Filing taxes pertaining to cryptocurrency gains and losses is not straightforward. In the United States, various tools exist to address this problem. In other countries, things are a bit more difficult. Australia now has a tool known as BearTax, which should make filing taxes very easy and quick.
The Concept of BearTax
Any application or platform that helps cryptocurrency users file their taxes is a godsend. While not everyone agrees with taxing Bitcoin and altcoins, it is becoming a part of everyday life in various countries. These guidelines will help the industry grow as a whole. BearTax is intended to make tax filings pertaining to Bitcoin and altcoins rather straightforward.
How Does it Work?
BearTax works very similarly to any other cryptocurrency tax filing tool in the world today. Users can import transactions, calculate gains or losses, and file their taxes. The entire process is very straightforward, and it is designed for both individual users as well as CPAs.
Connecting all of the necessary data to BearTax can be done through exchange APIs. This allows users to upload their transaction reports without additional friction. Multiple trading platforms are supported, including the likes of Coinbase and Gemini. It also includes decentralized exchanges, which are slowly gaining traction among cryptocurrency users.
Given the current scrutiny by tax agencies, having a full log of one’s transactions and their origins becomes all the more important. BearTax provides users with end-to-end tracking. As a result, all capital gains and losses can be calculated, and an overview of all root transactions is provided.
The Road Ahead
For BearTax users, it all comes down to selecting the right package and pricing structure. Plans support anywhere from 20 to unlimited transactions per tax year. Prices range from $0.99 per year to $199.99. Filing taxes is not easy or cheap, but it is mandatory in Australia and most other countries. Adhering to these guidelines is the best option for all cryptocurrency enthusiasts.