THELOGICALINDIAN - Crypto tax startup TaxBit has aloof anchored advance from PayPal Coinbase and the Winklevoss Twins
With tax day fast-approaching, PayPal, Coinbase, and Winklevoss Capital are abetment the crypto-specific tax service, TaxBit.
TaxBit Lands Investment Ahead of Tax Season
TaxBit, a tax automation startup, has anchored advance from leaders in the crypto amplitude aloof as American investors accept clearly entered tax season.
For reference, the 2020 budgetary year’s assets tax filings are due to the IRS afore the Apr. 15, 2021 deadline.
Crypto assets accompany a lot of complication for tax filers in free the adapted bulk of taxes. The ambiguity is presented by airdropped tokens and abstracted accretion or losses from captivation or trading.
Further, abounding individuals, including adolescent investors, are blind of the absolute advertisement process. TaxBit’s amount hypothesis is absolutely this: affluence the advertisement action by automating users’ filings.
On the latest investment, Austin Woodward, CEO and architect of TaxBit and Certified Public Accountant (CPA), told Crypto Briefing via email:
“Cryptocurrency is one of the hottest spaces in fintech and bound activity mainstream. Paypal and added all-around mega-companies are all-embracing the technology. We’re ascent rapidly to accommodated the appeal for exponential advance in our action and customer offerings while advancing to barrage two new articles in the advancing months.
This advance from industry leaders like Paypal ventures, Coinbase ventures, and Winkelvoss Capital furthers our mission of enabling boundless cryptocurrency acceptance by automating the authoritative hurdle of tax acquiescence via best-in-class software.”
Beyond leveraging casework like TaxBit, added avant-garde traders with different action should accede hiring a crypto tax specialist. Using both a accountant accountant and crypto-specific tax casework are a acute allotment of any enthusiast’s adventure with agenda assets. Failing to do so has already proved costly for many.
