One of the least-discussed issues with the cryptocurrency space currently is that there are very few, if any, guidelines for how to report crypto gains and losses on your yearly income taxes, and because of the sheer number of exchanges that exist, there is no seamless interface to see how your transactions are doing. TaxToken has set out to solve both of these problems by creating a suite of accounting software built on the blockchain.
The capital gains and losses tracker integrates with 8 exchanges to automatically record your cryptocurrency gains and losses throughout the year, and fills out the appropriate tax forms for you.
Because records are written to the blockchain, they can be verified by third parties, which ultimately reduces costs for everyone. Though their first application is cryptocurrency-specific, the rest of their accounting software can be used by anyone.
They will be offering a beta version at the Bitcoin, Ethereum, and Blockchain Superconference in Dallas, Texas February 16-18, and individuals who subscribe to their newsletter will receive a discount code. Their cryptocurrency accounting software will be launched on March 1st, just in time for this year’s tax season.
For more information, visit www.taxtoken.io. You can also interact with them directly on Twitter at @taxtoken.