FlyFin Offers Free Advanced Crypto Tax Calculator and Tax Filing Service
New FlyFin Calculator Helps Freelancers and Investors Calculate Taxes Due for Cryptocurrency Investments
SAN JOSE, California, USA, Aug. 11, 2022 /EINPresswire.com/ — FlyFin, a fintech company, has announced that it is offering comprehensive crypto taxes as part of its AI-powered tax service. FlyFin is also launching a free and advanced Crypto Tax Calculator which is simple, accurate and secure. FlyFin’s Crypto Tax Calculator raises the bar of available options by allowing users to simultaneously capture multiple crypto transactions to determine tax amounts owed. People can also deposit their crypto taxes with a FlyFin CPA who is available to help you immediately.
Individuals need to plan their tax returns and associated payments and can use FlyFin’s AI-powered tax engine to file their crypto taxes. For users who want to get a quick idea of how much they might owe, they can use FlyFin’s Crypto Tax Calculator to simplify the overwhelming complexity that cryptocurrency earnings can pose. FlyFin’s AI-based tax engine combines the human expertise of real CPAs to eliminate 95% of the work required for freelancers filing their taxes. FlyFin is ideal for freelancers, free agents in the creator economy, gig workers, and freelancers with a higher level of tax complexity.
General interest in cryptocurrency investments among mainstream investors has skyrocketed. Thirty-one percent of Americans, between the ages of 18 and 29, have invested, traded, or used cryptocurrency. Meanwhile, the IRS has reinforced its views on taxing investors with cryptocurrency income. The US Treasury now requires that any transfer worth $10,000 or more be reported to the IRS. Filers who fail to pay crypto taxes on time can face up to 100% tax penalty, leaving many crypto traders with rude shock.
Crypto Trading, Self-Employment, and Taxes
Trading crypto is similar to trading stocks and other securities, so many of the same tax rules apply. Crypto traders have to pay taxes on the profits they make. Traders can also deduct their transaction as a capital loss if they lose money. Individuals who are self-employed or who derive significant income from investing and day trading may generate more income than can be covered by withholding taxes. Therefore, they must estimate their tax payable quarterly and then pay tax for those amounts. Otherwise, penalties may apply at tax time.
FlyFin is an AI-powered platform that provides freelancers, contractors, independent contractors, gig workers, freelancers and workers in the maker economy with a convenient tax filing solution , easy to use and affordable. FlyFin helps individuals maximize tax deductions and self-employed income tax refunds. With a “Human + Machine” approach, FlyFin leverages AI paired with highly experienced tax CPAs to deliver automation that eliminates 95% of the work needed for 1,099 self-employed people to prepare their taxes. FlyFin is a private, venture-backed company based in San Jose, California.
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