CoinTracker’s Post

One of the biggest mistakes people make on their crypto taxes is one of the easiest to avoid. 👀 𝗧𝗵𝗲 𝗺𝗶𝘀𝘁𝗮𝗸𝗲: Failing to import transaction history from ALL exchanges, wallets, and accounts. 𝗛𝗼𝘄 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝘆𝗼𝘂'𝘃𝗲 𝗺𝗮𝗱𝗲 𝘁𝗵𝗶𝘀 𝗺𝗶𝘀𝘁𝗮𝗸𝗲: Your incoming transactions should match your outgoing transactions. If there's a mismatch, you're likely missing a wallet or account. 𝗛𝗼𝘄 𝘁𝗼 𝗲𝗮𝘀𝗶𝗹𝘆 𝗮𝘃𝗼𝗶𝗱 𝗶𝘁: Track ALL your exchanges, wallets, and accounts in a: 🗒️ Spreadsheet/note (good) 📈 Portfolio tracker (better) 💻 Crypto tax software (best) Even if you aren't actively using a wallet or account, include it in the list. If a tax professional prepares your crypto tax calculations, they will thank you (and probably bill you less for the time you saved them). Crypto investors, what system do you use to track your portfolio? #crypto #cryptotax #cpa

Doing your own crypto taxes can feel like a daunting task 😨 And, while crypto exchanges like Coinbase have made owning crypto easy, few exchanges offer useful in-app tax tools 🧐 That’s where CoinTracker comes in. CoinTracker makes crypto tax easy by integrating its tax automation technology with the most trusted crypto exchanges, wallets and marketplaces on Web3! 💯 Crypto is a financial revolution meant for everyone with the potential to drive progress for us all. So, participate with peace of mind — use CoinTracker 😌  #cryptoeducation #cryptotax #taxtok

As most of you can attest in DeFi and NFTs, the word "Taxes” often comes tagged along with its own weight on the back of your mind. You could spend countless hours poring over tax guidelines, trying to decode Crypto Tax Software (CATS) flagged transactions, or wondering how to report your crypto activities accurately within these systems. But why dive into this taxing journey alone? We can find the right software tools for you. We can help you connect to the right CPAs, and even educate yours. We know the right tracing tools. We even have Legal Opinion support. Why bother to start all over again when the easy way is right here? Because, yes, let's be honest: crypto taxes are hard AF! #cryptotaxes #cryptotaxaccountingsoftware #datareconciliation #bitcoin

Getting crypto taxes done right is pretty easy if you just buy and hold Bitcoin or Ethereum on a centralized exchange like Coinbase. It's an absolute nightmare when you start doing more 'exotic' transactions like Staking, Defi lending or borrowing, Minting & Staking NFTs, etc. There are crypto tax softwares on the market which are incredibly useful tools. However the fast moving nature of crypto and smart contracts means it's hard for them to keep up. They are rarely 100% accurate without the user manually correcting the errors. The options to get it done are pretty much: 1)Pray your accountant can figure it out, but you pay them $500+ per hour to do it. 2)Just accept the crypto tax software's errors at face value, but you probably overpay and miss out on deductions. 3)Learn how to fix the errors yourself (Crypto Tax Made Easy teaches this) 4)Use a service that fixes the errors for you and maximizes losses (this is what we do at Crypto Tax Made Easy)

As the tax season is in full swing, we want to ensure your cryptocurrency EOFY tax journey remains smooth and uncomplicated. As the first exchange in Australia to have SSO integration with Koinly, we've consistently strived to make your crypto tax obligations simpler and more manageable. Our seamless Koinly integration allows you to log into your Koinly account directly from the Cointree platform and generate comprehensive tax reports for the 2023 financial year. No more juggling between different platforms, your EOFY reporting is just a click away. We also want to acknowledge both our incredible team and Koinly for their support in maintaining this user-friendly tool. Read our 2023 Australian Crypto Tax Guide and use discount code COINTREE23 for 30% off your Koinly tax report. This tax season, let's make things easier, together! https://lnkd.in/grEE5USq

What’s our secret to staying at the forefront of blockchain innovation? It’s simple: we hire the right recon individuals who have been immersed in the blockchain and crypto world since before 2015. You can go ahead and spend hours delving into those tax guidelines in an attempt to find flagged transactions or, on the contrary, how to properly report your crypto activities. But why take on such a challenge when the journey can be quite lonely? Been there, done that—so you don’t have to. We’ve done the high and low research into the nooks and crannies to bring to you a solution that makes it streamlined. From finding out exactly what all those flagged transactions mean to offering common-sense, pithy, and usable advice, we’ve got you covered. MoonTax

▪ Crypto Recordkeeping ▪ Detailed records are essential for compliance with the federal tax rules related to cryptocurrency. Your records for crypto should note: Date received, Fair market value (FMV) on the date you received it, FMV on the date you exchanged it, The trading exchange used to determine FMV, and Your purpose for holding it. With this information, your tax professional can determine the federal income tax consequences of your crypto transactions. There may be state income tax consequences, too. You may even have to file a federal gift tax return if you gave crypto to a loved one. You may have to file federal payroll tax returns if you paid employees with crypto, and you may have to file a Form 1099 if your business paid an independent contractor with crypto. #PDRCPA #PDR #TAMPAFIRM #CPA #accounting #tax #cpafirm #business #taxes #smallbusiness #cryptocurrency

Reducing costs & fees is crucial for #cryptotraders to maximize profits. Use exchanges with lower fees, limit orders, promotions, & a free crypto tracker to save money! Remember to stay compliant with tax laws ⚖️ #cryptoinvestor #cryptomarket #cryptorevolution bit.ly/41sbUWs

Real world integrations, where new users don't need to worry about public and private key management will be the catalysts on onboard the next 1m users. The frictions with onboarding onto crypto are very much real. I know what you're thinking, I don't want another device to carry around all the time. Don't worry, it will only be a matter of time before wallets are integrated into the HSM of your phone... -- Ledger, a crypto hardware wallet provider, partnered with PayPal to allow users to buy crypto in its Ledger Live app through their PayPal account. https://lnkd.in/gQKErCYV

𝗥𝗲𝗱 𝗙𝗹𝗮𝗴! I was quite surprised today when I reviewed a Coinbase trade history file for a client and discovered that CB had duplicated almost all of the token transfers between the client's CB wallet and exchange. Additionally, I noticed errors in the spot rate for some of the tokens in a few transactions. 𝐓𝐡𝐢𝐬 𝐫𝐚𝐢𝐬𝐞𝐬 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬 𝐚𝐛𝐨𝐮𝐭 𝐡𝐨𝐰 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐜𝐚𝐧 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐭𝐡𝐞𝐬𝐞 𝐝𝐢𝐬𝐜𝐫𝐞𝐩𝐚𝐧𝐜𝐢𝐞𝐬, especially when they sync their CB accounts with tax software using API keys for calculating their taxes. These errors could potentially result in significant misreporting. As a disclaimer and a heads-up for all crypto investors filing their taxes, I wanted to highlight these issues. It's crucial to consult with a trusted and experienced crypto tax professional to ensure accurate reporting and avoid potential audit notices. #coinbase #blockchain #Tax #UStax #Crypto #Bitcoin #TaxSeason