,it here is with this crypto trader tax,now Im just kind of giving my my broad,overall experience there may be other,tax softwares for crypto out there,there may be something thats even,better but this is what I landed on and,this is kind of how it works and and why,you may be interested in,its tax season not only that I will,have it as great a link in the,description down below it does support,the channel if you want to use it and it,gives you 10% off if you do want to use,this for your crypto tax trades but,basically what this does is this is a,software where it will basically plug in,all of your trades whether you use,coinbase,or your purchases your sells your trades,whatever itll plug into coinbase itll,plug into finance in fact were gonna,take a quick look here its very very,simple and Ill cover all the exchanges,that it does but basically it,automatically connects to your exchange,it imports all of the data so you dont,have to manually punch in anything it,will ask you a few questions as far as,you know what connect getting it,connected and then it will download it,will download a report for you so for,example coinbase bit tracks bitstamp,Gemini you can see the list here you can,see my screen but these are just a few,of the most popular crypto exchanges and,what this software allows you to do and,theres a certain amount that you can do,for free and even hooks up with cash app,as well but if you ever purchased,Bitcoin sold Bitcoin traded Bitcoin,anything like that and you can youre,looking to report on your taxes this is,by far the easiest way you can just plug,into your exchanges all you have to do,is log in itll allow you to download a,report you can plug it into the software,here and it will automatically based on,your jurisdiction and based on your,bracket its gonna tell you how much you,owe itll calculate the gains itll,calculate the losses that will calculate,the trades itll give you everything,that youre legally required to report,and it will generate out this tax form,here the form 8949 and it will basically,combine it give you the form in a PDF so,you can print it out or that you can,send it over to your tax attorney CPA if,thats who does your taxes and it makes,it extremely simple trust me when I say,you do not want to deal with this with,the IRS because they dont have a clue,on what they,you be asking for the crypto because,its not very very clear to them you,know what they should be taxing and so,on theres a lot of ambiguity with the,with the laws around taxation and crypto,at the moment so again if you can find a,way to duke transact crypto without,going through a major exchange i implore,you to do that but for most people who,are trying to purchase crypto or even,sell crypto or do it they usually have,an entry point like an exchange where,they have to do that having said that it,automatically integrates with TurboTax,with tax act with H&R Block so if you do,your online taxes with one of those,softwares you can you can upload this,form thats already prefilled based on,everything that youve done itll,include it in there and have everything,calculated so its main partners,TurboTax it also covers international so,you know each law is different Im not a,tax professional at all but I will say,that each each country has its own law,for how it calculates your crypto trades,and how it wants to tax you it kind of,goes into the tax loss harvesting so if,you are a serious trader or a day trader,it kind of gives you what the best ways,to approach your trades in the future so,that you can minimize taxes moving,forward it will give you sort of an,overview of based on your style or based,on the number of trades that you do in a,year it may be beneficial for you to do,this for tax loss harvesting and it sort,of sets up a little roadmap or a,guidance system for you in the software,because the software is built by tax,professionals and I saw real need in the,market for something like this so itll,sort of give you a roadmap and a track,in a software for tracking this so that,you know you know that may influence,your trading over the next year if you,are a trader or even if youre just,buying and selling and youre holding,hot Erling you want to be able to know,exactly what youre doing in case the,taxman comes and knocks knocks on your,door so this is from crypto trader tax,there are some other softwares out,there but the ones that Ive researched,before I actually went with this one,were a lot more expensive well take a,quick look at the pricing here but the,softwares just super easy you plug in,you know the API key and or user name of,passwords for your main changes and it,just imports everything for you super,super easy okay,so depending on how much you do you know,you know the the bottom tier allows you,have to 100 trades gives you a free,report you know it has you know customer,support and how do you you know you can,go in and do unlimited revisions itll,file the form for you itll integrate,itll do all the