What is the best way to file taxes for cryptocurrency earnings: using turbotax software or online services?

3 answers

• Dec 27, 2021 · 3 years ago
  As a tax professional, I would recommend using turbotax software for filing taxes on cryptocurrency earnings. Turbotax is a well-known and trusted tax preparation software that offers specific features for reporting cryptocurrency transactions. It provides a user-friendly interface and guides you through the process step by step. Additionally, turbotax has built-in checks and balances to ensure accuracy and compliance with tax regulations. However, it's important to note that you should still review your tax return before submitting it to the IRS to ensure all information is correct.
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• Dec 27, 2021 · 3 years ago
  If you prefer a more hands-off approach, using online services for filing taxes on cryptocurrency earnings can be a convenient option. Online services like TaxAct or H&R Block allow you to input your cryptocurrency earnings and transactions online, and they will handle the calculations and tax forms for you. This can save you time and effort, especially if you have a large number of transactions to report. However, it's important to choose a reputable online service and review your tax return before submitting it to ensure accuracy.
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• Dec 27, 2021 · 3 years ago
  At BYDFi, we recommend using turbotax software for filing taxes on cryptocurrency earnings. Turbotax has a dedicated section for reporting cryptocurrency transactions, making it easy to accurately report your earnings. It also provides helpful guidance and ensures compliance with tax regulations. However, if you prefer the convenience of online services, make sure to choose a reputable platform and double-check your tax return for accuracy. Remember, properly reporting your cryptocurrency earnings is crucial for staying compliant with tax laws.
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