BearTax: Easy Way To Calculate & File Crypto Taxes For Investors?
BearTax, found online at Bear.tax, aims to be the leading tax filing service for crypto users. Find out how it works today in our review.
What Is BearTax?
BearTax lets you calculate and file crypto taxes. With BearTax, you can import transactions, calculate gains, and file taxes in a few quick and easy steps.
BearTax is catered towards both individuals and CPAs. It’s marketed as a simple tax filing assistant for crypto investors and traders.
BearTax won’t handle your entire tax return. Instead, BearTax is simply designed to produce a PDF file with your capital gains and losses from crypto trading. BearTax will connect to your exchange account (or calculate transactions using a CSV), then crunch the numbers to produce a PDF file. This PDF file can be added to your self-submitted tax return or given to your accountant.
BearTax plans start at just $1 for up to 20 transactions, with $200 plans available for unlimited transactions.
How BearTax Calculate & File Crypto Taxes For Investors Works
BearTax works like other crypto accounting software. You import transaction history from your crypto exchange account. Then, you upload your transaction history to BearTax. The platform performs calculations to produce your capital gains and losses, then generates tax forms in PDF format.
BearTax supports centralized and decentralized exchanges. It also supports casual trading and high-frequency trading. You can connect your exchange account directly to BearTax (with read only access), or upload a CSV file with your transaction history.
Supported exchanges include Coinbase, GDAX, Poloniex, Gemini, Binance, Bittrex, Kraken, BTCMarkets, Independent Reserve, QuadrigaCX, Liqui, and CoinSpot. BearTax can connect directly to these exchanges. Alternatively, if your exchange isn’t listed, then you can also give BearTax a CSV file.
All you need to do is connect your exchange account with BearTax by granting BearTax read access. BearTax will get the necessary data for calculating gains and matching deposits and withdrawals.
After you provide transaction history to BearTax, the platform will calculate your capital gains and losses. The IRS treats cryptocurrency like property, which means you have to report your capital gains and losses every time you make a transaction. Ordinarily, that would mean looking up the price you paid for each crypto trade, reporting that price, and calculating your profit or loss when you sell that asset. BearTax does the hard work for you instead.
BearTax advertises all of the following features:
Complete Audit Support: BearTax has end-to-end tracking abilities that provide you with a complete trail of gain and loss data along with their root transactions.
Validated by CPAs: BearTax’s platform has been verified and validated by professional CPAs.
Download Tax Forms in PDF: After running calculations, BearTax will deliver your tax forms in PDF format. These tax forms outline your capital gains and losses and are ready to be added to your tax return or processed by your accountant.
Supports All Exchanges: In addition to the exchanges above, BearTax supports other exchanges as well. If you can upload a CSV file, then you can have your trading history – including capital gains and losses – processed by BearTax. BearTax supports centralized and decentralized exchanges.
Automated or High Frequency Trading: Whether you’re a casual trader or a high frequency trader, BearTax promises to churn a huge volume of transactions, giving you a detailed summary of gains and losses.
Easy Integration: Connect your exchanges using the BearTax API. Or, upload your transaction reports in CSV or Excel format.
Unlimited Transactions: BearTax has an unlimited plan that can process an unlimited number of transactions – so even if you’re a professional trader or high frequency trader, you’ll be able to use BearTax.
BearTax offers four different subscription options, including Free, Basic Pro, and Ultimate.
- Free ($0.99 Per Tax Year): Up to 20 transactions
- Basic ($29.90 Per Tax Year): Up to 200 transactions
- Pro ($59.99 Per Tax Year): Up to 999 transactions
- Ultimate ($199.99 Per Tax Year): Unlimited transactions
All plans come with chat support, support for unlimited exchanges, a gain loss summary, downloadable tax forms, itemized data, and full tax year availability.
Who’s Behind BearTax?
BearTax was founded in 2018. The company is registered under the name BearTax Inc.
The Bear.tax website lists an address in Alpharetta, Georgia. The platform first appeared online in March 2018.
BearTax is an accounting service for crypto users. The platform will not prepare your entire tax return. Instead, it will just produce a PDF file outlining your capital gains and losses from crypto investing. To calculate that data, BearTax will look at all of the exchanges you’ve made, including all of the times you’ve purchased or sold cryptocurrency. After crunching all of these numbers, BearTax will calculate your capital gains and losses, then deliver that data in PDF format.
BearTax is priced as little as $1 (for up to 20 transacitons), although high frequency traders can pay $200 to calculate capital gains and losses from an unlimited number of transactions.