NODE40 – Blockchain Asset Balance Accounting & Tax Software?
Node40 is a masternode hosting service and accounting software that helps you manage your ledger of bitcoin and dash transactions to ensure businesses and individuals are complying with tax law. Here’s our Node40 review.
What is Node40?
Node40 offers two core services: blockchain accounting software that helps you get your blockchain taxes right, and Dash masternode services that help you launch and monitor an incentivized node.
Since 2015, Node40 has been known for its dash masternode hosting services. In 2017, however, Node40 launched an early beta for its “Balance” blockchain accounting software. That software calculates IRS forms for all Dash and bitcoin transactions. Currently, the open beta only supports Dash transactions, but it will also support bitcoin transactions before the end of the year.
The company launched because they found blockchain users were consistently running into a problem: users had a sizable ledger of bitcoin and cryptocurrency transactions, but no good way to manage those transactions. They had gains and losses, but struggled to translate those gains and losses into understandable tax laws. Node40 wants to help users stay compliant based on current tax laws.
Here’s how the Node40 website explains it:
“If you are transacting in, trading, or mining digital currency, you have likely triggered a taxable event. Our blockchain accounting software accurately calculates your gains and losses and whether a gain was short term or long term. We calculate the cost basis for every one of your digital currency transactions so you don't over-report your taxes.”
Let’s be honest: a lot of cryptocurrency users just ignore tax laws. However, we’re reaching a point where you can’t ignore tax laws anymore. Cryptocurrencies have an enormous market cap, and jurisdictions worldwide are creating laws to address cryptocurrencies and their impact on taxes. Using Node40, you can ensure you stay legal and compliant.
As mentioned above, there are two core Node40 products, including their blockchain accounting software and their dash masternode services. Here’s a breakdown of each product.
Node40 Balance: Blockchain Accounting Software
The tax liability associated with digital transactions has constantly grown over the past few years. Many users struggle to understand the impact their transactions have on taxes. Complicating matters further is that the cryptocurrency world often moves faster than tax law. The entire situation is very complex.
Node40 wants to take the complexity out of your hands by providing you with a blockchain accounting software. Here’s how it works:
- The software takes in your personal ledger of bitcoin and Dash transactions
- The software will request clarification for any complex transactions
- Then, it calculates your total gains and losses
- Once the process is complete, you have a clear snapshot of your bitcoin or dash gains, along with losses in a format that you can provide to your accountant
- If you’re in the United States, Node40 will generate IRS Form 8949; you can give this form directly to your accountant, making the process as simple as possible
Essentially, Node40’s Balance software works like traditional accounting software. It lets you import wallet transactions (it analyzes the blockchain and provides valuation data for every transaction), then lets you annotate transaction details (you can customize each transaction, if necessary, according to your real-world needs). Then, you can view detailed reports and automatically receive your reports from NODE40, including gains, losses, and income.
Dash Masternode Hosting
Node40 offers a suite of services designed to make it easier to run, manage, and evaluate performance on incentivized blockchains like Dash. Those services include all of the following:
MasterNode Setup Wizard
With the Node40 setup wizard, you enter a public key (like an account number) that contains a 1,000 DASH deposit. Node40 will create a masternode server (like a digital currency savings account) in real-time. After the server is running, and Node40 has confirmed payment, you can remotely start your new masternode. That’s it. You supply and hold your 1,000 DASH. Node40 will manage your mastermode remotely, and will notify you if a remote start is needed. Basically, you get the benefits of a masternode with none of the downsides.
Portfolio Insight Reports
Node40 makes it easy to see how your Dash masternode compares with your other investments because “Performance only matters when compared against your other investments.” You can see exactly how your masternode is performing dollar-to-dollar.
Node40 offers free masternode monitoring. You can monitor as many nodes as you want – they don’t even have to be hosted by Node40. You can view your total valuation and detailed transaction history, as well as at-a-glance information about the health of your node.
Health Monitoring and Automatic Repairs
Node40 maintains a health monitor that is constantly checking their hosted nodes. When an issue is found, they have an automated repair service that attempts to fix it. If a node requires additional assistance, a Node40 technician is notified and will manually resolve the problem. That means there’s less of a chance that your node misses a reward.
Here’s how pricing breaks down for the two core Node40 services:
Node40 Balance (Blockchain Accounting Software)
- Included for Dash Masternode Hosting Customers
- $19.95 Per Month
- $56.85 for 3 Months (5% Discount) or $191.52 for 12 Months (20% Discount)
Node40 Hosting (Dash Masternode Services)
- Single-owner Remote-start Masternodes: 0.496 Dash per month with a yearly commitment (0.62 Dash per month when going month-to-month)
- Masternode Monitoring: Free to everyone (you can monitor as many masternodes as you want, even if they’re not hosted at Node40)
Node40 is a Dash-based service that describes itself as “The premier Dash masternode hosting and service provider”. In addition to Dash masternode hosting, Node40 has created blockchain accounting software called Node40 Balance that lets you track taxable events and comply with the frequently-updated tax laws surrounding cryptocurrencies.
The open beta for Node340 Balance launched earlier in 2017. The software is currently only available for Dash users, but will be available to bitcoin users before the end of the year.
The company is based in Albany, New York.
Node40 has been known for its remote masternode hosting services for a few years. More recently, the company has rolled out accounting software known as “Balance”. That software will import your blockchain transactions, calculate your total gains and losses, then generate a neatly-designed IRS-approved Form 8949 for you. You can bring that form to your accountant. It’s ready to be submitted to the IRS.
You can learn more about Node40, or check out the platform for yourself, by visiting Node40.com today.