The BearTax Review is a comprehensive guide to cryptocurrency taxes. It provides an overview of how the IRS views cryptocurrencies, as well as a detailed explanation of what you need to know about your specific situation.
The crypto tax calculator is a tool that helps users to calculate the taxes owed on their crypto transactions.
It’s that time of year once again. No, now is not the time to start creating your Christmas list. It’s time to file your taxes. People frequently forget that cryptocurrencies are now taxed as they rush to collect their profits and losses for the year. As a result, they must be included in your taxes.
Bear.tax is a fantastic alternative for taking care of your crypto taxes. You’ll have no trouble completing your bitcoin taxes because to their user-friendly site. In addition, if you need assistance, BearTax has a live chat option.
What else can you get from BearTax? Let’s take a closer look at this solution with our BearTax review and see what we can learn.
What exactly is BearTax?
BearTax is a software platform that allows you to calculate and submit bitcoin taxes. When you use BearTax, you can import all of your digital transactions from several exchanges, calculate your profits, and then submit your taxes in just a few easy clicks.
For bitcoin traders and investors, the service is promoted as an easy-to-use tax helper. BearTax is also beneficial to both CPAs and people.
BearTax isn’t going to take care of your whole tax return, of course. It will, however, give you with a PDF file and an auditable CSV that contains any capital gains and losses you incurred throughout the year while trading bitcoin. TaxAct and TurboTax are also incorporated into the system.
BearTax connects to the exchange (or exchanges) you use, pulls the transactions, and then creates a PDF or CSV file for you once the computations are complete. The CSV or PDF may then be sent to your accountant or included with your taxes if you do them yourself.
Who are BearTax, and what do they do?
BearTax, founded by Pradyumna Doddala and Vamshi Vagapally, decided to concentrate on naturally developing its brand over spending a lot of money on fancy marketing techniques. The proprietors made the decision to prioritize their customers. They concentrated on enhancing user experience and resolving platform issues rather than aiming for broad market acceptance.
As a consequence, BearTax has a large number of satisfied and loyal clients who have contributed to the platform’s success. These users gave the site feedback by pointing up problems and flaws and suggesting changes.
Vangapally is a graduate of Bangalore’s IIIT. He holds a Master’s in Technology and has worked as a UX consultant for a number of Fortune 500 organizations throughout the course of his career.
Doddala graduated from the University of Missouri-Kansas City with a Master’s degree in Computer Science. Doddala established the mobile development firm Kronch before joining Vangapally at BearTax and then working as a data scientist for a Fortune 500 company.
BearTax is based in Atlanta, Georgia, and the staff has extensive knowledge of the American market.
BearTax is a tax tool, but it’s more than that. It can help you calculate your bitcoin profits and losses. The following are some of the features you may anticipate to see while utilizing the BearTax platform.
The more precision you can offer for the government authorities when it comes to taxes, the better. BearTax claims that their platform is more accurate than any other solution currently on the market. It meticulously records your deposits, withdrawals, purchases, sales, and exchanges throughout the year. You won’t have to stress about whether or not BearTax’s computations are accurate.
Support for Audits
When you use BearTax, you get an end-to-end tracking solution. If you’re audited, you’ll have all the information you need regarding profits and losses at your fingertips.
Plan for a variety of situations.
Some platforms only have a single plan available for all customers. However, not every user has traded the same amount during the year. BearTax understands this and offers its clients a choice of options. For those who just need to import a few transactions, a plan as little as $0.99 is available. BearTax offers a strategy for you, whether you have a few bitcoin transactions or this is your full-time job.
Interface that is simple to use
BearTax provides a tutorial to help you link your accounts from different exchanges and then submit your transactions. While this may not seem to be a lot, it is more than other platforms provide. BearTax also works with a variety of exchanges, so you don’t have to worry about if your preferred platform is supported.
If you go with BearTax, you’ll have a fantastic customer service experience. Whereas competing systems may need you to submit a ticket and then wait for a response, BearTax provides its “Mr. Ted” is a chat helper who can help you right away. Users may also visit a FAQ page to get answers to frequently asked topics.
