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Description

TaxBit connects consumers and enterprises with cryptocurrency tax experiences. TaxBit's cryptocurrency tax software unifies both the platform and user who need to issue 1099s. We connect the processes of businesses issuing 1099s with those of consumers transforming 1099s and other data into tax reports that can be filed. TaxBit Enterprise and TaxBit Consumer interact to provide a seamless tax experience across all platforms. Our APIs make it easy for you to automatically bring in all your data. You can see the tax impact of any transaction across any exchange, regardless of whether you interact with TaxBit Consumer or our tax center suites. TaxBit is the most trusted provider of forms 1099 for the cryptocurrency industry. TaxBit is used by regulatory agencies to help with cryptocurrency tax matters.

Description

If you have engaged in the buying, selling, earning, receiving, or any other form of acquiring digital currencies within a particular tax year, it's highly likely that you must report any profits or losses on your tax return. If there's any uncertainty regarding your obligations, consulting with the Inland Revenue or your accountant is advisable. In New Zealand, the Inland Revenue classifies digital currencies as a category of property. Their guidelines for cryptocurrency taxation specify that profits or losses must be assessed using the First in First Out method, converting values into New Zealand Dollars at the time of each trade, even when the transactions are between different cryptocurrencies. This process can be quite complex and may require several days to sort through, even with just a few trades. If you've incurred a loss, it could potentially be deducted from your income tax, providing some relief. Our advanced algorithms simplify this process by automating the necessary currency conversions and calculating your trading and mining profits and losses in line with Inland Revenue's regulations. Simply provide us with your exchange exports and mining addresses, and we will handle the rest to ensure your compliance and accuracy. This way, you can focus on your investments without the tax-related stress.