The Crypto Merchant has announced a partnership with Koinly, a software designed to simplify crypto tax reporting.
Koinly can automatically import crypto trade data from an exchange or wallet and generate IRS-ready tax forms. Also available in more than 20 countries, it can generate reports accepted by a number of tax agencies.
For more information, visit Koinly .
The software can help crypto traders accurately report their taxes in under 20 minutes, capable of calculating the capital gains and losses of complex transactions such as mining and staking. It can also consolidate trades on various exchanges and keep track of coins spread across different wallets.
“We chose to recommend this tax software to our followers, as it is the most robust of its kind,” a spokesperson from The Crypto Merchant said. “Anyone who is highly involved in crypto can benefit from its ability to zero in on any taxable event on any trade and exchange.”
With Koinly, traders no longer have to waste hours downloading CSV files and inputting them into a ledger. Moreover, they don’t need to format data, understand and categorize market prices, and calculate their correct tax bracket. The software is designed to work independently, as all traders need to do is import all their trading data, and the software will do the rest.
Traders can import transactions made using Ethereum, Bitcoin, Tezos, and thousands of other coins directly from their ledger. Further, Koinly is compatible with more than 350 exchanges and 50 wallets, as well as portfolio management services.
The software’s intuitive dashboard allows users to view their capital gains and profit/loss for any tax year. They can quickly scan their total holdings, ROI, growth trajectory, and realized and unrealized gains.
The system has a number of safeguards to ensure the accuracy of all transactions. These include a double-entry ledger system and duplicate handling, which prevents duplicate transactions during data importation.
Koinly is highly rated on TrustPilot, with users remarking on its ease of use and the responsiveness of its customer service team.
“The team is very supportive, helped me import my Bibox transactions, and guided me all the way. I have invited some of my friends to Koinly too, and they are thanking me,” one customer said.
More information is available at Koinly .