How can I switch from TurboTax self-employed to a free tax software that accepts cryptocurrency income?

3 answers

• Dec 18, 2021 · 3 years ago
  One option you can consider is using CoinTracker. CoinTracker is a free tax software that supports cryptocurrency income. It allows you to import your transactions from exchanges and wallets, and automatically calculates your tax liability. You can export your tax forms and file them directly with the IRS. It's a user-friendly platform that simplifies the process of reporting cryptocurrency income. Another option is to use TaxBit. TaxBit is another free tax software that specializes in cryptocurrency taxes. It offers features such as automatic transaction importing, tax optimization, and audit defense. TaxBit supports various exchanges and wallets, making it easy to track and report your cryptocurrency income. If you prefer a more traditional tax software, you can try TurboTax Premier. TurboTax Premier is designed for investors and cryptocurrency traders. While it's not free, it offers comprehensive tax guidance and supports cryptocurrency income. You can import your transactions and TurboTax will help you calculate your tax liability. Remember to consult with a tax professional or accountant to ensure you are accurately reporting your cryptocurrency income and complying with tax regulations.
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• Dec 18, 2021 · 3 years ago
  Switching from TurboTax self-employed to a free tax software that accepts cryptocurrency income can be done by following these steps: 1. Research and compare different tax software options that support cryptocurrency income. Look for features such as automatic transaction importing, tax optimization, and audit defense. 2. Choose a tax software that meets your needs and preferences. Consider factors such as user-friendliness, customer support, and pricing. 3. Sign up for the chosen tax software and create an account. 4. Import your cryptocurrency transactions from TurboTax self-employed to the new tax software. Most tax software platforms provide an option to import transactions from other tax software or CSV files. 5. Review and verify the imported transactions to ensure accuracy. 6. Use the tax software's features to calculate your tax liability and generate the necessary tax forms. 7. File your taxes using the new tax software. Follow the instructions provided by the software to submit your tax forms to the IRS. It's important to note that each tax software may have its own specific steps and requirements. Make sure to carefully read the documentation and guides provided by the software to ensure a smooth transition.
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• Dec 18, 2021 · 3 years ago
  At BYDFi, we recommend using CoinTracker as a free tax software that accepts cryptocurrency income. CoinTracker is a user-friendly platform that simplifies the process of reporting cryptocurrency income. It supports various exchanges and wallets, allowing you to import your transactions and automatically calculate your tax liability. You can export your tax forms and file them directly with the IRS. CoinTracker also offers additional features such as portfolio tracking and tax optimization. It's a great option for individuals looking to switch from TurboTax self-employed to a free tax software.
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