What is the most cost-effective way to file cryptocurrency taxes in 2017?

3 answers

• Dec 18, 2021 · 3 years ago
  One cost-effective way to file cryptocurrency taxes in 2017 is to use online tax software specifically designed for cryptocurrency transactions. These software programs can help you calculate your gains and losses, generate the necessary tax forms, and provide guidance on how to report your cryptocurrency activities. Some popular options include CoinTracking, Bitcoin.Tax, and TurboTax. By using these tools, you can save time and money compared to hiring a professional tax accountant. Just make sure to carefully review the software's features and pricing before making a decision. Good luck with your tax filing!
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• Dec 18, 2021 · 3 years ago
  If you're looking for a cost-effective way to file your cryptocurrency taxes in 2017, consider using a tax professional who specializes in cryptocurrency taxation. While this may seem counterintuitive, hiring a professional can actually save you money in the long run. A knowledgeable tax professional can help you navigate the complex tax laws surrounding cryptocurrencies, identify potential deductions and credits, and ensure that you're accurately reporting your cryptocurrency transactions. Additionally, they can provide valuable advice on tax planning strategies to minimize your tax liability. So, don't dismiss the idea of hiring a tax professional just because of the upfront cost - it could end up saving you a significant amount of money in the form of reduced taxes and penalties.
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• Dec 18, 2021 · 3 years ago
  At BYDFi, we recommend using a combination of online tax software and professional assistance to file your cryptocurrency taxes in 2017. Online tax software can help you with the calculations and generate the necessary forms, while a tax professional can provide personalized advice and ensure that you're meeting all the legal requirements. This approach offers the best of both worlds - the convenience and cost-effectiveness of software, combined with the expertise and guidance of a tax professional. Remember, filing cryptocurrency taxes can be complex, so it's important to seek professional help if you're unsure about any aspect of the process. Happy filing!
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