⛓️ We’re proud to be the only crypto tax product to offer 100% Coinbase Smart Wallet coverage. While we've always been at the forefront of supporting smart contract wallets, classifying these transactions correctly to ensure the right tax treatment has been a challenge that no crypto tax solution has full addressed. Until now. 👀 CoinTracker automatically detects and categorizes your DeFi transactions to ensure correct tax treatment. The CoinTracker 🤝 Coinbase partnership is focused on delivering the highest quality crypto tax solution for users. With CoinTracker, you get full coverage for Coinbase, including Coinbase Prime, Coinbase Wallet, Coinbse Smart Contract Wallet, Base, and cbETH.
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Leading Crypto Tax CPA | Co-Founder/CEO of Chainwise CPA | Helping Individuals & Businesses Navigate Crypto Tax Complexities | 20+ yrs tax experience, 7+ yrs investing in crypto | Featured in Bloomberg Tax, CoinDesk
Retail investors have been mostly absent at the start of this crypto bull market. I found some interesting data suggesting they're coming back FAST. 𝗖𝗼𝗶𝗻𝗯𝗮𝘀𝗲 𝗔𝗽𝗽 𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱𝘀 𝗶𝗻 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆: • Coinbase: ⬆️ 291% • Coinbase Wallet: ⬆️ 143% (SensorTower) This means tax pros will likely see an uptick in crypto transactions for the 2024 tax season. Are you ready? If you're a professional who's still trying to figure out crypto taxation, check out our course that teaches you everything you need to know, from the basics to using crypto tax software to reconcile transactions (link below). #crypto #cryptotaxes #cpa
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Doing your own crypto taxes can feel like a daunting task 😨 And, while crypto exchanges like Coinbase have made owning crypto easy, few exchanges offer useful in-app tax tools 🧐 That’s where CoinTracker comes in. CoinTracker makes crypto tax easy by integrating its tax automation technology with the most trusted crypto exchanges, wallets and marketplaces on Web3! 💯 Crypto is a financial revolution meant for everyone with the potential to drive progress for us all. So, participate with peace of mind — use CoinTracker 😌 #cryptoeducation #cryptotax #taxtok
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Leading Crypto Tax CPA | Co-Founder/CEO of Chainwise CPA | Helping Individuals & Businesses Navigate Crypto Tax Complexities | 20+ yrs tax experience, 7+ yrs investing in crypto | Featured in Bloomberg Tax, CoinDesk
One of the biggest mistakes people make on their crypto taxes is one of the easiest to avoid. 👀 𝗧𝗵𝗲 𝗺𝗶𝘀𝘁𝗮𝗸𝗲: Failing to import transaction history from ALL exchanges, wallets, and accounts. 𝗛𝗼𝘄 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝘆𝗼𝘂'𝘃𝗲 𝗺𝗮𝗱𝗲 𝘁𝗵𝗶𝘀 𝗺𝗶𝘀𝘁𝗮𝗸𝗲: Your incoming transactions should match your outgoing transactions. If there's a mismatch, you're likely missing a wallet or account. 𝗛𝗼𝘄 𝘁𝗼 𝗲𝗮𝘀𝗶𝗹𝘆 𝗮𝘃𝗼𝗶𝗱 𝗶𝘁: Track ALL your exchanges, wallets, and accounts in a: 🗒️ Spreadsheet/note (good) 📈 Portfolio tracker (better) 💻 Crypto tax software (best) Even if you aren't actively using a wallet or account, include it in the list. If a tax professional prepares your crypto tax calculations, they will thank you (and probably bill you less for the time you saved them). Crypto investors, what system do you use to track your portfolio? #crypto #cryptotax #cpa
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As most of you can attest in DeFi and NFTs, the word "Taxes” often comes tagged along with its own weight on the back of your mind. You could spend countless hours poring over tax guidelines, trying to decode Crypto Tax Software (CATS) flagged transactions, or wondering how to report your crypto activities accurately within these systems. But why dive into this taxing journey alone? We can find the right software tools for you. We can help you connect to the right CPAs, and even educate yours. We know the right tracing tools. We even have Legal Opinion support. Why bother to start all over again when the easy way is right here? Because, yes, let's be honest: crypto taxes are hard AF! #cryptotaxes #cryptotaxaccountingsoftware #datareconciliation #bitcoin
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THE ULTIMATE GUIDE FOR CRYPTO #TRANSFERS! Discover more about: 🔸Paying taxes when transferring crypto between wallets 🔸Can you deduct fees from crypto transfers? 🔸How is #crypto taxed in the US and much more! Read the full guide at https://lnkd.in/d5-rQfUq #cryptotransfers #transfercrypto #cryptotransfertax #cryptotransfertaxes #cryptoportfolio #cryptoportfoliotracker #cryptotaxes #cryptotax #cryptotaxsoftware #cryptotaxtool
