Tax Season is Now Open: Why You Should File Your Taxes Early

This month, the Internal Revenue Service (IRS) officially kicked off the 2020 tax season and is now accepting and processing e-filed tax returns. Your 2020 tax forms are now available in your TaxBit account. You may have recently received a 1099 from your cryptocurrency exchange(s). TaxBit automatically reconciles your data to your 1099s and provides you with tax forms that are ready to file. Those exchanges that only issue CSV's our support team can help populate and ensure the data is reconciled accurately. We do this to ensure you don't receive a systematic IRS audit.

If you're procrastinating about filing your taxes until the April tax deadline, here are a few reasons why you should jump in and get started on your taxes.

• Get your tax return sooner - the sooner you file, the sooner you'll receive your refund! Last year nearly three out of four tax filers received a tax refund averaging nearly $3,000! The IRS states that taxpayers can receive their tax refunds within 21 days of acceptance when filing electronically with direct deposit.

• You've got the TaxBit team here to help - we've developed industry-leading software to ensure your cryptocurrency tax experience is streamlined, and the 8949 you need to file your taxes is just a few clicks away. Our team will help you navigate through any questions you may have, including populating CSV data for you.

• If you end up owing taxes, this gives you time - if you're among the 25% who end up owing taxes, filing early doesn't mean you need to pay early. You have until the mid-April filing deadline, and filing taxes early will give you time to plan accordingly.

As a TaxBit customer, you're also part of our community and have access to our customer referral program! Your friends will save 10% when signing up, and you can receive up to $100 per referral using your unique code.

If you haven't already, be sure to connect with us on Twitter, Facebook, Linkedin, and Reddit

As always, if you have any questions, please contact our support team in-app with any questions.

-The TaxBit Team