Trading Crypto? The IRS is on the Lookout on 2020 Filings, this Tax Service makes Filing Easy!

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With the advent of trading and hodling cryptocurrency in all its forms, the IRS is catching onto all the income tax that they are missing out on. In fact, they recently enacted “Operation Hidden Treasure” which aims to discover tax evasion by those who invest in, trade and hold cryptocurrency.

In the 2020 tax forms, a specific question was added: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in virtual currency?

Whither or not you mean to or not, it is best to be as transparent of your trades as possible, many software for this issue are popping up. One of the best programs to help out with the issue of crypto trading taxation is CryptoTrader.tax! They provide direct API importing of exchange history and account information one has made over the year and account for all the profits and losses.

They offer FIFO, LIFO and HIFO support and promise no overpaying on they years taxes, while also allowing the user to directly import the tax report into TurboTax and TaxAct. The software allows tax loss harvesting, reducing capital gains while showing you the cryptocurrencies that offer the largest tax savings.

Tax returns can be filed with nearly every fiat currency and may be available to any country that supports FIFO and LIFO.

With the streamlined service from CryptoTrader.tax, the time to input the exchange information is over in less than 30 minutes. They have a wide selection of exchanges they provide services to, including such as: Coinbase, Binance, KuCoin and a variety of others.

You can get 10% off your 2020 filing by using the link provided and using the code:

CRYPTOTAX10

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