Taxbit is a tax engine that supports transactions between any crypto or fiat currency.
Their mission is to help cryptocurrency become mainstream by facilitating easy compliance with government tax rules.
TaxBit provides consumers with an easy way to file their 2018 cryptocurrency taxes.
How can TaxBit help
Uphold members in the U.S. can easily connect their Uphold accounts with Taxbit, which will automatically run all of their transactions through TaxBit’s tax engine. This will generate your IRS Tax Form 8949.
The 8949 tax form, along with a transaction by transaction audit trail, can then easily be handed over to a user’s accountant or uploaded straight into popular tax filing software such as TurboTax, TaxAct, etc.
TaxBit will keep track of your capital losses and carryforwards in order to make sure that you are receiving the maximum tax benefit possible this year and subsequent tax years.
Although TaxBit is currently only available in the United States, TaxBit is working on a solution for Uphold members around the globe to have access to the platform.
Uphold members receive a 10% discount by using the promo code Uphold at check out. Visit www.taxbit.com/invite/uphold to sign up and get started.
How to get started using TaxBit:
- Visit www.taxbit.com/invite/uphold
- Create an account with TaxBit and agree to the terms and conditions
- Choose either a Basic, Plus or Pro plan and enter payment information (the 10% discount will automatically apply when using the link in step 1).
- Link your exchange by choosing “Connect Uphold Here”
- Authenticate your Uphold account
- Once you’ve authenticated, your Uphold transactions information will start populating in your TaxBit account. From here, TaxBit will calculate your taxes and generate your tax forms.
*This summary has been prepared for informational purposes only. It is not intended to provide tax, legal, accounting or financial advice and should not be relied on for such. Uphold does not offer or give such advice. You should consult your own tax, legal, accounting and financial advisors regarding your own specific circumstances before taking any action or if you have questions or require further details. TaxBit is a third party application and Uphold takes no responsibility for the TaxBit software or its operation.