Get subscribed to our newsletter
Get interesting updates to your email inbox.
The current state of taxation on cryptocurrencies-
One of the biggest hurdles while trading in cryptocurrencies is the calculation of taxes also known as Crypto Tax of the investments and returns. Most people despise the idea of filing their regular taxes. The idea of filing taxes for cryptocurrencies is generally met with more frustration and annoyance.
Moreover, cryptocurrency tax rules vary with each country. Several countries have a severe lack of ground rules and regulations surrounding cryptocurrency taxation. Dealing with cryptocurrencies is undoubtedly much more difficult in such countries in comparison to those countries with set regulations. The general population’s confusion around cryptocurrencies is entirely understandable.
Despite this, people across the world are getting themselves involved with cryptocurrencies at varying degrees. People have come to realize that they can learn the fundamentals of this payment system and using a crypto tax calculator to file and report their taxes.
The need for a crypto tax calculator
A crypto tax calculator is an invaluable tool that automates and speeds up the process of calculating taxes and yields accurate results. Whether you are an enthusiastic amateur trader with a few bitcoins under your belt or you are a seasoned cryptocurrency day trader, the tools mentioned in this article are bound to help you.
Since the inception of cryptocurrencies in 2009 spearheaded by Bitcoin, a significant number of quality crypto tax calculators have been come up to make the crypto taxpayer’s job easier. While there are countless crypto tax calculators, we will mention a few of them that you can choose from to take care of your crypto taxes.
Concern over risks that come with cryptocurrencies-
Given the volatility and complexity of cryptocurrencies, people have become apprehensive, albeit curious about the value and role of cryptocurrencies in the digital age. While most people understand the fact that cryptocurrencies are secure, they realize that they are also prone to loss and theft. No central authority or external influence can control cryptocurrency transactions. It is possible to trace transactions but impossible to track the accounts back to their respective real-world identities.
The top crypto tax calculators-
Koinly is one of the most popular crypto tax calculators in recent times. It has its Headquarters in London. Owing to the sleek and intuitive UI, it is perfect for regular traders and amateur crypto enthusiasts alike.
Another point in Koinly’s favor is that a new user can start using it for free and pay when the final reports are to be generated. In addition to this, it officially supports the tax systems of over 100 countries, 33 exchanges, and six blockchains. It also has several notable features that include a portfolio tracker.
Koinly seems to have the edge over most crypto tax calculators as they develop their tax reports in partnership with audit consultants from KPMG. Hence, they are legally compliant. Their reports also support all the primary accounting methods, including the ACB (Average Cost Basis) and FIFO (First in First out) method.
CoinTracking analyzes your transactions and generates real-time reports on various things like profit and loss, the value of your Bitcoins, realized and unrealized gains, and reports for taxes.
Cointracking seems to be an all-in-one solution for your cryptocurrency taxation and portfolio tracking requirements.
It is also compatible with some third-party crypto tax calculators and software like TurboTax. Of course, this depends on the country out of which you are based.
Bitcoin.Tax is known as one of the oldest crypto tax calculators. As a result, it is a highly trusted crypto tax calculator among long-time crypto investors and crypto enthusiasts.
The downside to this crypto tax calculator is that it looks dated compared to its competitors like Koinly and Cointracking. Just like Cointracking, Bitcoin.Tax has also partnered with TurboTax to support the seamless importing of cryptocurrency tax data into mainstream income tax reports.Bitcoin.Tax seems to suit old-school accountants owing to their not so clean interface and the presence of a large amount of text.
It is likely to be the one for you if you are looking for a traditional crypto tax software.
BearTax is similar to Coinbase due to its simple UI and design language.
Their key selling points seem to be the diversity of features, options in pricing, and functionality.
Like all other crypto tax calculators mentioned, BearTax supports the important exchanges and cryptocurrencies. However, It should be said that BearTax could do very well with a few more intuitive features like a performance tracker.
Zenledger is another quality crypto tax calculator. Users can import cryptocurrency transactions and calculate their capital gains and crypto-related income.
The transaction history is imported, following which the tool generates all the crypto tax-related entities such as capital gains, income, donations, closing reports, and profit and loss statements.
As Blockchain technology continues to spread, we will witness the increase in the number of crypto tax calculators. However, a crypto trader must understand the fundamentals of cryptocurrencies to make the best use of crypto tax calculators. In order to take care of your crypto taxes seamlessly, you ought to spend some time searching for the crypto tax calculator that is right for you.
Be sure to do your research and choose the crypto tax calculator that you think would best suit you. To do that, it is crucial that you fully understand what you want from a crypto tax calculator.
Amitabh Bachchan is adored by the public for his unforgettable on-screen performances as well as his magnetic demeanour. Not only do fans love Amitabh Bachchan's outstanding performance, but the actor's heartwarming words are also highly regarded. A much moved Amitabh Bachchan, during his speech to the crowd of over 80,000 people at the Reliance Industries' annual event, said that the legacy left by Dhirubhai has had a positive impact on millions of people's lives worldwide.
When Bollywood superstar Amitabh Bachchan became bankrupt in the late 1990s, Dhirubhai Ambani stepped forward to give him financial assistance. In his speech, Bachchan remembered that Dhirubhai had sent Anil Ambani to offer him financial assistance during the crisis, which he had respectfully declined. Lenders began knocking on his door, losses mounted, and his bank account dwindled to nothing. He said, "Dhirubhai's money might have gotten me out of the problem quickly. However, I respectfully declined his offer and gradually began to find work again, which let me pay off my debt."