things that we just,talked about its $49 per tax season so,thats just / fire if youve made up to,100 trades a trade is anything that was,initiated as a transaction and then they,have different tiers for if youre into,heavier trading 1,500 trades 5,000,trades are unlimited trades and youre,basically looking at $49 up to $300 now,this software is worth it because if you,miscalculate it and youre like not at,all Ill do it myself,you know Ill calculate the gains and,the trades and the price swings and how,much I actually made over this period of,time and how it correlates to three,months down the road thats not only the,biggest headache but if you,miscalculated you could be significantly,overpaying trust me when I say its,worth it to pay the 49 bucks or the 99,bucks I didnt make that many trades so,I just used the basic $49 did everything,that I needed for me I printed off a tax,form and gave it to my CPA and he got,everything that he needed,its well worth it they do obviously,give a full money-back guarantee it is,it you can live chat with a tax,professional if you have any questions,you know so it is a legitimate business,and then you know you can you know you,can get started for free you know test,it out on the trial make sure that you,like the interface and then if you do,decide to keep it for you know the next,year and the next year if you like it,there are discounts for
Crypto Tax for cryptotrader.tax review ???? how to do crypto taxes using crypto taxes software
hello guys,welcome back to the crypto movement my,name is peter and today were going to,do something special were going to talk,about crypto taxes,now i know,its not the most exciting thing its,not the thing we want to talk about,because we like bringing money in not,paying money out but i think this is,something that,is really going to benefit you and your,trading and in your crypto journey,as well as make things easier for you,less expensive and less of a headache so,before we get started please tap that,like button when you hit the like button,it tells youtube um that this,information is important and that way,more people can see it and have less,problems later and,really get some relief from taxes,so if you havent subscribed please do,so and lets begin,so what i want to show you today is i,want to talk about crypto trader dot tax,now this is a software that you can use,that helps you,basically do kind of like a turbo tax,that you would do for your regular taxes,and it integrates with things like turbo,attacks which is absolutely incredible,um for something like this to im going,to leave a link in the description below,for you to try it out if youd like and,youre going to want to use crypto tax,10,as your discount code,and,this you actually have a 14 day money,back guarantee to try it out so i,encourage you to do so but either way,just wanted you to know this is an,option,so what i want to do first is i want to,play a video for you to kind of give you,the overall feel of what this does,so lets go ahead and do that real quick,meet gary,gary is a cryptocurrency trader who like,many others starts off by casually,investing in bitcoin getting his taxes,done for these bitcoin trades is no,promise he can do them by hand,but as gary starts making more and more,trades across multiple exchanges his tax,reporting quickly turns into a nightmare,exchanges cant provide him with,accurate tax reports so gary stays up,late into the night trying to calculate,the dollar value of his cryptocurrencies,each time he traded one for another he,doesnt get very far,thankfully there is an easier way,cryptotrader.tax is a tax reporting,platform built to make crypto taxes less,painful,instead of spending hours sifting,through spreadsheets gary simply imports,his trades from his cryptocurrency,exchanges directly into the platform,this data gets sorted and run through,the cryptotrader.tax engine with the,click of a button gary receives his tax,report that he can file himself send to,his tax professional or upload into his,preferred tax filing software,get started for free at cryptotrader.tax,okay so i wanted to,go ahead and give you kind of a tour of,cryptotrader.tax to kind of see the,different features and the things that,this offers,im here down here it talked about its,been featured on coindesk forbes,bloomberg venture beat accounting today,and of course turbo tax,its trusted by over a hundred thousand,crypto investors so this is this has,been around for a little while now and,um people are really liking what this is,actually doing so again,with things like this,a lot of times we dont think about it,until,you know right before taxes but having,this in place is going to really bring,you some relief,so,it pulls data,it does,different reports and files,of course,turbotax partner with them and it,integrates with them,also does,international tax reporting this really,blew me away i have to show you this,import from any platform so it has these,you know a lot of you know obviously,coinbase