Do you hold cryptocurrency in your portfolio? Have you traded crypto over the past year? Now is the time to start figuring out the crypto tax obligations. Using the right crypto tax software helps you to easily calculate the complete payable Tax amount based on your transactions. These are also helpful for you to meet the regulatory requirements for every country and software support. The crypto tax software supports users from the US as well as other countries.
Table of Contents
Quick Import Of Data From Cryptocurrency Exchange:
Most businesses have been using Cryptocurrencies such as Bitcoin and many others as a part of their transaction. These are the perfect option for saving more fiat currency as the cryptocurrency is accepted globally.
You can easily save time by accurately calculating the Tax amount to be paid for your crypto transactions. The crypto tax software asks you to plug your crypto data from centralized exchanges.
The web-based software is secure and suitable for reducing all the transactions made, so the taxes will be calculated accordingly. It does not require exchange log-in details or KYC documents to be shared.
You can easily get everything started, even from the raw trading of data. Normally, the centralized exchanges used to work with crypto tax software. It will be convenient for processing the result straightforwardly.
Exchange And Wallet Integration:
Most crypto users have more than one external wallet address or exchange account. These are a suitable way for making a quick transaction or holding the cryptos in an easier manner. Instead of keeping track of what you have done on an individual platform, the crypto tax software is a perfect option for getting a complete solution.
Binocs is integrated with more crypto exchanges on the platform. They are read-only exchange API with software, so they are automatically suitable for noting the transaction accurately on exchange.
Tax software integration with all these exchanges and wallets provides you with superior facilities to save you more money. Adding all the exchanges with this software lets your business monitor and update tax reports.
Tracks Exchange Transactions:
Wallet integration with crypto wallets allows the software to easily record all the transactions made. The crypto wallet tax software is helpful for calculating the taxes required to be paid instantly. This allows you to simply use a public wallet address for the software to track your external wallet transactions. It will be a suitable option for tracking exchange transactions. You can easily use any exchange such as Exodus, Phantom or any other, you can easily track all the transactions using the software.
Free Option:
One of the best benefits of crypto tax software is that you don’t have to pay for it. It is quite a convenient option to use as a tool to generate your own tax reports.
Exchanges are helpful for sharing your data with the software via API, which is the intermediary technology. Maintaining the meticulous spreadsheets in minute detail drains your energy but is also plain unnecessary.
You can integrate all wallets as well as exchanges instantly with the software, so they are also adjusted with the transaction type along with cost-bases.
