If we were to make a list of things that crypto users hated, the “tax man” might make the top five. After all, crypto as an industry was originally created with an anarchist idealogy in mind, at least, with the goal of upending the modern traditional financial ecosystem.
But as crypto has matured, naturally, the governing bodies that be wanted to start getting involved. In many countries around the world, paying taxes on crypto earnings is now a necessity.
The challenge is that while the IRS has said crypto is taxed in the US, they haven’t said much else. So for crypto natives that want to play by the rules, at least the few rules that there are, they’re left with a few different options.
They can try to manually tabulate their crypto taxes, hoping they’re paying the right amount. Or they can leverage tools that minimize their tax burdens and let them hold onto more crypto come tax time.
While there have been plenty of crypto tax tools that have popped up over the years, Legible has been growing as a preferred secure and automated solution for crypto DIY filers and tax professionals. The Ledgible crypto tax platform is SOC 1 & 2 Type 2 audited, which is the highest level of independent data security out there. Ledgible has focused heavily on enabling tax professionals and accountants easy access to managing cryptocurrency tax returns, and this also means that taxpayers that might need some extra help, they can easily connect their portfolios in a read-only secure manner to their accountant or CPA.
This functionality is unique in the crypto tax and accounting space and gives tax professionals ultimate control to help crypto taxpayers minimize their crypto taxes. This ultimately means that the crypto taxpayer who utilizes Ledgible and works with a tax firm like Friedman ends up ensuring that their crypto taxes paid are as small as possible – ultimately keeping more crypto in their pockets.
Ledgible has automated transaction tracing and matching, the most robust manual categorization tools on the market, and at the end of the day, makes crypto taxes Ledgible for crypto tax filers and professionals alike.
They say that the only two certainties in life are death and taxes. Unfortunately, that term seems to apply to the crypto space as well. For traders and investors looking to minimize their crypto tax burden or for tax professionals looking to help crypto users minimize their crypto taxes, Ledgible is the preferred solution of choice.
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