cleanbase pro,gemini uniswap,um,you know things like binance of course,all the different finances bitcoin.com,i got to show you this i just i just was,absolutely baffled by it,exodus so these are the different ones,that actually,one page,two page,three page,four page,and five page,so,i just thought that that was absolutely,incredible so,um,how it works again what its going to do,is its going to its going to work in,different steps its going to import,your taxes and its going to pull from,the the different,exchanges,and its going to do its going to add,the crypto income that you had generate,the tax report,and then you can integrate right away,and file it with,turbo tax or at least have it ready to,do so,so this is some what some of the,customers have said theyve used crypto,trader.tax after unsuccessfully trying a,competitors site cryptotater crypto,trader excuse me dot tax software,imported transactions easier,and the reconciliation,resulted in just a few warnings to be,resolved,the team,the quickly,the team that quickly helped me navigate,through solving these warnings,top notch,so,thats really helpful because sometimes,youre going to have issues that go,through when youre when youre working,through all this and you know being able,to have,the help and the customer service that,you need is is extremely important,and this guy gary right now gave five,stars he said i just wanted to leave a,quick review,i have used,crypto trader,for the last three years now in my,opinion one of the one of the best in,what they do,i have tried other site services but,they just didnt work out for me i feel,like this site is very user friendly and,the support via chat is great as well,would recommend others,and there you go thats thats what i,was saying is customer service is,everything,so thats really important,so here different tax,reports short and long term sales report,irs form 8949 and you know a lot of,these especially if youre new at this,you havent really come across this,before so,when you get into the crypto,investment game,youre not just dealing with you know,new things on learning about crypto and,you know the,profits and loss you also are dealing,with taxes and,thats really with business in general,youre having to deal with new things,and,the having tools to combat that is,super essential,so audit trail report turbo tax and tax,act direct imports which is important,cryptocurrency income reports tax loss,harvesting report,international gain loss report,so it just goes back to you know talk,about the you know the different ports,irs things like that that i just,mentioned,so thats super important,um this is very important here,and this out they also have a blog that,goes along with this which ill ill,point to in the resources,here you have the ultimate guide to,cryptocurrency tax loss harvesting,i dont know about you guys but you know,theres been bear and bull markets that,i have been in and,you know having to deal with that and to,understand,kind of how to,you know to,to deal with the losses and gains,is a huge deal,so,tax loss harvesting what is it tax loss,harvesting is the practice of selling a,capital asset at a loss to offset a,capital gains tax liability,so this is important because,you know if youre having your losses in,gains and youre not able to,you know offset some of those losses,itll look like youre making more than,you actually are so its really,important to,you know understand some of this and,thats what this is about so if you want,to if you want to try it out take a look,at the link in the description again,the,the code thats going to go with it is,crypto tax 10 its going to give you a,10 percent discount so go ahead and give,that a shot,so again talking about tax,loss harvesting this gives some,information you can check it out on the,website when youre,you know taking a look,so i think thats,you know really important to be able to,look at again,turbo tax,its great to integrate you know ive,used turbotax many times,um im not using it currently because of,my business i i pay someone to use it,because im i have to,you know itemize things in a,across a bunch of different types of,platforms and businesses,but,if you have if youre more of a if,youre you know more simplified on your,taxes and you dont have a bunch of,income streams which i encourage you to,get a bunch of income streams this is,going to make it a whole lot easier to,when it comes tax season and to get,started right away on th
How To Do Cryptocurrency Taxes in 2021 | CryptoTrader.Tax – Walkthrough | Coinbase, Binance, Uniswap
