Tax season is a “dreaded” time of the year for many — especially crypto users, according to an update from Binance.
Scouring a spreadsheet and computing all your transactions, gains, and losses throughout the past year can be, well, “taxing.” For day traders, who normally deal with thousands of transactions yearly, this means “putting in extended hours and stress to ensure the accuracy of their filings come tax reporting time.”
If you’re struggling to stay on top of your crypto taxes, or just looking to speed up the process, then check out our recently-launched crypto tax calculator, Binance Tax.
In one click, you can now “import your Binance transactions into our calculator and obtain a simple yet comprehensive estimate of your tax obligations depending on your jurisdiction.*
Binance Tax is still in “an early launch phase, and as such, its algorithm does not yet cover all the types of transactions within our vast ecosystem.”
Binance users should “adjust accordingly in their final tax report.*
Why Use Binance Tax?
The rules around crypto taxation “are constantly evolving around the world.”
Binance understands that many of our users, “including experienced traders, find filing their taxes challenging and time-consuming because of that.”
Binance Tax helps you stay up-to-date “with your crypto-related tax liabilities, offering a number of tangible benefits.”
Free to use
While other platforms may charge hefty fees based on the number of transactions on your report, Binance offers users “access to its advanced tax tool at no additional cost.”
Their system supports “up to reportable 100,000 transactions, accommodating even the most prolific users of the Binance ecosystem.
Binance Tax provides detailed information “on the transactions you make within our ecosystem to help you file your taxes, including but not limited to: spot trades, crypto donations, and even blockchain fork rewards.”
Please note that some transaction types are “still in the process of being implemented into Binance Tax as previously mentioned above.”
Save the sweat and pain
Review your Binance transactions “in one go on a user-friendly platform instead of manually going through each transaction.”
The team built Binance Tax so their users can “spend less time worrying about their taxes, and use it to explore the endless opportunities of Web3 instead.”
Available in France
At this time, Binance users based in France are able to Binance Tax.” For the best experience, they recommend users “use the desktop version of Binance Tax.”
Binance users residing elsewhere can rest assured that they’re working hard “to implement support for more regions, as well as to add support for more of your favorite networks and wallets outside of Binance.”
As clarified in the update, Binance Tax does “not support certain Binance products such as Futures and NFT.”