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🚨 Crypto-Regs Alert! 🚨 Don’t get BLOCKED by the new reporting requirements for digital asset transactions! 💡🔍 Starting January 1, 2025, brokers must report crypto transactions with the new Form 1099-DA. Whether it's Bitcoin, NFTs, or stablecoins, we’ve got the key to unlock your compliance! ⚖️ Chain Your Gains/Losses: New rules ensure precise tax reporting. 📄 Ledger Your Statements: Receive clear data to file your returns correctly. 🛡️ Shield with Transitional Relief: Brokers have time to adapt without penalties. Why struggle with complexity when you can have peace of mind? 🧘♂️ Hire a tax attorney specializing in digital assets to decode the regulations and optimize your transactions! Contact us today at 619-795-8000 and stay ahead in the crypto game. 📞💼 Read Article here: https://bit.ly/3zXjbFv #CryptoRegs #CryptoTax #NFTax #TaxAttorney #PeaceOfMind #IRSCompliance #dallolawgroup
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What’s our secret to staying at the forefront of blockchain innovation? It’s simple: we hire the right recon individuals who have been immersed in the blockchain and crypto world since before 2015. You can go ahead and spend hours delving into those tax guidelines in an attempt to find flagged transactions or, on the contrary, how to properly report your crypto activities. But why take on such a challenge when the journey can be quite lonely? Been there, done that—so you don’t have to. We’ve done the high and low research into the nooks and crannies to bring to you a solution that makes it streamlined. From finding out exactly what all those flagged transactions mean to offering common-sense, pithy, and usable advice, we’ve got you covered. MoonTax
As most of you can attest in DeFi and NFTs, the word "Taxes” often comes tagged along with its own weight on the back of your mind. You could spend countless hours poring over tax guidelines, trying to decode Crypto Tax Software (CATS) flagged transactions, or wondering how to report your crypto activities accurately within these systems. But why dive into this taxing journey alone? We can find the right software tools for you. We can help you connect to the right CPAs, and even educate yours. We know the right tracing tools. We even have Legal Opinion support. Why bother to start all over again when the easy way is right here? Because, yes, let's be honest: crypto taxes are hard AF! #cryptotaxes #cryptotaxaccountingsoftware #datareconciliation #bitcoin
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▪ Crypto Recordkeeping ▪ Detailed records are essential for compliance with the federal tax rules related to cryptocurrency. Your records for crypto should note: Date received, Fair market value (FMV) on the date you received it, FMV on the date you exchanged it, The trading exchange used to determine FMV, and Your purpose for holding it. With this information, your tax professional can determine the federal income tax consequences of your crypto transactions. There may be state income tax consequences, too. You may even have to file a federal gift tax return if you gave crypto to a loved one. You may have to file federal payroll tax returns if you paid employees with crypto, and you may have to file a Form 1099 if your business paid an independent contractor with crypto. #PDRCPA #PDR #TAMPAFIRM #CPA #accounting #tax #cpafirm #business #taxes #smallbusiness #cryptocurrency
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First things first, what exactly qualifies as a digital asset? From cryptocurrencies like Bitcoin and Ethereum to non-fungible tokens (NFTs) representing digital art and collectibles, the scope is vast and evolving. Now, let's talk taxes. Taxpayers navigating the digital asset landscape should be familiar with the forms required for accurate reporting. For transactions involving digital assets, forms like Form 1040 and Form 8949 are essential tools in your tax arsenal. Failure to comply with tax regulations can lead to penalties, audits, and legal repercussions. If the IRS discovers that you haven't reported crypto gains, the agency can adjust your return and send you a tax bill. Stay informed, stay compliant!
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𝗥𝗲𝗱 𝗙𝗹𝗮𝗴! I was quite surprised today when I reviewed a Coinbase trade history file for a client and discovered that CB had duplicated almost all of the token transfers between the client's CB wallet and exchange. Additionally, I noticed errors in the spot rate for some of the tokens in a few transactions. 𝐓𝐡𝐢𝐬 𝐫𝐚𝐢𝐬𝐞𝐬 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬 𝐚𝐛𝐨𝐮𝐭 𝐡𝐨𝐰 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐜𝐚𝐧 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐭𝐡𝐞𝐬𝐞 𝐝𝐢𝐬𝐜𝐫𝐞𝐩𝐚𝐧𝐜𝐢𝐞𝐬, especially when they sync their CB accounts with tax software using API keys for calculating their taxes. These errors could potentially result in significant misreporting. As a disclaimer and a heads-up for all crypto investors filing their taxes, I wanted to highlight these issues. It's crucial to consult with a trusted and experienced crypto tax professional to ensure accurate reporting and avoid potential audit notices. #coinbase #blockchain #Tax #UStax #Crypto #Bitcoin #TaxSeason
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