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Have you monitored token sales and purchases? Well, if you are an American citizen, then you may owe the IRS tax on your crypto investments. The IRS requires all citizens in America to pay the capital gains tax on both national and international income. The tax company has even contracted several companies to scour the blockchain market and identify the crypts that are evading tax payments. Fortunately, ZenLedger is a tax platform that can help you keep track of your token bids and allow you to deposit your taxes in a convenient way.
About ZenLedger
Because most people use different platforms when trading in cryptocurrencies, it can become very laborious to track all these transactions. The best option is to use a dedicated platform such as ZenLedger that allows you to import all cryptographic data from most exchanges to create a document that will help you with your tax filing needs. ZenLedger is one of the best cryptocurrency solutions available today with flexible plans starting with a free account to other paid options that include $ 99 or $ 199 for each fiscal year.
Main features
ZenLedger allows you to import all cryptocurrency transactions through all crypto exchanges easily. You can then use this information to calculate revenue and profits. Above all, the data will be crucial for the automatic filling of various tax forms such as Schedule D, 8949, FBAR and FinCen114. Here are some of the main features of the ZenLedger platform:
Supports all exchanges and currencies:
ZenLedger is running to ensure full compatibility with all exchanges including Coinbase, Bittrex, Binance, GDAX, Poloniex, Gemini and Kucoin and many other exchanges. In addition, the platform will support almost all cryptographic coins from BTC and BCH to XRP and LTC among many others, including legal currencies.
Quickly prepare useful documents:
With the ZenLedger import feature, you can import all your transactions from any exchange and use that data to make various documents valuable. Some of the reports that you can create with the imported data include income reports, final reports and capital gains reports, among others.
IRS-Friendly:
The ZenLedger platform will generate profit and loss statements that you and your CPA can use to ensure you present the right taxes. Whether you work as a day trader, a crypt holder or a miner, this platform will guarantee you that you will never pay too much or too little tax. In addition, ZenLedger is not just for Americans as it can help any customer in the world who currently uses numerous ledgers and wants these separate transactions to be easily cleaned and aggregated in a more readable and standardized format.
Definition of taxable events
Taxable events in the world of cryptocurrency refers to when a cryptographic currency is sold for cash or another altcoin and even when the crypto-currency is used to purchase services or goods. It is worth noting that the transfer of currency between different exchanges does not constitute a taxable event. Tax will only be required if you are converting from one cryptocurrency to another.
Conclusion
To clarify, ZenLedger will not make your taxes in your name. Instead, the system helps to bring all cryptographic data together in one place, which makes tax filing easier. The app is nevertheless invaluable in the tax filing process as it quickly aggregates data across the various registries and presents a complete report in a standardized format.
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