New Cryptocurrency Tax Calculator Features Released by CoinTracking.info for Traders and Investors
If you are part of the growing group of investors who are trading on the crypto market, then reporting your losses and gains during the tax period is not only the smartest thing you could have done for yourself but also a must. If you have been earning a profit and you did not disclose this, it will later come and haunt you. And even you could be eligible to some tax rebate for your 2018 activity it if unfortunately resulted to a net loss.
The good news is that the latest update that was done to the most powerful tax calculator you can find in the market will make it so much easier for you.
It has been updated with an additional new accounting method, it has improved support in the API, there is a streamlined withdrawal or deposit reconciliation and not forgetting the very new IRS form 8949 and attachment option made for you. These are just a few of the latest changes that the system has undergone to make your taxing process much more comfortable and smoother.
Below Are Some Of The Updates You Should Look Forward To
The updates that have been discussed below have already been made live in the system, all you need to do to enjoy all this is to create an account with CoinTracking and go ahead and test out the new features.
There Is A Data Management Made Hassle-Free For You
When you have to calculate how much you owe when it comes to taxes it can be a daunting task, primarily if you had deposited gifts, mined payments and rewards for services straight into the same wallet that you use for your every trade. In the vent that you have not labeled your income correctly then your return for sure will not make any sense.
It Is Much Easier To Reconcile Your Deposits And Withdrawals
If your crypto wallet is often used for more than trading your crypto coins, then you have to spend extra time going back to identify each time that you had deposited your mining rewards or any other income you could have received before submitting. Thus, this makes the process to be a big hassle especially if your records are not properly updated.
Quickly Scan And Duplicate The Duplicate Transactions
The system has a new service which is the duplicate transaction tracker, which they call the Duplicate transactions. It will quickly scan all the data that is imported to ensure no data is entered twice.