CryptoTrader, a cryptocurrency-focused software for calculating taxes has announced integration with Intuit TurboTax which is one of the leading tax software in the US. The information was revealed by a press release on Thursday. The benefit of this integration will allow users to export calculations related to their taxes from the CryptoTrader to TurboTax, thereby, making the filing of tax much easier than before. The co-founder of CryptoTrader, David Kemmerer said that this integration would allow users to import all the transactions related to cryptocurrency on the platform and the software will automatically calculate all the capital gains or losses in order to provide you a clear cut figure for the necessary text documentation which include the IRS form.
Ahead of the April 15 which is the deadline for filing the income tax in the United States, this announcement has come as a big sigh of relief for many investors who need to file their claim based on their earnings from cryptocurrencies. The government agency which is responsible for collecting the taxes – Internal Revenue Service – considers the cryptocurrency as property and levy tax on it. We have already witnessed similar resources added by Coinbase exchange in order to facilitate its investors to calculate tax on cryptocurrency trading. The exchange has also got TurboTax on its platform to help calculate overall taxes related to crypto assets. TurboTax in February announced a partnership with CoinsTax, LLC to provide similar kind of tax calculation services. The service is available on 2018 premier or higher versions of software and facilitates the users by importing their cryptocurrency trading data from the various exchanges like Poloniex and Gemini.