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- Taxbit has announced Taxbit Network, a market-wide integration with several major crypto platforms
- Users of those platforms can export their tax data and have Taxbit run the sums
- Taxbit says that the network is free to use, at least for now
There’s a saying that there’s nothing certain in life but death and taxes, and those who have tried to complete the latter without the help of a third party will know what the former feels like. As we have said in the past, even accountants struggle with crypto taxes and the only way to be sure you’re doing things right is with specialist software. The Taxbit Network, announced on Tuesday by crypto tax company Taxbit, has made the life of the average U.S. crypto investor easier by teaming up with 20 top crypto exchanges to offer free calculation and completion of tax forms.
🚀 We’re thrilled to finally share the big news—TaxBit Network is here! Learn how we’re helping alleviate the cost and pain of crypto tax forms with UNLIMITED transactions and FREE tax forms.
— TaxBit (@TaxBit) January 11, 2022
Taxbit Network Integrated into Top Crypto Platforms
Taxbit began life back in 2016 as a way for those with exposure to cryptocurrency markets to better calculate their tax obligations, but there was always the issue of the sheer number of different sources from which data needed to be pulled. Now however, with the release of Taxbit Network, that process just became much easier.
The Taxbit Network is being implemented into a raft of crypto platforms, from exchanges like Binance and Coinbase to NFT platforms like SuperRare and Nifty Gateway, with users able to export their trading data to one location and have Taxbit Network collate it all in an accountant-ready format.
Users will then be able to download their completed IRS Form 8949s and income reports which can then be uploaded to tax filing software or handed over to an accountant to file.
Tax Solutions Are Worth The Cost
Taxbit says that its team of qualified accountants and tax attorneys has certified the accuracy of tax calculations provided by the platforms it supports, including reconciling tax forms to all Form 1099s.
Taxbit says that use of the Taxbit Network is free, although it’s not yet clear whether this offer applies to just this tax year or on an ongoing basis. Even if it is a paid solution past this tax year, such services are well worth the money to avoid having the Inland Revenue chasing you.