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Title: Who ever used the Tax Tool CryptoTax? Post by: kryptomanier on September 03, 2019, 07:25:06 AM Has anybody used https://cryptotax.io/en-us/ (https://cryptotax.io/en-us/) for the US tax market? I just saw, that they have a sweepstake where they will pay your crypto taxes ;D
Title: Re: Who ever used the Tax Tool CryptoTax? Post by: Spendulus on September 04, 2019, 12:21:47 AM Has anybody used https://cryptotax.io/en-us/ (https://cryptotax.io/en-us/) for the US tax market? I just saw, that they have a sweepstake where they will pay your crypto taxes ;D I'm not at all convinced this is a good product. I am convinced they would like us to download their program to our computers. Title: Re: Who ever used the Tax Tool CryptoTax? Post by: kryptomanier on September 04, 2019, 02:52:43 PM It is not necessary to download anything. It’s a web application. It is similar to cointracking but with focus on the tax compliance but also with reporting features. As far a I see they also have certified their tax logic by a BIG Four company.
Title: Re: Who ever used the Tax Tool CryptoTax? Post by: squatz1 on September 04, 2019, 03:48:46 PM Eh there's a good deal of other programs that do the same thing, so I wouldn't think this is something that is fully necessary. You're able to go to other programs and I would check that out here (https://blockfi.com/best-crypto-tax-software/)
I don't think this is the best program out of all of them, as there are a ton of them. Goodluck! Title: Re: Who ever used the Tax Tool CryptoTax? Post by: kryptomanier on September 05, 2019, 08:36:06 AM Because no one shared their experiences, I have now tried it myself. I especially like the automatic linking between deposit and withdrawal as well as the recognition of hardforks etc.
Also my tax consultant recommended it because he thinks it is important that the tax logic is certified by an experienced company (KPMG). Title: Re: Who ever used the Tax Tool CryptoTax? Post by: squatz1 on September 05, 2019, 03:30:33 PM Because no one shared their experiences, I have now tried it myself. I especially like the automatic linking between deposit and withdrawal as well as the recognition of hardforks etc. Also my tax consultant recommended it because he thinks it is important that the tax logic is certified by an experienced company (KPMG). This still isn't enough. I would much rather hire a CPA to handle this issue, instead of putting it through a computer program and praying that everything worked out correctly. Hire a professional CPA who knows (or is familiar) with cryptocurrencies and the laws surrounding the capital gains around them. Don't use a computer program because it's much cheaper. Title: Re: Who ever used the Tax Tool CryptoTax? Post by: kryptomanier on September 06, 2019, 01:17:17 PM Because no one shared their experiences, I have now tried it myself. I especially like the automatic linking between deposit and withdrawal as well as the recognition of hardforks etc. Also my tax consultant recommended it because he thinks it is important that the tax logic is certified by an experienced company (KPMG). This still isn't enough. I would much rather hire a CPA to handle this issue, instead of putting it through a computer program and praying that everything worked out correctly. Hire a professional CPA who knows (or is familiar) with cryptocurrencies and the laws surrounding the capital gains around them. Don't use a computer program because it's much cheaper. I am very sure that no tax consultant will do the tax calculations without a program. Nowadays, the tax consultant programs are unfortunately not made for crypto currencies. No tax consultant can calculate with FiFo or transactions on different stock exchanges etc. without a professional program. And because you said you shouldn't use it just for being cheaper: If your tax consultant's fee exceeds your profit, it makes no sense for me to hire the tax consultant. Most of the community of crypto currencies all reject the old values like FIAT money etc. but with digital innovations like tax programs that can replace tax consultants everyone is afraid... Title: Re: Who ever used the Tax Tool CryptoTax? Post by: squatz1 on September 06, 2019, 01:35:54 PM Because no one shared their experiences, I have now tried it myself. I especially like the automatic linking between deposit and withdrawal as well as the recognition of hardforks etc. Also my tax consultant recommended it because he thinks it is important that the tax logic is certified by an experienced company (KPMG). This still isn't enough. I would much rather hire a CPA to handle this issue, instead of putting it through a computer program and praying that everything worked out correctly. Hire a professional CPA who knows (or is familiar) with cryptocurrencies and the laws surrounding the capital gains around them. Don't use a computer program because it's much cheaper. I am very sure that no tax consultant will do the tax calculations without a program. Nowadays, the tax consultant programs are unfortunately not made for crypto currencies. No tax consultant can calculate with FiFo or transactions on different stock exchanges etc. without a professional program. And because you said you shouldn't use it just for being cheaper: If your tax consultant's fee exceeds your profit, it makes no sense for me to hire the tax consultant. Most of the community of crypto currencies all reject the old values like FIAT money etc. but with digital innovations like tax programs that can replace tax consultants everyone is afraid... Oh I'm not saying that these tax consultants aren't going to be using programs as well, they are. But they're going to have the knowledge to look at what the program spit back at you and judge if it correct based on their prior understanding of capital gain / tax law. I'd rather be safe than sorry when it comes to taxes, so I wouldn't want to trust some online program without seeking out a tax professional (CPA, in the states) |