Making profits from crypto investing is wonderful, but sadly we all need to pay taxes on our profits. In this TokenTax review we will look at how this software can help to make crypto taxes a breeze and save you a huge amount of time.

TokenTax is a firm that helps people file their taxes in 18 different nations, the United States being among them. The startup, which has been around since 2017, provides full-service filing and a separate tool that figures out tax liability for cryptocurrency exchanges.

TokenTax is a tax-first firm that provides services related to various tax avoidance methods, including tax-loss harvesting. It incorporates margin trading and other facets of cryptocurrency trading with IRS-compliant reasoning.

Here is a short review of TokenTax that you may find helpful;

 

Keep reading to determine whether TokenTax is the best cryptocurrency tax software for you.

TokenTax Features

When it comes to assisting clients with their cryptocurrency tax filings, TokenTax was the first software of its kind. Generally, the features of TokenTax include the following:

 

  • Recouping tax losses
  • Methods of explicitly recognizing and recording transactions
  • Duties on margin trading
  • Finances are taxed in a decentralized fashion
  • Imposition of taxes on options trading
  • Tax considerations for a hypothetical stock exchange deal
  • Investment fund hedge accounting
  • One-off tasks in corporate accounting
  • Direction for underwriters
  • Strategy for minimizing tax liability associated with an initial public offering

How does TokenTax function?

While it may be used to submit cryptocurrency taxes, TokenTax is much more than that. 

 

This solution is backed by a whole team of crypto-savvy accountants who will walk you through every step of the bitcoin tax filing procedure. TokenTax’s goods and services are applicable in any tax jurisdiction, and the company’s accountants have assisted consumers in filing taxes relating to cryptocurrencies in 18 different nations. 

 

Additionally, TokenTax goes above and beyond by serving as your comprehensive tax accounting software. It allows you to save time and money on your tax returns across the board, not only concerning your cryptocurrency holdings.

 

Those working in decentralized finance (DeFi) may utilize the platform’s facilities to automate their tax filings, and the platform can connect with any cryptocurrency exchange globally.

The Benefits of Adopting TokenTax

TokenTax is crypto tax software that automates the whole tax filing procedure. Thanks to the dashboard, your taxable activities may now be uploaded, sorted, and tracked automatically. It also streamlines the process of calculating capital gains and losses following the regulations of each country’s taxing body.

 

TokenTax streamlines the process of generating tax documents in various common export formats, such as filled PDF tax reports, Excel spreadsheets, and TurboTax import files. It also provides a certified public accountant (CPA) for those who do not have access to one.

 

TokenTax’s accountants are also well-versed in the intricacies of the business model you’re attempting to pitch to potential partners so that they can advise you on the entire process. It is here to assist you with ad hoc special scenario tasks, such as applying for a margin line of credit or going public.

Negative Aspects of TokenTax

The fact that the services aren’t complimentary is the one significant drawback. The need to connect the traditional and modern financial systems would disappear in a perfect society. 

 

Additionally, the fact that exchanges might close at any time, leaving users with no way to retrieve their transaction history, is another disadvantage. TokenTax’s VIP service includes the filing of an extension if you need extra time to compile email receipts for trades in the event of data loss.

If you enjoyed this article, you might also like our Bullionbypost review!…

Selling stock shares or bonds not conducted on an open market but to pre-selected individuals and institutions is a private placement. When a firm wants to generate funds for growth but doesn’t want to have capital raising, this is another option they have.

 

Private placement schemes often extend invitations to rich individuals, banks and financial institutions, mutual funds, health insurers, and retirement funds, among other investors. 

 

Keep reading this article to learn more about private placement programs.

Private Placement Programs Overview

Most frequently, Medium Term Notes (MTNs) and other bank instruments may be utilized to access the market for trading financial assets and securities. An investor may participate in a private placement program (PPP). When financial organizations issue Medium-Term Notes to their consumers, they effectively issue debt notes. 

 

Initially issued by governmental organizations, these debt notes are made available to a select group of large banks at a discount. Here, the MTNs may be freely exchanged between various financial organizations, including banks and pension funds. 

 

There is a chance to profit by purchasing MTNs at a discount and reselling them at face value. Profits may be modest in absolute terms, but the money adds up fast when numerous deals can be done in a week or even a day. 

Low-Risk Trading

The trading of MTNs is regarded as low risk because it is mainly an exercise in arbitrage (buying cheap and selling high.) Generally, the buyer for the transaction is already established (assuming the platform itself is genuine.)

