Best Crypto Tax Software 2019 – TokenTax! (US, UK, Canada, Australia, and more)



so it is tax season right now and if you're a crypto trader you may be looking for a site software calculator whatever you call it to help you file your crypto taxes or if you already have one you may be looking for a better one well today I want to share with you token tax which is by far my favorite one and I use them last year as well if you're curious to hear more about the site and want to check it out live I'm going to show you how it works and why I like it so much then all you have to do is just keep on watching everyone I'm Kevin from Bitcoin for beginners and I just want to let you know that we have partnered with token tax to help them get some more exposure in the crypto world but like I said earlier I discovered them and use them after fumbling through a lot of the other ones in the space like Bitcoin tax coin tracking all of those didn't work for me but token tax I found and it was like a godsend there are three main reasons I love them so much one is because of the customer support they sit with me to figure it out even though I had some missing transactions things didn't really match up but they still sat with me and even though I thought it was their fault it ended up being my fault because I forgot something and so that was great to have that support there whenever I needed number two reason why I liked them so much it's because they are extremely flexible they can support all sorts of exchanges and different accounting methods like FIFO LIFO and even minimization and so basically it's a really hands-off process you just upload your trades or connect to your exchanges and it all works seamlessly so without further ado what a better way to understand how this works and why liked it so much then to take a look so please smash that like button subscribe down below if you haven't already and let's take a look okay so this is their site and this is the main dashboard you see I've already uploaded some kind of dummy data on here this is not my real tax data just to show you guys how it works and you can see all of your transactions here some ETH CUSD ETH – bitcoin and so forth and whether a short-term long-term gains or losses the cost basis total proceeds date acquired date sold amount and on this side you see your long-term gains and loss and short-term gains and loss so using this FIFO or first-in first-out accounting method I have a $890 capital loss and you can go to the other ones like for LIFO or last in first out you see I actually have a short-term gain of 2747 and so if you choose different accounting methods the gains or losses that effects your tax liability is way different potentially this is the flexibility that tokin tax gives you finally let's look at their really unique minimization accounting method and for this you get the most amount of losses and that is important because with the more losses or less gains that affects your tax liabilities with losses once you offset your capital gains with your capital losses if there any left over up to $3,000 in the u.s. you can use that to offset your ordinary income and so that is your salaries your wages and so you can pay less taxes on that because you have capital losses to offset it with really quite useful and can help you save money indeed okay so let's say you're just getting started you don't have any of this data in yet you just go to import data and go to add source under API really simply connect all these different exchanges Carbon hood bit max coin Bayes coinbase Pro Gemini they have all of them pretty much but you can also connect your wallets individually and they'll read the blockchain explorers and get in all that info for you – super helpful super hassle-free and just a lifesaver to be honest and so let's say you're like me and you did some other weird stuff that's not just the major exchanges or the major coins that have popular block explorers you can use CSV and what this is you can generate CSV files using like Excel Mac numbers Google sheets and you just format it the way that token tax it needs and the system will read it all in and input it into their database very seamlessly let's take a look this is just example of dummy data a CSV file on my Mac numbers and they have type by amount by currency same for cell fees exchange and date and timestamp all you need is that put in your transactions uploaded and it'll show up side by side with the data that you've put in from the exchanges too another thing I want to take a quick look at is they're all transactions tab and you can basically see this in a really high-level way and also filter it which is amazing if you want to filter your by currencies by USD just type it in here press submit and it changes to all of the USD ones very simply you can dig into your transactions dissect them find out what's missing find out what's wrong and fix it from there so lastly let's say you're all done everything is squared away ready to go you can download your tax forms your 8949 for your capital gains of losses and PDF formats and this is what it looks like they just generate for you they put all your transactions from the accounting method you choose so if you choose FIFO this looks different from if you choose LIFO they do it all for you and then from there you can import that into your main tax software give it to your CPA you can also file your taxes with TurboTax a lot of you guys use TurboTax and you asked if they integrate with TurboTax yes they do you can file with TurboTax or with token taxes trusted CPAs you can use them as well they know crypto taxes inside and out that's pretty much it guys like I said I really love token tax for all the reasons I said it earlier and I use them last year I will use them this year as well if you are interested in using them please check in my links down in the description below you can use my referral link if you want you don't have to though but I would love to hear back from you what your thoughts are on token tax if you decide to use them come back let me know in the comments below if you end up using them and how much you like them if you like them as much as I do this is Kevin I hope I've introduced a helpful product or service to you and I will catch you all next time

11 thoughts on “Best Crypto Tax Software 2019 – TokenTax! (US, UK, Canada, Australia, and more)”

  1. Try them out and let me know what you think?

    Check them out here – https://tokentax.co/?utm_source=bfb
    If you want to help me out with Affiliate bonus – https://tokentax.co/?via=kevin

  2. you should check out www.accointing.com. you get to play around with it for free now in its current beta version.

  3. Why in the hell world would i pay tax? Hell no!! It's my hard working and earning and studying for some mother F******. No done it for the past years but no more!

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