Tax is a complicated matter, it’s even more complicated when it comes to cryptocurrencies. BitYard, as a leading cryptocurrency trading platform dedicated to creating the best platform for traders, is pleased to announce a partnership with Koinly.
Koinly is a professional tax software that helps users to track and calculate cryptocurrency taxes simply and reliably. The tax reporting process for cryptocurrencies can turn out to be difficult and time-consuming, especially for those who trade frequently or hold assets in multiple projects across different platforms, and the frequent transactions also make calculating taxes more complicated. The emergence of software-based tax preparation solutions like Koinly addresses these challenges.
Koinly has a simple and user friendly interface that generates highly compliant local tax reports. You only need to export the data from BitYard first, and then upload it to Koinly, so that users can easily generate tax reports. It used to take a lot of time, but now it only takes minutes.
Additionally, users can track their assets and portfolio by using Koinly and users can view their return on investment (ROI) over a specific period, as well as how their holdings have grown over time. Koinly also provides a clear dashboard showing profit and loss as well as costs to help users know their current investment status.
Koinly’s Head of Tax, Tony Dhanjal had this to say “We’re excited to be partnering with cryptocurrency exchange platform, BitYard who brings a spirit of innovation and offers more choice and convenience to Koinly users. We’re proud to be the preferred option for BitYard users to use our industry-leading software to accurately calculate their crypto taxes or invite their accountants to generate audit-proof crypto tax reports on their behalf in minutes.”