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.

You may be interested

Asia-Pacific
shares0 views

New Crypto-Mining Malware Targeting Asian Firms With NSA Tools

Brian Evans - Apr 26, 2019

A new form of malware discovered by Symantec is targeting enterprises using leaked NSA tools to infect networks and mine monero.

Banking
shares1 views

Saudi British Bank Launches Ripple-Powered Instant Cross-Border Transfer Service

Brian Evans - Apr 26, 2019

Saudi British Bank has launched an instant cross-border transfer service powered by Ripple

Crypto
shares2 views

Bitcoin Ban Blues? India Reportedly Weighs Draconian Law to Ban Cryptocurrency

Brian Evans - Apr 26, 2019

By CCN.com: The Indian government is working on a draft bill that would impose an outright ban on cryptocurrencies such as bitcoin, as reported by The Economic…

Most from this category

%d bloggers like this: