Cryptocurrencies have been quite a big thing for the past few years and certainly one of the biggest debate points around the globe. And though some people might argue that the hype is over a lot of people still believe in the cryptocurrencies and potential of the same. We agree with that and think that some cryptocurrencies might even replace all the online FIAT transactions that are done on a regular basis.
If you have invested in a cryptocurrency chance are you might want to see if you will have to pay a tax for your earnings and what would the tax be. And because the cryptocurrencies are so unique it might not be that easy to count the same – thus getting the right software might be your best choice. Looking for the best cryptocurrency tax software will allow you to have access to all your transactions and potential tax influence of the same. For more details, check guiabitcoin.com.
Let’s take a look at what factors you should consider when looking for software and what are the best ones out there?
Source: Bitcoin Exchange Guide
Factors To Consider When Looking For A Cryptocurrency Tax Software
1. First of all, the software should be API integrated with the exchange website you use. If it not you will not be getting relevant information and thus there will be no use out of the software.
2. You should also aim that the software has a good wallet info program. This way you will be able to track all the costs of your coins even when idle and not trading. And the more wallets the software supports, the better!
3. Of course, the software should support tax methods that are determined by your national jurisdiction. There are numerous ones and for example when it comes to the USA the First In, First Out computation method is the most popular. If the computation method you need isn’t supported than the software will not serve you.
4. Along with that, the software should support adequate tax form – for example, in the United States, it is the 8949 printing.
5. One of the most important things is that the software offers a good customer support service that will be available to you 24/7.
6. Last but not least you should compare the given price to quality. The best cryptocurrency software is the one that offers you the most transactions followed for the least money paid.
Source: bitcoinist.com
Some Of The Best Software Examples Out There
1. If you are looking for tax software that will be able to support tons of transactions and your needs as an individual trader the Cointracking might be the right one. There are numerous tax forms and tax counting methods that it supports, and being easy to use it will be good even for the people that are just starting in the cryptocurrency business.
2. If you are from the USA and want the best software for its citizens, then the ZenLedger is your best choice. It has an amazing transaction base, supports FinCEN forms, and has excellent customer support that is there for you 24/7.
3. If you are just starting and wanting to get the best software for your money while losing on the quality Bitcoin tax is pretty good for you. Though not supporting as many transactions it is easy to use, and the price of $29.95 is almost a bargain.
Source: bitdegree.org
Summary
As you can see when it comes to the best cryptocurrency tax software the choice is up to you and your needs. Follow certain factors, and figure out which one will work best for you and your team, and we suggest to check taxbit.com.
