It’s that time of the year where you would need to consolidate all your tax documents and calculate your taxes and file them appropriately to avoid any issues with the tax man. Read how BearTax can assist you with this.
What is BearTax?
BearTax is a cryptocurrency tax software, which can help you fetch trades from multiple exchanges into one place, process them and calculate gains or losses. Once the processing is completed, you can download tax documents necessary to file your taxes.
To do this, you would need to create an account on BearTax. Please use an email id to register and select the country. Selecting the country is important because this will decide your financial tax year and your base currency.
Eg: USA has it’s financial tax yeat from Jan to Dec of every year
Australia has it’s year running from July of previous year till June of the current year.
Thus, providing the right tax year is important for the system to consider transactions that have to be reported in the selected tax year. Also, base currency would be USD for US users and AUD for Australian users and so on, it’s important to convert your transactions into your base currency for tax reporting.
Once you have signed up, you will receive an email with an activation link. You would need to activate your account to signin. Unless you activate, you will not be able to sign in to the account. This is done to avoid any misuse of your email id by others. Once you activate the account, you can now signin and then proceed with the following steps
- Consolidate trades from various exchanges
- Review the missing sources and Calculate gain-loss
- Preview the gain loss and go ahead to download tax documents.
