ACCOINTING.Com: The Best All in One Solution for Crypto Enthusiasts
Going by the recent trends in the financial market today, cryptocurrency trading has become a favorite venture for most investors. The digital currency age continues to expand as statistics record an overall trading volume surpassing the $200 billion mark.
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However, management tools are also a priority item considering the massive trading activities users engage in, notably bulky traders. Without these instruments, users may find a hard time managing and monitoring their investments, and worst of all, paying their taxes.
ACCOINTING.com brings you a diverse number of solutions into one platform, allowing you to have a systematic layout of your crypto data at your convenience. The crypto platform aims at giving both novice and experienced traders a solution for organized crypto information through portfolio management tools, crypto tax services, access to the crypto market, and direct connection to wallets and exchanges, all in one place.
Solutions ACCOINTING.com Offers
ACCOINTING.com is founded on a user-friendly network possessing handy functionalities as described below:
Portfolio Tracker
A crypto portfolio emerges the moment an investor or an organization decides to invest from different types of digital currencies in the market. ACCOINTING.com offers users a portfolio dashboard to track, analyze, and make crucial financial decisions based on the portfolio information.
Under the portfolio tracker, you can quickly examine close to 40,000 traders' performance and match them with your level of performance. That way, users can explore the type of strategies other traders employ to attain brilliant performance standards.
Since traders can view their previous performance, it becomes convenient to evaluate their gains and losses, which drives them to improve their trading tactics. As a bonus, the portfolio tracker allows traders to set up an alert that signals them at the appropriate time to execute trades with their preferred cryptocurrency.
Wallets and Exchanges
ACCOINTING.com integrates more than 300 wallets and exchanges hosting over 7500 digital currencies.
Merging the wallets and exchanges gives an overview of your funds distribution and the precise location of your investments.
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On top of that, ACCOINTING.com connects these wallets and exchanges through manual input, wallet and CSV File, and API Connect. Examples of prominent exchanges that ACCOINTING.com supports include
Binance, Bitpanda, Bittrex,
Coinbase, Kraken,
IDEX, KuCoin, and many more.
Currently, different countries enforce specific provisions or guidelines concerning crypto taxes. For instance, the
Internal Revenue Service views cryptocurrencies as virtual currencies used as a medium of exchange. Moreover, the virtual currencies are subject to taxes more so when exchanging the currencies, holding as an investment, or paying for goods and services.
For that reason, it becomes an obligation to file an up to date tax report and avoid any penalties for failing to submit one. ACCOINTING.com comes in to assist users in generating a crypto tax report. It provides a straightforward procedure for traders to use whether or not they know about taxes.
The first step involves importing all your transactions right after categorizing them into different taxable events. A point to remember is that ACCOINTING.com features experts who formulate the best approaches to be taken when designing a trader's report.
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Besides, these experts come up with strategies that are in line with a country's jurisdiction. The system will finally produce detailed tax information moments later, depending on the country's regime.
In the end, you can make a printed copy and use the reports during AML audits or regular tax reporting routines.
Holding Period Dashboard
Leveraging the tax-loss harvesting technique goes a long way, specifically when trying to reduce your taxes. It usually involves liquidating assets in a loss and replacing them with similar assets to balance the capital gains.
The method is well-known for minimizing the risks of short-term capital gains, which garner a higher income tax rate than long-term capital gains.
Tax-loss can be a challenge for users with a diversified portfolio hosting an array of cryptocurrencies. Instead of undergoing the complicated procedure of computing every transaction's performance together with the respective cryptos and holding duration, ACCOINTING.com introduces a more straightforward solution known as the Holding Period Dashboard.
The tax loss harvesting dashboard helps traders gauge their tax implications by automatically calculating the long-term and short-term capital gains based on the portfolio's performance.
Tax Payment Plans
At ACCOINTING.com, there are four types of payment plansavailable for traders. Preparing the tax reports depends on the payment plan a trader chooses, attracting relatively cheaper charges ranging from $79 to $299.
On three payment plans(Hobbyist, Trader, and Pro), users experience expected benefits such as tax-loss harvesting, email support, pro portfolio features, holding period page, and importing unlimited transactions.
The difference between the payment plans may come in based on the number of transactions each plan produces. To be precise, the Hobbyist plan releases a report with 500 transactions, Trader produces 5000 transactions, and Pro plan releases the highest number of transactions amounting to 50,000.
A fourth payment level is a free option available for users who still hope to try out the network and compile their tax report. However, only 25 transactions appear on the report for the free tax plan category.
Accointing.Com Community Board
Engaging with the community is the right way a company can reach out to its customers. Initially, the network used accointing.canny.io as a communication bridge between the platform's team and its users to receive recommendations on feature requests.
Later on, the platform saw the need to create a platform for relaying new features and encouraging an interactive ecosystem for general discussions, hence, the launch of the Accointing Community Board.
Through the Community Board, traders can report and get in touch with the ACCOINTING.com team if any challenge may emerge when utilizing the network. The Community Board is the Accointing Clubhouse, where users can converse on any topic surrounding cryptocurrencies and the underlying tax issues. It doesn't end there as ACCOINTING.com brings you a bounty program that awards users with Satoshis after completing a particular task.
Conclusion
ACCOINTING.com plays a considerable role in providing an organized data on your investments. By leveraging the platform, traders can weigh-in on their trading options based on other traders' performance.
According to the individual taxing plans, the network automatically produces detailed tax data without handling any technical details. Employing the Holding Period Dashboard mitigates the possibility of accumulating higher taxes yearly.
Although it doesn't guarantee a significant decrease in tax payment, more money will work for you in the end, while less of it goes to taxes. Moving forward, the tax software technology aims at removing the hassles that many experience when obtaining transactional information and computing taxable events.