 

The money isn’t even utilized to make the purchases; rather, it’s used as collateral to secure a credit line that will be used in an arbitrage transaction involving the instruments.

 

As part of these initiatives, you’ll form a joint venture (JV) with a trade or charitable organization and get half of the program’s profits at your chosen address. Alternatively, the trade organization will pay you directly for your ports under a generic contract.

Buy/Sell Programs

Buy/Sell Programs are an offshoot of PPPs; they are a formula derived from PPPs that allows traders to invest in commodities, foreign exchange, and other financial instruments. Typically run by sole traders or small teams of traders, these businesses may provide weekly returns in the double digits on initial investments of as little as $50,000.

Leverage

The excellent profits from a bullet offer placement campaign may be largely attributed to leverage. Assuming an entry capital of $100 million, a trader may be able to secure a line of credit worth 10 times or even 20 times the capital invested. A 5% return on the transaction would equal 50% of the capital amount. So, it’s simple to see how even very tiny profits may be increased enormously.

 

Investors shouldn’t take these results as gospel and should conduct their analysis to see whether or not the investment is right for them. Expected returns might vary widely depending on several variables, such as initial investment, the nature of the transaction, the duration of the agreement, and so on.

The Varieties of Assets That can be Traded

Many different assets can be used as collateral while engaging in a PPP exchange, albeit this varies depending on the specifics of the contract. Among these are;

 

  • Cash
  • Constructive Resources 
  • Financial Institutional Assurance (BG)
  • Indefinite Letter of Credit Assurance (SBLC)
  • Invoices for the Mid-Term
  • Checks Certificates of Deposit Money in a Safe Deposit Box (SKUs)
  • Securities backed by gold

 

Evidence of the asset’s existence, in whatever form it takes, will be required at the outset of the process. You can’t expect a trader to spend time discussing a deal if they have doubts about whether the offered assets are real and usable.

Cost-effectiveness of Public-Private Partnerships

The profit made on a single trade may be negligible when measured in percentage terms. Still, a large number of transactions can be executed in a relatively short time, so it’s possible to amass a significant sum of money very quickly.

 

This investing consequently presents minimal risk (provided that the trading platform can be relied upon). As a result, it is quite unlike, for example, the purchase and subsequent resale of shares.

 

Compared to the return on typical investments, the potential profit from participating in these programs is, on average, rather substantial. Therefore, producing a yield of between 50 and 100 percent every week is feasible.

 

In most cases, PPPs make it possible to finance projects that require a significant amount of money to be raised. 

Deposit Requirement

You typically can’t invest in private placement programs with anything less than a multimillion-dollar budget, usually about $50 million. The price of financial instruments is reflected in this figure. With a $ 25 million investment at Stantax, you may join a private, protected PPP.

 

Financial institutions make billion-dollar deposits to secure funding for massive projects, particularly in developing nations.

 

Investment in these programs is contingent upon the participant entering into a partnership with the trade group. Any earnings will be sent to anyone the investor specifies.

In 2009, businessman Rob Halliday-Stein established the corporation that bears his name. During the 2012–2013 fiscal year, total revenues reached £87 million, and the company had a profit of £2 million. Jewellery Quarter Bullion Limited does business under the brand name BullionByPost.

Buying coins or bullion couldn’t be simpler, and BBP has various options. In addition, a customer may tailor their purchase to fit their needs and budget by selecting various metal kinds and weights. 

 

Keep reading to learn more about BBP and its products and services.

Creating an Account on BullionByPost

BullionByPost makes purchasing precious metals simple with their simplified ordering process. Seven distinct steps are typically required:

 

    1.  Make sure you have an account.
    2.  Include the desired item in your “Basket.”
    3.  Select a delivery method from the available options for your product.
    4.  Pick a payment method that suits you. A bank transfer or the usage of a bank card.
    5. Determine the current state of your order and adjust it as needed.
  •  Proceed with the payment.
  1. Congratulations, your order has been received.

Product and Services

Over three thousand goods are available on the BullionByPost website, featuring gold and silver bars, coins, palladium, and platinum. In addition to this, they take great satisfaction in the vast quantity of data that can be found on their website for both inexperienced and seasoned investors alike.

