• Importing of transactions from major exchanges and wallets
• CSV uploads
• FIFO, LIFO, LIFO Perpetual, and Average Cost accounting methods
• PDF tax form downloads
• Editable transactions
• A unique interactive “Ledger Tool” for visualizing and editing your transaction data
• An emphasis on security, encryption, and user anonymity
So far the biggest challenge in building a comprehensive tax solution is that exchanges, wallets, and blockchains do not all provide API's into their data, and their data formatting is different across each one. I can tell that CoinTracker has experienced this issue as well from the comments on this thread. Integrating with all major exchanges is definitely going to be a possibility in the future, but for the foreseeable future, the priority will likely be making it as easy as possible for users to upload, edit, and review their transaction data as easily as possible before submitting to the IRS. After all, it's real money that you're reporting on.
That said, please do check out YaxReturns.com as you consider a crypto tax calculator this year. We have new tools being built as we speak that will help you manage your taxes easily on a daily basis instead of scrambling to gather data and file them every April =).
Once again, congrats to the CoinTracker team on their launch!
I 100% agree. I’ve been playing around with the APIs these exchanges offer. All of them have incredibly annoying issues and limitations.
I just did my tax with bitcoin.tax but I will have to check out yax and see how it compares. Bitcoin.tax has a very basic ux some I am looking forward to seeing some innovation in this space.
Absolutely. Agree with your agree! There's lots of UI improvements that can and should be made in the crypto space.
As one friend put it, 2017 was about crypto traders and developers being too busy making money to turn around and help newbs learn or onboard them with nice UI's. That's got to change. Too many people, including myself, have lost money screwing up wallet addresses or not knowing how an exchange works. In addition to improving exchange API's, simplifying user interfaces, and making it safer and error-forgiving to exchange currencies, I think infrastructure and regulatory clarification will go a long way in legitimizing and stabilizing the crypto world. I also think providing people with a tax-compliant way to trade is a great place to start creating that user-friendly version of crypto. More features coming from Yax soon! Be on the look out.
Yax also provides a tax solution for cryptocurrencies.
We launched yesterday on Product Hunt: https://www.producthunt.com/posts/yaxreturns.
And our video walkthrough: https://www.youtube.com/watch?v=vViXhiMNufo
Website: https://yaxreturns.com/
We offer:
• Importing of transactions from major exchanges and wallets
• CSV uploads
• FIFO, LIFO, LIFO Perpetual, and Average Cost accounting methods
• PDF tax form downloads
• Editable transactions
• A unique interactive “Ledger Tool” for visualizing and editing your transaction data
• An emphasis on security, encryption, and user anonymity
So far the biggest challenge in building a comprehensive tax solution is that exchanges, wallets, and blockchains do not all provide API's into their data, and their data formatting is different across each one. I can tell that CoinTracker has experienced this issue as well from the comments on this thread. Integrating with all major exchanges is definitely going to be a possibility in the future, but for the foreseeable future, the priority will likely be making it as easy as possible for users to upload, edit, and review their transaction data as easily as possible before submitting to the IRS. After all, it's real money that you're reporting on.
That said, please do check out YaxReturns.com as you consider a crypto tax calculator this year. We have new tools being built as we speak that will help you manage your taxes easily on a daily basis instead of scrambling to gather data and file them every April =).
Once again, congrats to the CoinTracker team on their launch!