Crypto software provides investors with simplified solution for reducing their tax bill

cointelegraph.com:

The profits some investors have incurred through cryptocurrency investing have been comparable to winning the lottery. Unfortunately, these earnings are also taxable like the lottery, turning seemingly big wins into major burdens. To alleviate the amount of taxes they will have to pay, investors are encouraged to use several strategies to help them retain more of their earnings.

Conceptually, leveraging tax savings strategies makes sense. However, when an investor has made hundreds or thousands of transactions, making these calculations manually can be time-consuming and lead to overlooked savings. Furthermore, as a new asset class, it can be difficult to navigate different tax savings strategies without guidance. For example, consider that short-term and long-term gains are taxed at different rates, and giveaways, airdrops and other crypto income are subject to an ordinary income tax rate instead of a capital gains tax rate.

Approaching the 2021 tax year, Cointelli has made it their aim to improve crypto tax optimization with software that automates these calculations for investors.

“There is a range of ways to minimize how much tax you’re paying. With its highly accurate calculations based on advanced technology, Cointelli makes sure you aren’t paying any extra on your crypto taxes and contributes to reducing your tax bill,” Mark Kang, the CEO of Cointelli, shares.

Cointelli simplifies this process into four steps, starting with connecting a user’s wallets and exchanges, doing an automatic or manual review, downloading the associated report and providing a detailed overview that can be shared with an accountant. The software now supports over 100 wallets, blockchains and exchanges, enabling users to sync all transactions