CryptoTaxCalculator Tool Review : Pro Or Cons 2023 Updated

What Is CryptoTaxCalculator Tool

At CryptoTaxCalculator, we’re building the platform to make understanding your tax obligations simple and straightforward. The tools help identify, track and organize all your crypto activity across hundreds of exchanges and blockchains with ease and accuracy. The reporting saves you time and makes your transaction history transparent and simple to understand. We’re helping investors, traders and accountants by providing clear and secure records of your crypto activity so you can relax at tax time.

CryptoTaxCalculator was co-founded by brothers Shane and Tim Brunette in 2018 and is headquartered in Sydney, Australia. They have a ‘remote-first’ async culture, with team members from across the globe. Since inception, they have rapidly grown to support thousands of customers across twenty different countries.

Some Important Points Of CryptoTaxCalculator

CryptoTaxCalculator Tool Price

This is a powerful online charting platform used by traders and investors around the world. The cost of the platform varies depending on which plan you choose. The basic plan starts at $99 billed yearly and goes up to $249 billed yearly for the Pro plan. There is also an Elite plan which costs $499 billed yearly. All plans include access to the full range of features, including real-time market data, advanced charting tools, technical indicators, and more.

CryptoTaxCalculator has four unique account tiers:
● Free
● Hobbyist
● Investor
● Trader

How To Use CryptoTaxCalculator Tools?

CryptoTaxCalculator tools vary in their user interface and specific steps to use, but in general, you can follow these steps to use them:

1. Sign up for an account on the CryptoTaxCalculator platform you have chosen.
2. Connect your cryptocurrency exchange accounts to the CryptoTaxCalculator tool.
3. Import your crypto transaction history from your exchange accounts into the CryptoTaxCalculator.
4. Review and categorize the transactions as per your local tax laws and regulations.
5. Use the CryptoTaxCalculator’s tools to calculate your crypto tax liability.
6. Export the tax report in the required format to file your taxes.

Note: It’s important to make sure that the tool you choose is up to date with the latest tax laws and regulations, and it is always advisable to consult with a tax professional before filing your taxes.

How Does CryptoTaxCalculator Work?

This is a tool that helps cryptocurrency investors calculate their tax liability on their cryptocurrency investments. The following is a general outline of how a CryptoTaxCalculator works:

1. Data Input: Users input their cryptocurrency transactions, including the date, type of transaction (buy, sell, trade, etc.), the cryptocurrency and fiat currency involved, and the cost or proceeds of the transaction.
2. Tax Calculation: The CryptoTaxCalculator uses the input data to calculate the user’s tax liability based on their country’s tax laws and regulations. This typically involves calculating capital gains or losses, which are taxed differently based on the holding period and type of asset.
3. Tax Report Generation: The CryptoTaxCalculator generates a tax report that includes the total tax liability, a summary of the transactions, and any relevant tax forms or schedules.
4. Integration with Tax Software: Some CryptoTaxCalculators can be integrated with tax preparation software, such as TurboTax or H&R Block, to simplify the tax preparation process and reduce errors.

Note that the exact methodology used by CryptoTaxCalculators may vary depending on the specific tool, and users should do their own research and consult a tax professional before using a CryptoTaxCalculator. Additionally, cryptocurrency tax laws and regulations are constantly evolving, and users should keep up-to-date on any changes that may affect their tax liability.

Is CryptoTaxCalculators Safe?

They can be safe to use, as long as you take necessary precautions. Here are some tips to help ensure your security when using CryptoTaxCalculators:

1. Use a reputable and trustworthy CryptoTaxCalculator: Do some research and read reviews from other users before choosing a CryptoTaxCalculator.
2. Secure your account: Make sure to use strong passwords, two-factor authentication, and keep your login credentials safe.
3. Connect only to trusted exchanges: Only connect your cryptocurrency exchange accounts to a CryptoTaxCalculator if you trust the exchange and it has adequate security measures in place.
4. Read and understand the terms of service: Make sure you understand how the CryptoTaxCalculator will use and protect your data.
5. Keep your computer and internet connection secure: Keep your computer and internet connection secure with updated antivirus software and firewalls.

By following these tips, you can help ensure the safety and security of your crypto tax information when using a CryptoTaxCalculator.

CryptoTaxCalculators Features

All of your NFT activity in one place

Track all NFT activity, including mints, transfers and trades across Ethereum, Solana, Polygon, Avalanche and many others.

For the degens

Automatically calculate tax implications on NFT trades like, bulk-mints, burns, bundles, sweeps, even bridging for the multi-chain elite.

For the creators

Easily manage sales income and royalties with comprehensive revenue tracking reports.

Transaction Import:

The ability to import transaction data from various exchanges and wallets, eliminating the need to manually enter transaction details.

Tax Calculation

A tool that calculates the user’s tax liability based on the input transaction data, using the relevant tax laws and regulations for the user’s jurisdiction.

Tax Report Generation

The ability to generate a tax report that includes the total tax liability, a summary of transactions, and any relevant tax forms or schedules.

Capital Gains/Losses Calculation

A tool that calculates capital gains and losses based on the transaction data, taking into account factors such as the holding period and type of asset.

FIFO/LIFO Method Support

The ability to choose between the First-In First-Out (FIFO) and Last-In First-Out (LIFO) methods of calculating capital gains and losses, depending on the user’s preference and tax jurisdiction.

Integration with Tax Preparation Software

Some CryptoTaxCalculators can be integrated with popular tax preparation software, such as TurboTax or H&R Block, to simplify the tax preparation process.

Tax Loss Harvesting

A tool that helps users identify and realize losses to offset capital gains and reduce their tax liability.

Data Security

A secure platform with robust data protection measures to ensure that users’ personal and financial information is protected.

CryptoTaxCalculators Pros & Cons

CryptoTaxCalculators Conclusion

In conclusion, CryptoTaxCalculators can be a useful tool for anyone holding or trading cryptocurrency. They offer convenience, accuracy, and ease of use, making it simple to calculate and report your crypto tax liability. However, it’s important to choose a reputable and trustworthy CryptoTaxCalculator, understand the terms of service, and be aware of the potential limitations and risks.

Ultimately, while they can be a valuable resource, they should not be relied upon exclusively. It’s always advisable to consult with a licensed tax professional to ensure that your tax reports are accurate and compliant with local tax laws and regulations. By combining the use of a with professional advice, you can have peace of mind when it comes to reporting your crypto taxes.

CryptoTaxCalculators FAQ