A software development startup based in Missouri called “Cryptotrader.tax” had integrated with the leading American software TurboTax.
Cryptotrader.tax is so far considered as an easy way and accurate way to calculate the trading gains.
With the integration of “Cryptotrader.tax” and “TurboTax” the consumers will be allowed to export tax calculations. This will also allow users to import tax data in cryptocurrency form directly into “Turbotax”.
The Integration of cryptotrader.tax and TurboTax will consequently make the filing process easier.
The Internal Revenue Service or IRS is the agency that is assigned with the task of collecting taxes.
The IRS classifies cryptocurrencies as a property for tax purposes.
The Company and its goals:
The company founded by Lucas Wyland, David Kemmerer, and Mitchell Cookson in December 2017 is an automated cryptocurrency tax processing platform.
The company at present have around tens of thousands of users on their platform.
According, to the co-founder of the Company Lucas Wyland the goal of the company is to make cryptocurrency easy for everyone in the world.
David Kemerer who is also a Co-founder of the company says that,
Users need to simply import their cryptocurrency trades into the software and the software will automatically generate the necessary tax documents including the IRS form 8949.
Benefits of Cryptotrader.tax
- Cryptotrader.tax makes it easy to import your trading history across all cryptocurrency exchanges.
- Those who will file in Crptotrader will automatically be diverted to the Turbotax filing software.
In addition to this Coinbase also integrated with Turbotax that allows the users to import transactions to a completely new platform.