Bear Tax Review – Easy Crypto Taxing?

Concerning cryptocurrency’s progress these past couple of years, several key innovations have been integrated to further improve on this system. From having all sorts of platforms to exchange all sorts of coins, storage solutions to safekeep assets, and integration protocols placed on different kinds of industries, the world is slowly being connected (well, perhaps, it is and always has been!) with the power of cryptocurrency (and the blockchain tech, of course!).

Which points to another issue – cryptocurrency taxation. Given the resiliency that different cryptocurrencies showed (even with the rise and collapse of the market), certain steps are now being set in place to tax this tech. Of course, it may sound misleading (considering any form of cryptocurrency as an anonymous and transparent system that transacts data), but it does matter.

Integrating into a larger scale of users may also mean regulating some aspects of this technology. While there may be no clear law stating what is (and what isn’t) to be taxed, it does come as need that there has to be some way to calculate gains and loses when it comes to taxes.

Accordingly, and because more organizations have actually used cryptocurrency as a form of payment for their employees, a need to be able to tax these payments rises – you would need some way to explain your revenue in a given year, when filing tax returns, right?

To quickly paint a clearer picture, U.S. citizens are required to pay capital gains for transactions done using cryptocurrency. The IRS actually terms cryptocurrency-backed property as assets that can be federally taxed. Considering the many hassles of filing these transactions, there does need to have a way to keep track of these transactions in a clean and organized manner.

And that’s where BearTax shines. Let’s find out more about this innovative platform below! 


What is BearTax?

First and foremost, Beartax is a software that may be fruitful for any cryptocurrency who has eyes to prepare for the future. Using a smart algorithm that calculates a particular crypto investment’s performance in the market, BearTax will be able to provide key data that will address tax reporting requirements and the like. 


Who Made BearTax?

Currently bootstrapped, BearTax was actually created because its founder, Vamshi Vangapally, needed to find a solution on how to file his taxes, since he had made some cryptocurrency transactions. 

He found out just how much of a hassle this can be! Vamshi initially programmed a bot as a way to automate the trades that he did. Having more than 20K transactions made it necessary for Vamshi to file taxes on his cryptocurrency transactions.

And this necessity of having to deal with a large volume of cryptocurrency transactions or trades resulted in the creation of BearTax.

Which is amazing, actually. Just done last year (it took around 20 days of coding to get the initial program up and running), Vamshi tested his creation with some of the traders he met online (he actually consulted with other crypto traders, especially those facing the same problem he experienced).

Lo and behold – BearTax’s awesome way to aggregate transactions from multiple platforms and translating the data into taxable values was a hit. What’s even more impressive that its massive growth didn’t involve any marketing at all. Nothing was spent to spread word of this amazing tool.

Vamshi continues to grow BearTax with the help of people in need of a solution. And we sure are excited of what BearTax has to show us all!

More About BearTax’s Founders

Aside from Vamshi, Pradyumna Doddala is considered as another founder of BearTax. Here’s a short snippet of each founder’s business profile:

Vamshi Vagapally

The cryptocurrency enthusiast who was stumped with a massive cryptocurrency taxation problem and created a solution to address it (which was admired and now used by more people as of today). Vamshi’s deep interest in cryptocurrency stemmed from the fact that he graduated with an IIT degree in a university in Bangalore. Additionally, Vamshi was also a UX consultant who helped several big name organizations.

Pradyumna Doddala, on the other hand, has a Master’s degree in CS (he is a graduate of the University of Missouri-Kansas City). He also founded Kronch, a mobile development company. As a data scientist, he plays a big role in boosting BearTax’s efficiency.

This Bear Knows Taxes: Innovative Features that BearTax Brings to the Plate

Let us put the spotlight on some of the features that makes a BearTax a potential and essential tool when one needs to file their cryptocurrency transactions:

Connect to an Exchange with Ease

Simply use BearTax’s read access to hook up to a cryptocurrency exchange of your choice. Doing so will allow BearTax to match your cryptocurrency transactions (both deposits and withdrawals) and calculate gains. Additionally, BearTax works exceptionally well with decentralized cryptocurrency exchanges too. Simply providing the necessary data from the decentralized exchange should do the trick!

Amazing Algorithm

BearTax’s main highlight would probably be it’s innovative algorithm. Dubbed as a smart matching algorithm, this basically matches you cryptocurrency transactions (deposits and withdrawals) on supported cryptocurrency exchanges. To prevent and avoid any assumptions (a big NO when it comes to filing your taxes), the smart matching algorithm will notify you to review your submitted sources. As such, you’re bound to have a review with no negative or force sell balances!

Capable of Handling Huge Volume of Cryptocurrency Transactions

BearTax makes sure to prevent the problem Vamshi encountered when he used a bot to track his cryptocurrency transactions. Essentially, BearTax is capable of massive volumes of transactions and converting it into a really organized list of gains or losses.

Excellent Gain-Loss Reporting

Focusing more on the report, BearTax integrates an impressive UI/UX capital gain-loss screen to view your applicable data. Having everything neatly displayed is a plus – you get to see relevant data when and where it matters!

Why You Ought to Use the BearTax Software

Let us now summarize the benefits you stand to gain when using this really impressive software:

CPAs Place their Trust in BearTAX!

