BearTax is a Cryptocurrency Tax Software that helps identify transfers across exchanges, fetch trades from everywhere, and generate tax documents. How BearTax works can be broken down into three simple steps.
What is BearTax?
BearTax is a Cryptocurrency Tax Software that helps identify transfers across exchanges, fetch trades from everywhere, and generate tax documents. How BearTax works can be broken down into three simple steps. First, it brings all trades from almost every exchange on the planet using API or File uploads. Next, it reviews and assigns the right prices to the transactions and processes them using FIFO or LIFO methods. And finally, it auto-generates tax documents and sends them to the user's preferred tax software or their accountant.
What are the features of BearTax?
BearTax uses an intelligent system that identifies transfers between exchanges and lists down the remaining unidentified deposits. Income taxes on cryptocurrency transactions can be calculated smartly and easily using BearTax.
According to the IRS, the movement or transfer of digital currency is not a taxable event. Bear Tax meticulously records all transfers of their users' digital assets to make sure they avoid a ton of events that are not supposed to be taxable.
BearTax helps users define the right cost-basis for every transaction by reviewing any transactions that don't have the right source. This avoids any assets getting wrongly assigned with a $0 basis (which could lead to huge gains).
BearTax curates historical pricing for every coin ensuring that every transaction is assigned with the right cost-basis with an accuracy down to the seconds since prices of cryptocurrencies vary every second and this is different across various exchanges.
The Basic service is $10 per tax year.
BearTax delivers great service in eliminating the time-consuming task of filing taxes. The app is smart and intuitive and knows how to support its users by helping them save money that would otherwise be lost in the complexities of taxation law in the US.