As much as it was supportive, 2021 also witnessed resistance from the anti-crypto communities. Politics and lawmaking have become effective weapons in curbing the momentum of cryptocurrencies. The provisions for cryptocurrencies in the Tax Infrastructure Bill of 2022 require the holders to submit tax reports regarding their investments. However, there is a cost associated with this process that might severely affect the independent investors of cryptocurrencies. It has become a serious topic as the industry mined towards the new year.
Surprisingly, the crypto community comes to the rescue of its own kind as it has always done. The discussions regarding the Tax Infrastructure Bill have been fruitful as TaxBit has announced the launch of TaxBit, which expects to bring cryptocurrency tax forms of 2021 free of cost. The process to get tax forms for cryptocurrency would cost from a hundred to several thousand dollars depending on the chosen method. Moreover, it can be a painstaking process to do manually. So, the users of a TaxBit supported platform would be receiving tax forms with accuracy and for free. The TaxBit network will be built as a part of the existing platforms, and its services can be accessed with just one click, according to TaxBit.
This initiative by TaxBit can gather data from more than 500 crypto exchanges, NFT, and DeFi platforms. The tax reports will include completed transactions, tax calculations, and positions, all arranged as they should be handed over to an accountant or uploaded in the tax-filing software. All the data and files derived from TaxBit come with certifications from the expert panel of attorneys from the TaxBit network. The platform also generates IRS forms, income reports and offers more such services to its clients.
Many platforms and startups, including UniSwap and Gemini, have expressed their gratification towards making the tax procedures simple and free of cost. These platforms will be some of the early endorsements of the TaxBit network. These platforms unanimously believe that TaxBit could be just a way to adapt the industry to the evolving policies regarding cryptocurrencies. Being a ‘proactive’ measure, TaxBit has got the support of giants of the crypto market.
TaxBit seems to have earned the endorsement of SafeMoon, the visionary crypto project, as well. SafeMoon has been listed as a potential investment for 2022 due to its projects aimed at producing a sustainable environment for crypto-related activities. As the world is turning its head towards sustainable alternatives, the future of SafeMoon seems bright enough. According to this SafeMoon coin price prediction, the token has the potential to reach $1 by 2030. However, it could happen much sooner with tie-ups like TaxBit, as the revolutionary projects join hands.