Originally reported by-Cryptocurrency News 24/7 | Cryptonews.tel
The deadline for filing 2019 taxes in america is shortly approaching. Even for these declaring traditional revenue, the method might be prolonged to say the least. One of the largest challenges for crypto holders in the US and past is the best way to declare their crypto assets and never run afoul of the IRS.
Tax Season for Cryptocurrency Holders Made Easier
Blockfolio and Token Tax try to make this process easier for US residents. TokenTax is a platform for crypto buyers which may analyze knowledge from crypto transactions and generate the suitable tax varieties, whereas Blockfolio is a cellular cryptocurrency portfolio. By integrating these two, users can monitor crypto in Blockfolio, sign up for TokenTax, and immediately be given the choice to import all their transactions. TokenTax co-founder Alex Miles notes:
“One of the largest time sinks for users is how they get their transactions into the Token Tax system. Given how many individuals already monitor their transactions in Blockfolio, an integration simply made good sense.”
As one of the leading networks for cellular cryptocurrency portfolio monitoring and management, Blockfolio CEO Edward Moncada agrees:
“We’re thrilled that by means of this integration and partnership, the already massively time saving TokenTax expertise turns into even simpler for our users.”
This integration means present Blockfolio users who've already entered their transaction knowledge don’t need to repeat their work on tax varieties. All cryptocurrency holders should keep in mind that false or incorrect reporting of assets on their US taxes can result in major fines.