What are the key features to consider when comparing turbotax and other cryptocurrency tax software in 2017?

3 answers

• Dec 31, 2021 · 3 years ago
  One important feature to consider when comparing turbotax and other cryptocurrency tax software is the ability to handle multiple types of cryptocurrencies. Some software may only support popular cryptocurrencies like Bitcoin and Ethereum, while others may have a wider range of supported cryptocurrencies. It's important to choose software that can accurately calculate your tax liability for all the cryptocurrencies you own. Another key feature to consider is the ease of use. Cryptocurrency tax software can be complex, so it's important to choose software that has a user-friendly interface and clear instructions. Look for software that offers step-by-step guidance and provides explanations for complex tax concepts. Additionally, security is a crucial feature to consider. Since cryptocurrency transactions involve sensitive financial information, it's important to choose software that prioritizes security. Look for software that uses encryption to protect your data and has a strong track record of keeping user information secure. Lastly, consider the price of the software. Some cryptocurrency tax software may be free, while others may require a subscription or one-time payment. Evaluate your budget and choose software that offers the best value for your money.
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• Dec 31, 2021 · 3 years ago
  When comparing turbotax and other cryptocurrency tax software, it's important to consider the level of customer support provided. Dealing with cryptocurrency taxes can be challenging, so having access to knowledgeable support staff can be invaluable. Look for software that offers email or phone support and has a reputation for providing prompt and helpful assistance. Another important feature to consider is the integration with popular cryptocurrency exchanges. Some tax software may have built-in integrations with exchanges, making it easier to import your transaction data. This can save you time and ensure that your tax calculations are accurate. Lastly, consider the availability of additional features. Some cryptocurrency tax software may offer advanced features like tax-loss harvesting or the ability to generate tax reports for specific time periods. Evaluate your specific needs and choose software that offers the features that are most important to you.
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• Dec 31, 2021 · 3 years ago
  When comparing turbotax and other cryptocurrency tax software, it's important to consider the reputation and track record of the software provider. Look for software that has been in the market for a while and has positive reviews from users. Additionally, consider the software's compatibility with your operating system and devices. Some software may only be compatible with certain operating systems or may have limited mobile functionality. As an expert in the field, I would also recommend considering the software's ability to handle complex tax scenarios. Cryptocurrency taxes can be complicated, especially if you have engaged in activities like mining, staking, or trading on decentralized exchanges. Choose software that has the capability to accurately calculate your tax liability for these scenarios. In conclusion, when comparing turbotax and other cryptocurrency tax software, it's important to consider features such as cryptocurrency support, ease of use, security, customer support, integration with exchanges, additional features, reputation, and compatibility. By carefully evaluating these features, you can choose the software that best meets your needs and helps you accurately calculate your cryptocurrency tax liability.
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