TaxToken: Smart, Compliant Cryptocurrency Accounting Insights?
What Is TaxToken?
TaxToken is one of the world’s first companies to implement blockchain technology and Artificial Intelligence in personal accounting. The platform aims at offering its users with an automated, efficient, and secure tax preparation process in the daily transactions. This includes itemization of deductions and capital gains or losses, as well as unique financial events like paying for college or selling and buying of houses.
How TaxToken Smart, Compliant Crypto Accounting Insights Work
Through the utilization of blockchain technology, TaxToken will automate the filling of returns therefore eliminate the sought the assistance of expensive tax professionals or manual record keeping. To achieve this, TaxToken will integrate with wallets and smart cards, which will store all the transactions on the blockchain ledger. The TaxToken software will then facilitate the sorting, filing, and itemizing transactions within the smart cards and the wallets. This will not only improve efficiency but also offer users a more reliable method of claiming their tax deductions.
TaxToken Tracking System
TaxToken also has a Capital Gains and Losses Tracker. The tracker is automatic and has an easy to use interface that is compatible with phones, computers, wallets, and smart cards that, on behalf of the user, tracks and categorizes capital gains or losses and all IRS rulings and exemptions. The platform has regular updates to ensure conformity with all the laws and IRS regulations.
Furthermore, TaxToken integrates a Text-To-Block Technology for Charitable Contributions. This technology will simplify the itemization of donations, which are time consuming, lack transparency and have strict requirements. The technology connects virtual wallets with both cryptocurrencies and fiat money.
To make a donation, users only have to text the wallets number and the amount they want to donate. The software will then locate the virtual wallet of the user, confirm the validity of the proof of donation and finally calculate the contribution in form of tax savings. This, therefore, means that the software organizes, automates, and itemizes the donation while complying with IRS regulations.
TaxToken will also utilize Artificial Intelligence that scans a user’s transaction history and makes recommendations based on the past spending habits and tax strategies that will ensure the user save money.
The TaxToken product uses decentralization and private keys as a method of ensuring that the risk of attacks to the company’s data storage are mitigated and that sensitive consumer data is protected.
Compared to other platforms offering similar services, TaxToken has lower prices for full product capabilities that include fully itemized deductions and filling recommendations that have no restrictions.
Less Time Required On Tax Preparation
Other platform requires 2-4 hours for the completion and submission of a tax form, however, TaxToken has almost instant generation of tax records and form population.
TaxToken has automatic and verifiable financial record keeping as well as personalized itemization and deductions, which is attributable to the platform’s integration of smart cards, blockchain technology, and AI technology.
Tax token also combines machine-learning technology with its experienced team, which ensures that the solutions offered are reliable, adaptable, and IRS compliant.
Saving Of Resources
TaxToken eliminates some of the major barriers that users face while trying to maximize tax savings; this helps clients save both money and time.