Amitabh Bachchan is adored by the public for his unforgettable on-screen performances as well as his magnetic demeanour. | Flickr
Later, after Bachchan had recovered from the bankruptcy, one day he was invited to an event at Dhirubhai's residence; Bachchan added, "Dhirubhai was standing and having a chat with his industrialist friends when he saw me there, he called me, firstly I felt shy even to present myself in front of such big industrialists but then, I went there, and Dhirubhai declared in front of all of them that 'This young man had fallen but managed to get back up on his own, I have a lot of respect for him because of that.' Those words of his were worth much more to me than any amount of money that he could have offered me."
It was the "Reliance Family Day" event and was attended by members of the Ambani family from all generations. The event commemorated the company's 40-year journey since its inception. It also celebrated the 85th birthday of the late Dhirubhai Ambani, RILs (Reliance Industries Limited) founder.
Keywords: Bollywood, Reliance, Amitabh Bachchan, Dhirubhai Ambani, event
In comparison to adults, children are prone to getting traumatized by troubling events easily, and this makes it important for parents to help their children when the times are tough. It could be a brutal accident, an unprecedented pandemic, a violent crime, or other disasters but with the right parental support, children have a higher chance of coming out stronger from an awful situation.
Anuja Kapur, Psychologist shares few tips wherein you can assist your child when tough times comes calling:
Every child responds differently to disturbing events: What children feel about a current disaster in their life and how they react to it can come and go in waves. Children can act moody and withdrawn at times, struck with sorrow and fear at other times. There's no absolute "right" or "wrong" way to feel after a traumatic event so make sure not to dictate what your child or how your child should feel and react to the event.
Children can act moody and withdrawn at times, struck with sorrow and fear at other times. | Photo by Kat J on Unsplash
Encourage your child to be transparent: Just make sure you let your child know that whatever feelings they're experiencing is normal. The unpleasantness will pass if your child opens up about it and that the phase is temporary. While many teens may be reluctant to talk about their feelings with a parent, encourage them to confide in another trusted adult such as a family friend, relative, or a counselor and teacher. It's important to talkeeven if it's not with you.
Just make sure you let your child know that whatever feelings they're experiencing is normal. | Photo by Sebastián León Prado on Unsplash
Deter your child from reliving the disturbing event: Dwelling over, watching the footage, or imagining the event can be overwhelmingly stressful for children and this stress can even block their nervous system. However, to negate such things from happening encourage activities that keep your child's mind occupied so they're not obsessive about the event. You could encourage your children to read, play games together, or simply watch an uplifting movie.
Dwelling over, watching the footage, or imagining the event can be overwhelmingly stressful for children and this stress can even block their nervous system. | Photo by Юлія Дубина on Unsplash
Cocoon your child with warmth: In order to reassure your child that they are safe with you and feel secure, that the worst is over your physical affection is important in making them feel safe again. Teens may try to be tough through it and avoid being held, but they still need the proximity.
In order to reassure your child that they are safe with you and feel secure, that the worst is over your physical affection is important in making them feel safe again. | Photo by adrianna geo on Unsplash
Maintain routines. Establishing a predictable structure and schedule for your child's life can help to make the world seem more stable again. Try to maintain regular times for meals, homework, and family activities. Make sure your child accommodates time and space for rest, play, and fun. Keeping up with a schedule can help countercheck the obnoxious feeling of stress and worry in children about the future being dark, hopeless, and unpredictable.
Try to maintain regular times for meals, homework, and family activities. | Photo by Paico Oficial on Unsplash
Acknowledge and validate your child's concerns. The disastrous events in life may give place to unrelated fright and concerns in your child. However, understanding and accepting your child's present state is a comfort for the child. If at any point the child blames himself for the event make sure to make it clear and crisp the event was not their fault, you love them, and it's okay for them to feel upset, angry, or scared but not guilty.
Understanding and accepting your child's present state is a comfort for the child Photo by Jeremiah Lawrence on Unsplash
Irrespective of the age of your child, it is vital for parents to offer that extra support and assistance following an unsettling event. The traumatic event may bring up unrelated fears and issues in your child. However, by accepting their thoughts and replacing their fear with your love and direction, the ominous feelings will start to fade away. Eventually, the child will be able to return to a normal and healthy life. (IANS/ MBI)
Keywords: Kids, Help, stress, cope, routine, warmth, understanding, encourage, psychology, children
The European Commission, the executive arm of the European Union (EU), has announced plans for smartphone and other electronics manufacturers to fit a common USB-C charging port on their devices in an effort to reduce waste. In addition to phones, the rules will apply to other devices like tablets, headphones, portable speakers, videogame consoles, and cameras, reports The Verge. The decision will have a huge impact on Apple, as the company still uses its own Lightning connector to charge iPhones. The proposals only cover devices using wired, not wireless and a USB-C port is only mandatory for devices that charge using a cable.
"Chargers power all our most essential electronic devices | Photo by Solen Feyissa on Unsplash
"Chargers power all our most essential electronic devices. With more and more devices, more and more chargers are sold that are not interchangeable or not necessary. We are putting an end to that," the report quoted EU commissioner Thierry Breton as saying.
The Commission also wants to unbundle the sale of chargers from the sale of electronic devices, which it says will improve the consumers' convenience. "With our proposal, European consumers will be able to use a single charger for all their portable electronics - an important step to increase convenience and reduce waste." In addition, the Commission will require manufacturers to provide relevant information about charging performance. (IANS/MBI)
Keywords: Electronic Devices, Chargers, Cable, smartphone, Adapters, Charging Cord