Newsletter: What Crypto Investors Should Know as Tax Day Approaches

Stressed about the tax deadline? We know cryptocurrency taxes can be complex and confusing. Check out these resources to simplify the process and get your crypto taxes filed in time!

Have you filed your taxes yet? We wanted to remind you that the tax deadline is May 17, 2021. If you haven't filed yet, don't sweat! We're sharing some resources below to help you get started!

Already filed your taxes? Rock on! We've got something for you too! Keep reading to find out how you can leverage a technique called tax loss harvesting to make informed crypto trading decisions year round.

Cryptocurrency taxes, clarified

There’s a common misconception that you only have to report crypto on taxes when you sell your crypto for fiat currency. While this is indeed a taxable event, it’s not the only thing you must report!

As tax day approaches, it's important to be sure you've reported all taxable crypto events on your return. Get the ins and outs of cryptocurrency tax reporting here.

Cryptocurrency capital gains tax explained

Capital gains tax increase?

Find out what this means for the crypto community. Last week, President Biden floated the proposal of increasing the capital gains tax on the wealthy. In the event of a tax hike, it’s important to understand how exactly cryptocurrency gains are taxed, and what you can do to reduce your tax liability.

Find out more about taxes on cryptocurrency gains here.

What you can do now to lower your crypto taxes next tax season

Did you know you can make smart crypto trades year round to reduce the taxes you owe on crypto (and possibly even get a refund) when it's time to file again?

With a strategy called tax-loss harvesting you can! Check out our Tax-Loss Harvesting Guide to learn how!

Minimize taxes: Tax Loss Harvesting Guide

And for those curious about how TaxBit started... and what's ahead

TaxBit founders and brothers Austin and Justin Woodward sat down with Ryan Zauk from the Wharton FinTech Podcast to discuss TaxBit's humble beginnings to the company's future plans of enabling widespread cryptocurrency adoption following a $100M Series A funding round. Check it out here!

Wharton Fintech Podcast with TaxBit

Ready to file those crypto taxes?

Filing your crypto taxes shouldn't be a source of stress. Start your TaxBit free trial today for automated, hassle-free crypto tax reporting. Then, see how you can reduce your taxes in future years through TaxBit's tax optimization tools.

Get Started Today!

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