Sometimes, calculating taxes distracts you from doing what matters the most, growing your business. And calculating your taxes is a must. So what’s the solution?
Crypto tax calculators are the answer. No more wasted time or effort on doing something that even will still have the chance of having a human error. In this article, we’ll review one of the best in that field, BearTax.
Table of Contents
About BearTax.
Besides saving time and effort, the BearTax platform is built for High-Frequency Traders and accounting professionals. Crunch gigantic numbers of transactions per second. Moreover, no more need to worry about an accounting expert’s human error or expenses. As BearTax is both affordable and accurate.
BearTax Features.
Income Classification.
Categorize the incoming digital assets and report them correctly on your taxes.
Smart Matching Algorithms.
Avoid unnecessary taxable events & save money on taxes. Their smart matching algorithms will help you avoid a ton of taxable events that were not actually taxable events due to latency when transferring between exchanges.
Review Transactions Before You Process.
Calculate using the right cost-basis for every transaction. Besides an amazing workflow from BearTax, reviewing any transactions that don’t have the right source helps you define the right cost-basis for every transaction.
Historical Pricing for Every Cryptocurrency.
For all the supported cryptocurrencies across the supported exchanges. They have accurate historical prices. So you get assigned to the right cost-basis for every transaction.
Supported Cryptocurrencies & Exchanges.
BearTax supports over 50 exchanges. However, if they don’t support your exchange, you can upload your transactions as a CSV file.
Also, they support all cryptocurrencies in any of the exchanges they support.
FAQ.
Is BearTax Easy to Use?
No, it’s not. BearTax’s interface isn’t user-friendly. Not as responsive as expected. However, if you got used to it, you’ll find no problem using it. Also, we’ll take you through the steps of getting started on BearTax to make it easier.
How secure is BearTax?
BearTax is secure as it connects to your exchange via APIs. And you upload your wallet’s transactions as a CSV file. So, no passwords or private keys are required.
Which Are The Supported Countries?
They support the USA, Canada, Australia, and India. However, if you don’t find your country, it’s okay. They support international tax reports too. -more on that later.
Which Tax Reports Does BearTax Support?
Besides supporting tax reports for the previously mentioned countries, they also support the following international tax reports.
- IRS Form 8949.
- Short & Long Term Sales Report.
- Audit Trail Report.
- TurboTax Direct Import.
- TaxAct Direct Import.
Also, they support FIFO and LIFO accounting methods.
What’s BearTax Pricings?
Starting at $10 up to $200 per tax year. The basic, intermediate, and expert plans come with limited transactions. Choose the one with at least the amount of transactions you made. However, the professional plan has no limited transactions.
Get Started on BearTax.
Most importantly in the BearTax review is getting started on BearTax. The process is easy. Also, we’ll take you through creating an account to generating your first tax report.
Create an Account.
Visit BearTax sign up page and enter your information. You’ll be asked for your name, email, password, and country.
Verify Your Account.
Now you need to verify your account. Go to your email and click the link they sent you.
Connect Your Exchange And Import Data.
To connect your exchange follow the following steps.
Firstly, Click on ‘Upload Transactions.’
Secondly, choose the exchange or wallet you want to connect to. Exchanges are connected through APIs. And for wallets, you can upload your transactions CSV; that works for exchanges too.
Generate a Tax Report.
To generate a tax report. Click on ‘Calculate Gain/Loss’. And BearTax will take you through the process of generating your first tax report.
Conclusion.
After this BearTax review, we managed to put things up for you as pros and cons.
Pros.
- Supports a wide range of tax reports.
- Supports most major exchanges and wallets.
Cons.
- Slow and complex interface.
- Hard to use at first glance.
Alternatives.
BearTax has unique features. But, not as user-friendly as we expected. That’s why we offer you the best BearTax alternatives.
Koinly
Automatically imports your transactions, finds all the market prices at the time of your trades, calculates your crypto gains/losses and generates your tax reports!
TokenTax
Connect major exchanges like Coinbase, Binance, and BitMEX with automatic API import, or upload a trade history CSV from any exchange.
Cryptotrader Tax
The most accurate and reliable DIY tax prep software for crypto investors. With over 12 billion dollars in transaction volume and partnerships with leading consumer tax software platforms.
Coinpanda
The world’s most reliable and easy-to-use tax solution for cryptocurrencies. File your tax return in under 20 minutes.
Available in 65+ countries
In the end, that was all we had to say. Feel free to comment below. What do you think about BearTax? And would you like to use it or not? We will love hearing from you.
Also we’d like to link you up with one of our favorite reviews, Coinpanda review & best alternatives.
