FlyFin offers free advanced crypto tax declaration service and crypto tax calculator
SAN JOSE, California, January 10, 2022 / PRNewswire / – FlyEnd, a fintech company, announced it is offering comprehensive crypto taxes as part of its AI-based tax service. The company is also launching a free and advanced crypto tax calculator that is simple, accurate, and secure. FlyEnd Crypto tax calculator raises the bar of available options by allowing people to capture multiple crypto transactions simultaneously to determine tax amounts owed. People can also report their crypto taxes with a FlyFin CPA available to help them immediately.
With the January 15th quarterly tax deadline around the corner, individuals have to plan their tax returns and associated payments. They can use FlyFin AI-powered tax engine to deposit 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-powered tax engine combines the human expertise of real CPAs to eliminate 95% of the work required for self-employed people filing their taxes. FlyFin is ideal for freelancers, free agents in the creative economy, concert workers and freelancers with a higher level of tax complexity.
General interest in cryptocurrency investments among ordinary investors has exploded. Thirty-one percent of Americans, ages 18 to 29, have invested, traded, or used a cryptocurrency. Meanwhile, the IRS has refined its views on taxing investors with cryptocurrency income. The US Treasury now requires any transfer of value $ 10,000 or more to report to the IRS. Filers who fail to pay crypto taxes on time can face penalties of up to 100%, leaving many crypto traders with a gross shock.
Crypto trading, self-employment and taxes
Crypto trading is similar to trading stocks and other securities, so many of the same tax rules apply. Crypto traders must pay taxes on the profits they earn. Traders can also write off their trade as a capital loss if they lose money. People who are self-employed or who earn significant income from investments and daily transactions may generate more income than what can be covered by payroll deduction. Therefore, they have to estimate their tax owing on a quarterly basis and then pay taxes for those amounts. Otherwise, penalties may apply at the time of the income tax return.
FlyEnd is an AI-powered SaaS platform that provides freelancers, freelancers and workers in the creative economy with a convenient, easy and affordable answer to maximize deductible expenses and manage tax returns. FlyFin’s “Man + Machine” approach harnesses the power of AI combined with CPA expertise to deliver automation that eliminates 95% of the work required for an individual to prepare their tax returns, with a tax return. income led by world-class CPAs. FlyFin is a private venture capital company, based in San jose, california.