Crypto Tax Prep, found online at CryptoTaxPrep.com, is a tax preparation and accounting service catered to the cryptocurrency industry. Here’s our review.
What Is Crypto Tax Prep?
Crypto Tax Prep promises to be the first and only national Fintech firm to offer bitcoin and crypto tax preparation and accounting. The company claims to have the most experienced bitcoin and crypto tax preparation practice in the country, with tax returns 100% prepared by US-based licensed Certified Public Accountants (CPAs).
Some of the company’s clients include miners, day traders, casual investors, early adopters, and businesses that accept cryptocurrencies.
Crypto Tax Prep prepares taxes for clients in all 50 states across America.
Obviously, the cryptocurrency boom has left many people concerned about their taxes – including how much money they may owe the government for their cryptocurrency gains, losses, and investments. The future legal status of cryptocurrencies isn’t totally known. However, the IRS is currently treating bitcoin and other cryptocurrencies like any asset or property for tax purposes. That means all sales have to be reported.
With that in mind, Crypto Tax Prep wants to ensure you’re paying the smallest amount of taxes legally possible. Users can also avoid the stress and save time over doing it themselves.
Crypto Tax Prep Bitcoin CPA Accounting Service Features
Crypto Tax Prep advertises all of the following features:
- Users can stop worrying about whether or not they filed their taxes correctly
- Crypto Tax Prep never has access to your coins, and you remain in full control at all times
- Users can be sure they’re paying the smallest amount of tax legally possible
- Users can avoid the stress and save the time it would take to do taxes on their own
- Users can enjoy expert CPA-prepared returns
- 100% free audit assistance
- Year round support
- Accuracy guarantee
Experience across multiple cryptocurrencies, including specific experience with Bitcoin, Bitcoin Cash, Bitcoin Gold, Ether, Ripple, Dash, Litecoin, Steem, NEO, IOTA, EOS, zCash, and many other altcoins
Obviously, these are all features you want from a good accountant – whether you’re dealing with cryptocurrencies or traditional assets.
How To Use Crypto Tax Prep
Here’s the step by step process for using Crypto Tax Prep:
- Step 1) Purchase your Crypto Tax Prep + Accounting package from CryptoTaxPrep.com
- Step 2) Your Crypto Tax Prep expert will reach out and explain the process in detail
- Step 3) Sit back and relax; Crypto Tax Prep will take care of your cryptocurrency accounting and tax return, then make sure that you’re paying the smallest amount of taxes legally possible
Who’s Behind Crypto Tax Prep?
CryptoTaxPrep.com was created by a tax franchise corporation called Happy Tax. That company is headquartered in Miami Beach, Florida.
The company has 100 years of combined experience in the tax and cryptocurrency industry. Members of the team include Mario Costanz (Founder and CEO), Ted Muftic (CFO), Marcus Slater (VP of Marketing), and Dora Culyer (VP of Operations).
Crypto Tax Prep Pricing
Crypto Tax Prep advertises a $750 one-time fee for its Crypto Tax Prep + Accounting package.
That package includes your federal tax return and one state tax return. It also includes bookkeeping and reconciliation for up to 5 wallets / exchanges and up to 500 transactions.
Any additional wallets and exchanges (over 5) will be charged $50 apiece. Any additional transactions over 500 will be charged $50 for each additional set of 500 transactions.
You’ll also need to pay additional fees like:
- Any coins held on foreign exchanges that require FinCEN Form 114: $50 for each foreign exchange
- Self employment income (from mining or other sources) requiring a schedule C-EZ: $50
- Schedule E real estate rental property: $50
- Self employment income (from mining or other sources) requiring a schedule C: $150
- You can face penalties up to $100,000 for willfully not disclosing coins held in foreign exchanges, or a minimum of $10,000 per exchange for not disclosing.
You can pay your Crypto Tax Prep fees by credit card, debit card, or bitcoin.
Crypto Tax Prep Conclusion
The 2017 tax year will see a record number of filings for cryptocurrency-related income. Crypto Tax Prep plans to address that demand by offering a one-stop crypto accounting service. Priced at $750, the Crypto Tax Prep + Accounting package manages all your cryptocurrency needs, including a detailed record of all trades and exchanges you’ve made using cryptocurrencies, including the tax implications of those trades.
The ultimate goal of Crypto Tax Prep is the same goal as any good accountant: to ensure you’re paying the lowest amount legally required.
To learn more about Crypto Tax Prep, visit online today at CryptoTaxPrep.com.