With the regulations set to face cryptocurrency, operating a portfolio of digital assets could result in snowballing of charges ranging from legal fees and accounting services. Consequently, managing these costs while still trying to protect your investments daily against the crypto liabilities is always a tremendous challenge that requires a lot of time and dedication. In short, managing the expenses while trying to earn a profit in the crypto world is challenging. There exist few, if any, filing solutions for cryptocurrency portfolios. However, out of the few that I am aware of, here's an upcoming cryptocurrency accounting application that will help you accomplish on one end with all you digital entity information at your fingertips.
Claritas is a tax filing solution for cryptocurrency owners that want to offer a complete view of all your crypto holdings, gains, and losses. With digital assets on course to start experiencing capital gain tax, there is a high demand for filing solutions, especially from cryptocurrency owners. Claritas has taken notice of these void and is now trying to fill it with their filing software that could make a significant impact in this regard. Their software aims to provide clarity to your whole portfolio through a quick and precise overview of better decision making.
How Does Claritas Work?
Claritas aims to deliver accurate reports regarding all your crypto investment by acting as a single ecosystem through which you can import all the data form all exchanges and wallets you own. While it may appear as a minor aspect, there are few with such an element. Additionally, the connections between the wallets and exchanges will be through APIs and CSV data which are capable of manual importation.
There is also evidence of a mobile application in which users will have to download if they want to see their reports on the go. The software can allow the users to access a view of
- Cost-basis gains
- Potential losses
- Tax reports
- Real-time updates
The tax feature is the main selling feature as it will help ease the burden of filing your capital gains tax. With the proper tax accounting feature, you can source all your investment in one place and generate a tax-compliant report.
What Clarita's Users Stand To Gain?
- Security and privacy– all the reports are tax-compliant to the regulations regarding the capital gains tax law.
- Ease of use- Claritas offers a fully automated system for data import, export, and analysis based on intuitive insights.
- Simplicity- the UI is simple for the user to understand or comprehend what all the figures mean and quickly learn through the features.
- Clarity- Provides a clear overview of all your crypto investment across exchanges and wallets.
- The software is not entirely free as there is a payable upgrade
How About Joining?
For a platform relatively new, Claritas is a very much appealing project to any wise crypto investor. Their functionality could go a long way in helping us tackle the filing of your tax returns. Remember while the software on gives a detailed overview of your investment it is also helping promote the use of cryptocurrency. Consequently, it would be interesting to see if Claritas can outlive its initial stages and even rival other crypto tax solutions in the market.
Does Claritas Have A Future?
It is still very early to give a prediction on how Claritas could perform in the future, but one thing for sure is that the platform plans on increasing it features to help improve on its overall functionality. That could make a significant impact on the prospects of Claritas’ project.