 

As a bonus, BullionByPost.com is an official supplier of gold and silver bullion from reputable, LBMA-approved refiners. Here are some of them:

 

  • PAMP 
  • Umicore 
  • Perth Mint 
  • Heraeus 
  • Scottsdale 
  • Metalor

 

In addition to being one of only two approved distributors of Royal Mint products, they provide exclusively genuine British mint coins and coin sets.

Shipping and Storing

Safeguarding the privacy and security of its customers is a top priority for BullionByPost. In addition, they offer many storages and delivery options to guarantee the security of their customer’s gold and silver bullion purchases. Everything is stored in a secure, temperature-controlled facility with full insurance coverage.

 

Orders above £2,500 are automatically insured at no extra cost to the buyer, which is a nice touch. They utilize a safe and dependable courier service to transport your package to you. Customers can store their valuables in one of their safe bunkers in Zurich, London, or Singapore.

Issues Raised by Customers

The official company website, Trustpilot, and ekomi have all received numerous customer complaints. Mail delivery is a common source of discontent for some clients. Parcels are regularly delivered to clients without a sign or identity check, late deliveries, and mistaken address delivery.

 

Customers have also voiced concerns about the company’s high costs compared to its rivals. There are also many concerns concerning customer services, notably due to the website’s lack of chat sessions. A dissatisfied client complained in an online review that they had not received a refund after a faulty delivery.

 

Some users also complained that providing an address on the site was difficult. You may learn a lot about the company’s true nature by reading through these complaints. Comparatively, BullionByPost receives a small fraction of the complaints received by similar businesses.

Frequently Asked Questions 

Most often asked questions about BullionByPost.

Do you accept returns at BullionByPost?

Customers are free to sell their precious metals to whoever will pay the most money for them. If the customer decides they no longer desire the bullion, they may send it back to BullionByPost for a full refund.

Does BullionByPost have any credibility?

It’s a company managed by real people whose personal information has been made public. BullionByPost’s main office is in Birmingham, the United Kingdom. Jewellery Quarter Bullion Limited owns it and has been operating legally in the UK for 12 years.

 

Customers trust the company more because it is an official Royal Mint dealer. You can tell if a website is legit or not by looking at how it rates on other, more trusted websites.

To where can BullionByPost ship to?

Clients in several countries that are part of the European Union are capable of making use of the goods and services that BullionByPost provides. Additionally, it caters to the consumer markets of the countries listed:

 

  • United Kingdom
  • Ireland
  • Netherlands
  • France
  • Italy
  • U.S.
  • Spain
  • Greece

Does this price include all costs, or are there any extras?

When you purchase with BullionByPost, you won’t have to worry about hidden costs. All pricing is broken down individually on the website, and the total you pay is consistent with what was first indicated. Before submitting your payment, you will be made aware of any pricing adjustments that have been made.

Sticky

There are two main types of online trading: the foreign exchange (Forex) market and the cryptocurrency market. Both of these markets offer opportunities for traders to make money, but they work in very different ways. This article will look at how Forex trading works and how it differs from trading cryptocurrencies.

The Foreign Exchange Market

The foreign exchange market is the largest financial market in the world. Banks, businesses, and individual investors to buy and sell currencies use it. 

The Prices Of Currencies

The prices of currencies constantly change due to various factors such as economic news, political events, and even natural disasters. When you trade Forex, you are trying to predict how these prices will move and buy or sell currencies accordingly.

The cryptocurrency market is much smaller than the Forex, but it is increasing. Cryptocurrencies are digital or virtual currencies that use cryptography to secure their transactions. 

Bitcoin, the first and most well known cryptocurrency, was created in 2009. Since then, thousands of other cryptocurrencies have been made, with a total value of over $1 trillion.

Cryptocurrency prices are volatile, but they can be even more so than Forex prices. This is because any central authority does not regulate them, and their supply is limited. 

trade cryptocurrencies

When demand for a particular cryptocurrency increases, its price will often rise quickly. However, this also means that prices can fall just as rapidly.

So, how do you trade cryptocurrencies? There are a few different ways. The most common is to buy and hold them long-term, hoping their price will go up. This is similar to investing in stocks or other assets. 

 

You can also trade cryptocurrencies using derivatives such as futures and options. Or, you can change them directly on exchanges using strategies such as day trading or swing trading.

Cryptocurrency trading is often compared to gambling because there is a lot of speculation involved. Prices can move very quickly, and losing money is easy if you do not know what you are doing. 

However, there are also many similarities between trading cryptocurrencies and more traditional markets such as Forex. For example, both involve analyzing charts and prices and making decisions based on your research.