Given the consistent and accurate reporting that BearTax produces, the software is actually a handy tools used by CPAs to keep track of cryptocurrency transactions. Additionally, BearTax’s constant development is also supported by professional CPA feedback and suggestions.

Comprehensive Reporting

BearTax’s generated reports come complete with all the necessary tax details that you need – along with root transactions!

Easy and Accessible Reports

The generated BearTax reports can be downloaded in PDF format for easy and compatible access on most (if not all) devices.

How Much Do I Need to Pay to Use BearTax?

There is free option to use BearTax. This option allows you to import cryptocurrency transactions, have a list of calculated gains and losses, and to be able to view a summary of the computed gains and losses. Charges are applied when you need to download a CSV file of detailed tax points that are in line for capital gains document (otherwise called an 2949) and other tax report documents

Pricing does depend on the number of cryptocurrency transactions to be calculated. Here’s how BearTax utilization is priced:

Dollar 

$0.99 for a tax year

Processes up to 20 cryptocurrency transactions

Comes with:

  • BearTax email support
  • Connection to unlimited cryptocurrency exchanges
  • Capability to view data in an itemized manner
  • A summary of your gains and losses
  • Downloadable tax forms
  • A full tax year availability

Basic

$29.99 for a tax year

Processes up to 200 cryptocurrency transactions

Comes with:

  • 24 x 7 BearTax email support
  • Connection to unlimited cryptocurrency exchanges
  • Capability to view data in an itemized manner
  • A summary of your gains and losses
  • Downloadable tax forms
  • A full tax year availability

Plus

$59.99 for a tax year

Processes up to 999 cryptocurrency transactions

Comes with:

  • 24 x 7 BearTax email support
  • Connection to unlimited cryptocurrency exchanges
  • Capability to view data in an itemized manner
  • A summary of your gains and losses
  • Downloadable tax forms
  • A full tax year availability

Ultimate

$199.99 for a tax year

Processes up to UNLIMITED cryptocurrency transactions

Comes with:

  • UNLIMITED BearTax support
  • Connection to unlimited cryptocurrency exchanges
  • Capability to view data in an itemized manner
  • A summary of your gains and losses
  • Downloadable tax forms
  • A full tax year availability

With simple pricing options, you can be assured you’ll find a plan that will best suit your needs!

A Quick Guide on Using BearTax

Utilizing the BearTax software is really easy. Here’s a quick guide on how you can calculate your cryptocurrency taxes using this really innovative solution:

Create and Setup Your BearTax Account

Creating a BearTax account is really simple and easy. You will just be asked to provide your full name, the country where you’re based at, your email address. After submitting those details, you will now be asked to create a password for your account.

Setup Your Cryptocurrency Exchange

After creating your account, you can now set up the cryptocurrency exchange on which you plan to calculate your transactions. Don’t worry if your chosen cryptocurrency exchange isn’t part of the BearTax list! You can simply import a direct integration between BearTax and your cryptocurrency exchange by means of a CSV upload of your transactions or using your chosen exchange’s API hook up.

Wait for Your Gains and Losses to be Calculated

After you’ve had your cryptocurrency transactions uploaded, you will now be asked to review them first. Once that’s done, simply run the calculator to allow BearTax’s algorithm to do its magic.

Get Your Review

After the calculation, you can then download a report of the findings.

Simple does it with BearTax!

Other Fine Points to Consider Trying BearTax

A nice point to consider as well is that BearTax integrates quite well with other cryptocurrency tax software services too. TaxAct and TurboTax can be hooked up with ease to BearTax, proving it a nice way to consolidate your tax data.

In terms of customer support, you can only expect the best. As user-friendly as it gets, the software’s chat support, Mr. Ted, offers friendly and really easy instructions to help you get up to speed in navigating through the software. What’s more, everything on the BearTax website is detailed in an easy and smooth-flowing manner – you get to understand how it works in a really easy way!

Of course, security is paramount in BearTax. The login process is secure and all information is coursed through a secure and legit HTTP channel. Additionally, submitted API keys are never kept by BearTax, With only a READ ACCESS to rely on, your information is kept safe at all times.

For growth, we’ve mentioned that BearTax takes customer and crypto enthusiasts feedback to help improve the software. Additionally, BearTax takes pride in collaborating with CPAs – who else can offer the best advice than those who need tax data to make a living, right?

So far, so good for BearTax!

This Bear Will Help You With Your Cryptocurrency Taxation Needs

In a nutshell, BearTax can be considered an essential when it comes to simplifying the cryptocurrency tax process. And considering the progress of cryptocurrency, you may want to find a nice and easy way to get things done.

But aside from the ease of use, the creation of a tax software such as BearTax does prove that cryptocurrency is an accepted form of payment. With organizations and government agencies now finding ways to monitor a decentralized form of technology (quite ironic, right?), there truly is a need to have a platform or process in place to create a smooth and easy way to file your cryptocurrency transactions just right.

And also – we just want to rave on how amazing this software’s growth is. A need arises, and a solution was created. It’s as simple as that! And through the power of word of mouth, BearTax continues to grow! This is truly a success story and deserves to be supported by cryptocurrency enthusiasts all over the world.

BearTax is a winner in our books and we hope that more people get to use it!

Leave a Comment

Copy link
Powered by Social Snap