Automated Crypto Portfolio Tax Tracker & Calculator: Software Features Revealed
Feb 2, 2023
In time with the opening of the US tax season, The Crypto Merchant is introducing Koinly, an AI-enabled tax software, to the company's growing customer base.
Daytona Beach, United States - February 2, 2023 /PressCable/ —
According to the company, Koinly offers customers a simple and efficient method to calculate the tax owed on their cryptocurrency returns. The software features AI capabilities that automate all accounting processes, saving users time when it comes to determining their tax liabilities.
More details can be found at Koinly.
This latest announcement details Koinly's extensive range of advanced tax preparation solutions for busy traders, investors, and miners. The software produces a complete tax report in under 20 minutes, gathering all the necessary information from across multiple exchanges and wallets. With transactions downloaded directly from the ledger, the automated design ensures that no trades or income gets missed.
The Koinly website explains that cryptocurrency is taxed in much the same way as property or gold. Traders are liable for tax on the difference between the purchase price and the selling price of their assets, minus any exchange fee expenses. This form of capital gains tax is compulsory in places such as the UK, USA, and Canada.
The Crypto Merchant's customers can now download Koinly to preview these capital gains and access their profit and loss tallies with a few clicks. Koinly also shows total holdings, return on investments, and growth via its streamlined and intuitive dashboard.
The software also offers compatibility with other programs such as TaxAct and TurboTax and is widely used by professional accounting teams as much as individuals who file their own returns. Smart transfer matching automatically detects transfers between wallets and tracks a user's original costs while incorporating accurate exchange rates even for backdated searches.
With a double-entry ledger system to monitor every change in one's asset balance, Koinly makes it easy to identify and correct any discrepancies. An automated API checks all data to ensure it has been imported correctly and eliminate any duplicate transactions.
The Crypto Merchant offers shoppers an industry-leading experience in terms of customer support. The team of experts is always on hand to advise on all aspects of Koinly's implementation and guidance for the store's wide range of hardware wallets and recovery plates.
A spokesperson says, “There are many brands in the crypto world, but we choose to partner with only a handful. That’s because we refuse to carry any product that we would not fully trust with our hard-earned crypto assets.”
For more information, go to https://www.thecryptomerchant.com
Contact Info:
Name: Mark Venables
Email: Send Email
Organization: The Crypto Merchant
Address: 609 South Ridgewood Avenue, Daytona Beach, FL 32114, United States
Phone: +1-386-222-2954
Website: https://www.thecryptomerchant.com/
Source: PressCable
Release ID: 89089555
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