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With tax day fast-approaching, PayPal, Coinbase, and Winklevoss Capital are backing the crypto-specific tax service, TaxBit.
TaxBit Lands Investment Ahead of Tax Season
TaxBit, a tax automation startup, has secured investment from leaders in the crypto space just as American investors have officially entered tax season.
For reference, the 2020 fiscal year’s income tax filings are due to the IRS before the Apr. 15, 2021 deadline.
Crypto gains bring a lot of complexity for tax filers in determining the appropriate amount of taxes. The ambiguity is presented by airdropped tokens and separate gain or losses from holding or trading.
Further, many individuals, including younger investors, are unaware of the precise reporting process. TaxBit’s value proposition is precisely this: ease the reporting process by automating users’ filings.
On the latest investment, Austin Woodward, CEO and founder of TaxBit and Certified Public Accountant (CPA), said:
“This investment will help us achieve our aim of being the most innovative and trustworthy provider of cryptocurrency tax technology.”
Beyond leveraging services like TaxBit, more advanced traders with unique activity should consider hiring a crypto tax specialist. Using both a chartered accountant and crypto-specific tax services are a crucial part of any enthusiast’s journey with digital assets. Failing to do so has already proved costly for many.
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