Crypto-trading can be a little hurly-burly since you can’t possible handle everything on your own. You definitely need proper guidelines and directions to head into this market. If you have not done your research then we suggest you make a u-turn and head back home. Jk! We’re here to provide you with all the help you need to survive this tax season! You can thank us later.
Accounting and Trading
The general trading market provides you with guidelines, tools and institutions through which it is easier for you to make transactions. However, this is the crypto-verse. Things are completely different here and it’s not as simple as you think it is.
The crypto market is awfully new and lacks guidelines for its users, so in order to be sure about your accounts. You need to have the right guide to help you maintain your accounts or else everything can go completely wrong. This is where your own research comes in. No matter what, its something you’ll have to do otherwise you might get by a tax storm and you won’t even know where it came from. Bottoms up!
Maintain Your Records
It is very important to keep a track of all your crypto activities, just like you keep a record of your daily activities. The same way it is important you always have a record of your cryptocurrency transactions and if you have multiple accounts on multiple cryptocurrencies you have to be super careful. You should have all the records to prove your identity, okay? This is serious! It is also vital that you have registered through reliable source and that you are provided with a transaction history.
Just like you keep your bank statements and have them emailed them to you. Do not forget to download your transaction statements. Its all for avoiding any security concerns and unnecessary hassle. So, always keep a copy of your transactions. In any case you failed to obtain them, request to the concerned department or person for a transcript.
Avoid Creating Multiple Personalities
We always create different email addresses in order to use free subscriptions for something, we’ve all been there, haven’t we? Just like that, in crypto world if you have created more than one addresses for Bitcoin, Ethereum, etc. make sure you have a track of them with all the history. Holding the record and history helps you avoid tax issues.
BearTax to the rescue
BearTax is a software that helps you calculate your taxes. Helps you keep a record of everything! From your activities to your transactions. With the help of BearTax you are connected to projects and exchanges of similar interests and helps you determine the profit and loss. All you have to do is just register yourself on BearTax and instead of going through all the hassle manually. You can calculate your taxes in a jiffy! I’s freaking reliable and save everyone a lot of time. A true savior!
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