Trying to manually track crypto taxes gets complicated fast. Our tax engine supports transactions between any crypto or fiat currency in the world. TaxBit automatically calculates your cost basis, gains or losses, and subsequent taxes of every trade.
The TaxBit dashboard gives you an easy to follow overview of all the different aspects of your crypto taxes. You can quickly see the big picture of your portfolio or dive in deep with detailed, drill down reports.
TaxBit provides line level detail of each of your cryptocurrency transactions. You will quickly be able to see the cost basis, disposal fair value, and resulting taxable gain or loss for each of your cryptocurrency transactions.
Understanding your total gain or loss position during a period isn’t all that you want to know. You want to know how that total gain or loss translates into how much you owe or are entitled to in the form of a tax refund. Using demographic information, TaxBit will calculate your individual tax rates and will apply your appropriate rates to each of your gains or losses so that you can see an estimate of your total tax due or refund.
When it comes time to file your taxes, TaxBit makes it easy. With just 1-click you are able to instantly download your IRS Tax Form 8949 (other countries coming soon). This form can then be handed over to your accountant, or uploaded into popular tax filing softwares such as TurboTax, TaxAct, etc.
No matter where your coins are stored, TaxBit automatically tracks your transactions and balances across any exchange or wallet.
Knowing your total tax liability is awesome, but with TaxBit you can automatically withhold taxes throughout the year. By doing so, you will have peace of mind that when tax season comes around, you will be covered.