What Is BearTax and How Does It Work?
BearTax is a bitcoin accounting system comparable to others. Users upload their transaction history from cryptocurrency exchanges onto the BearTax platform. The software will then compute your cryptocurrency capital gains and losses. It then generates a PDF tax form or a CSV file that you can attach to your taxes. BearTax may also be used in conjunction with TurboTax and TaxAct.
BearTax has the advantage of supporting a large number of exchangers. Coinbase, Gemini, Binance, Kraken, CoinSpot, and many more are among them. The BearTax platform connects to these exchanges and integrates the data directly into their solution, eliminating the need for you to deal with it.
Give BearTax the rights it needs to collect your account information, and it will compute your annual profits or losses by matching your contributions and withdrawals.
You’re now ready to file your taxes with your cryptocurrency data. It’s far simpler to use BearTax than it is to figure out how much you spent for each transaction and then calculate your profit and loss if and when you sell that digital asset. Allow BearTax to do all of the hard lifting.
BearTax offers four different subscription packages. The Dollar, Basic, Plus, and Ultimate plans are available. These programs are very affordable, and you’ll be hard pushed to find a platform that provides a better deal. BearTax’s plans all feature unlimited exchange connection as well as live chat assistance.
The current price of the Dollar option is $0.99. It’s ideal for individuals who only trade bitcoin on a regular basis. This is a good option if you only make a few trades during the year since it is restricted to 20 transactions.
The Basic plan is the next level up from the Dollar plan. This package costs $29.99 and includes up to 200 transactions. This may be the ideal choice for you if you don’t trade often, yet more than a few times each month.
If you’re a frequent trader, BearTax’s Plus plan may be of interest to you. It will set you back $59.99, but it can handle up to 999 transactions.
The Ultimate plan is designed for traders that conduct a lot of trading. The Ultimate package is for you if you utilize bots to place a lot of your orders. It costs $199.99 and allows you an infinite number of transactions.
BearTax’s Advantages and Disadvantages
- There are no paywalls that require payment in advance for support and processing.
- Worked in Canada, the United States, and Australia. India, Japan, and other South Asian nations are being considered for expansion.
- All plans include with live chat assistance.
- Users may see the correct source as well as the necessary information to correlate pricing appropriately in an interactive review area.
- Before you pay, check your profit and loss.
- CSV file with total gain/loss for Turbotax
- Creates a tax form 8949 that can be easily integrated into tax software.
- Only basic transactions are accepted; derivatives and margin trades are not accepted.
- There isn’t a portfolio tracker like some other tax systems (this might be a little nitpicky since BearTax is a tax platform and not a tracking site)
It’s not pleasant to do taxes, and now you have to incorporate Bitcoin in your reporting. Thankfully, there is a service like BearTax that can make this a lot easier. The platform connects to the exchange you used and collects the data it need to generate the tax paperwork you need. That’s all there is to it.
Cryptocurrency is a young sector with a lot of room for growth. BearTax is doing its bit to educate industry professionals on taxes, accounting, and how the two fields interact. The platform aims to ensure that everyone has access to the information they need, therefore they provide chat assistance to all users, regardless of which plan they choose.
BearTax has a variety of plans to choose from. You’ll discover something that suits your requirements, whether you’re new to crypto or a seasoned trader. Furthermore, by enabling a broad range of bitcoin exchanges, the site makes things simple for everyone.
BearTax is one of our favorites. It’s simple to use, straightforward, and it handles all of our tax preparation for us. The platform places a premium on client service and experience, and it shows. BearTax is at the top of our list when it comes to filing our crypto taxes.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The beartax pricing is a review of the BearTax, which is an automated crypto tax service. It helps users to get their taxes done in a timely manner and with ease.
Frequently Asked Questions
How do I protect my crypto from taxes?
You can use a wallet that supports multiple currencies, such as the Jaxx wallet.
Should I report my crypto on taxes?
It is best to report your crypto on your taxes, as it will be treated as income. If you dont, you could end up with a huge tax bill at the end of the year.
How much money do you have to make from crypto to report it on your taxes?
I am not required to report my crypto earnings on my taxes.