all right welcome back everybody to alt,coin daily my names austin,how do you do your cryptocurrency taxes,or,just whats the easiest way in todays,video,i want to share with you a step-by-step,walkthrough,of how to use cryptotrader.tax which is,attack software,i personally used them last year ill be,using them this year they are a partner,of the channel,and no matter which platform you use,support for every cryptocurrency,exchange whether its coinbase,binance a plethora of others even,uniswap,and then of course you can download,upload or it syncs directly with your,turbotax,so like always check the timestamps down,below in the description,and lets jump in,by the way specifically for you the,altcoin daily audience,for 20 off use the promo code slash,link down below in the description get,20 off,check it out here we are this is the,main page,after we log in step number one import,trading history from exchanges,so the three exchanges well check out,today,we will do coinbase as one,well do coinbase pro as another example,and then i do want to take you through,uniswap now any of the three,walkthroughs were doing today,can be applied to any of these options,on the list,but lets start with coinbase so you can,see it,asks us to upload a transaction history,file,from your exchange actually we can,connect the api from an exchange,or just upload the file ill show you,both,click to upload coinbase transactions,it will be a dot csv file like this,right here well click it we will open,it,and it will automatically import success,40 transactions have been imported looks,good,now how do i get that dot csv file from,coinbase or from any of these exchanges,well something i like from,cryptotrader.tax is that for every,option they have a step-by-step guide,to take you through it read the coinbase,import guide,so were going to click it if you didnt,know how to access that file from,coinbase,they got pictures theyll tell you,exactly how to do it,you would download the report and then,just upload it right,to cryptotrader.tax okay lets keep,going,coinbase pro so for this example i want,to show you,how to import your trading history,through,connect your exchange account via a read,only api,so we could do it the same way lets do,the api version,this time so were gonna have to input,our api key api secret and then api,passphrase again there is a guide if you,need to know how to find that,information whether its binance,coinbase,whatever theyll have the guide you can,click it find it and then,upload it okay this is what mine looks,like,keep in mind this is a dummy account so,im not actually doxing myself im using,this as an example,once theyre inputted once theyre input,connect,yes i like it 75 transactions have been,imported,successfully just by connecting the api,and it should be noted,that this is read read-only access so,when cryptotrader.tax,connects to your exchange this does not,give,access to private keys nor any ability,to move your funds theyre just reading,the transactions that you made on that,exchange,all right so we did one then two and,then lets go to uniswap,so we can import our trades from uniswap,just by plugging in our public ethereum,address,wallet address at least the wallet that,you interacted with uniswap with,so this is probably your metamask public,ethereum address,heres again not mine but an example of,one,so crypto trader is reading the ethereum,blockchain specifically,all the transactions that were,associated with that ethereum wallet,address,and here we are success four,transactions have been imported,okay step one complete moving on to step,two,other transactions so this is where,youll add any other transaction that,you made that wasnt,on an exchange for example if you got,paid in bitcoin you can add it,or ethereum or litecoin or whatever if,youre a miner,and you have mining rewards you can add,these transactions here,or if youve got a gift if youve been,staking you add,any other form of transaction this ones,pretty self-explanatory,moving on to step three which is now,that weve inputted the data well,review it this is every single thing,we just uploaded in chronological order,based on asset based on type based on,platform,transaction ledger looks good and,finally we generate,our tax report,so you can see right here individual tax,seasons,broken up obviously well do the most,current year,start report boom,success lets view it by the way again,there is a promo code,slash link down below 20 off if you want,to take advantage,i encourage you this is only for the,altcoin daily audience,but heres our tax report as you can see,we can see,all our short-term gains are long-term,gains this is based,on the information that we just filled,out as well as,audit trail so you have a complete,report for yourself,on exactly how this was broken down you,can keep these for your records,if you want or just youre going to go,to download right here,and this is what i like you can send it,directly to your turbotax if you use,that app,turbotax online desktop version whatever,or just print,it out directly for your accountant or,for the irs directly you have the power,that is the video my name is austin,leave a comment,down below in the comment section give,me your,experience with cryptotrader.tax and,this video,popping up right now i encourage you to,continue,your cryptocurrency tax education check,out this video,i recommend it see you tomorrow