BusinessCryptoTrader.TaxTaxes

CryptoTrader.Tax Review: A Guide to Calculating Crypto Taxes

The tax year’s filing deadline is approaching, which means many crypto users will need to submit their returns. While many find filing taxes can be an arduous task, the process gets even more complicated when you have to factor in activities like trading, airdrops, and mining. Tax rules for cryptocurrencies have historically been fairly opaque, but authorities have clarified their stance in recent years.
The position is clear: active crypto users are liable for taxes, and government officials are watching closely. 
Fortunately, there are now tools designed specifically for crypto users to calculate tax liabilities as simply as possible. One of the most popular options on the market is CryptoTrader.Tax, which offers a degree of simplicity that makes the process easy. 
Calculating Liabilities on CryptoTrader.Tax 
The user experience on CryptoTrader.Tax is broken down into four steps, starting with an “Import” stage. Once logged in, users are invited to import the accounts on which they’ve carried out their crypto activity. 
The service supports most of the major centralized exchanges, including Coinbase, Binance, Kraken, Crypto.com, and Gemini. FTX, Blockchain.com, and Hotbit are soon to be added. 
When inputting data from a centralized exchange, users have the option to import a file or auto-import. CryptoTrader.Tax recommends the auto-import tool. 
When importing, the user must obtain an API key by logging into their exchange account. CryptoTrader.The tax provides clear instructions on how to import API keys on its blog. Coinbase is also integrated on the …
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