Bittax: Cryptocurrency Taxation Calculations and Reporting Service
Bittax is a digital platform that calculates cryptocurrency taxation in the best way possible. The platform helps users to bring together their cryptocurrency portfolio without providing any private address or seeds.
The platform can use innovative methods and algorithms to provide an optimal tax liability calculation custom. Therefore, the optimal tax liability is calculated based on the user’s portfolio.
How It Works
Adding Information From Both Cryptocurrency Wallets And HD wallets
In order to provide correct tax calculation, it is imperative to collect information regarding imports, withdrawals, and trades from within the user’s various exchanges. In this regard, CSV files exported from the users’ exchanges to the platform play a major role in adding information from the exchanges.
Such information helps provide full details attached to all exchange imports, withdrawals, and trades information that relates to the duration you wish to create a tax report. In a situation in which the exchanges export CSV files that contain information for 30 days or 3 months, the user will be required to provide multiple exported CSV files. Each of the files must cover a 3-month period to build a complete image for tax calculation.
The platform is currently supporting CSV files from different leading exchanges. This, however, is not enough, as the platform is working to add support for additional exchanges. All CSV files will appear in the MY FILES screen upon uploading.
Adding Information From Cryptocurrency Exchanges
The platform achieves this by uploading CSV files exported from users’ exchanges to the platform.
Of importance is providing complete information on exchange imports, withdrawals and trades information in relation to the time a user wishes to create a tax report.
Comprehending ‘My Transaction’ Screen
‘My transaction’ screen is useful when providing missing information after submitting public keys and exchanges. It is on the screen where updated information relating to the user’s transactions will be displayed.
It is only after identifying all public keys from a user’s wallet and those assigned to the user by exchanges together with the CSV files from the user’s exchanges, will the platform have the information required to generate complete and correct tax report.
SELECTOR BUTTON: The button will display a third party by default but will automatically be set to MY WALLET for inputs and outputs relating to a user’s public keys. Users are advised to keep using their selector button to identify additional inputs or outputs with wallets belonging to their wallets.
MISSING CSV: This occurs when a user fails to provide the required exported CSV file. Their input or output will be marked with a red Missing CSV.
Why It Is Important To Provide A Clear Picture Of All Cryptocurrency Transactions
The accuracy of a tax report is dependent on the accuracy of the information provided by the user. It is only the tax calculation based on a complete picture of all wallet and exchange imports, withdrawals, and trade information that can act as a basis for complete and accurate tax report.
More information on how the platform works is available on the platform’s website.