SAN JOSE, Calif., Jan. 10, 2022 /PRNewswire/ — FlyFin, a fintech company, announced it is offering complete Crypto Taxes as part of its A.I.-powered tax service. The company is also launching a free, advanced Crypto Tax Calculator that is simple, accurate and secure. FlyFin’s Crypto Tax Calculator raises the bar on available options by enabling people to capture multiple crypto transactions simultaneously to determine tax amounts owed. People can also file their crypto taxes with a FlyFin CPA available to help immediately.
With the January 15 quarterly tax deadline around the corner, individuals need to plan their tax filings and associated payments. They can use FlyFin’s AI-based tax engine to file their crypto taxes. For those users who want to get a quick sense of how much they might owe, they can use FlyFin’s crypto tax calculator to simplify the overwhelming complexity that cryptocurrency gains may pose. FlyFin’s AI-based tax engine combines the human expertise of real CPAs to eliminate 95% of work required for self-employed individuals filing their taxes. FlyFin is ideal for freelancers, creator economy free agents, gig workers, and self-employed individuals with a higher level of tax complexities.
Mainstream interest in cryptocurrency investment among ordinary investors has exploded. Thirty-one percent of Americans, ages 18 to 29, have invested in, traded, or used a cryptocurrency. Meanwhile, the IRS has sharpened its sights on taxing investors with cryptocurrency income. The U.S. Treasury now requires any transfer worth $10,000 or more to be reported to the IRS. Tax filers who don’t pay crypto taxes on time can be assessed up to 100% penalties, leaving a lot of crypto traders with a rude shock.
Trading Crypto, Self-Employment and Taxes
Trading crypto 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 have significant earnings from investments and day trading may generate more income than can be covered from payroll withholding. Therefore, they need to estimate their tax liability quarterly and then pay taxes for those amounts. Otherwise, penalties may apply at the time of tax filing.
FlyFin is an AI-powered, SaaS platform that provides freelancers, self-employed, and creator economy workers with a convenient, easy, affordable answer to maximize deductible expenses and manage tax filings. FlyFin’s ‘Man + Machine’ approach leverages the power of A.I. paired with CPA expertise to deliver automation that eliminates 95% of work required for an individual to prepare their taxes, with tax filing led by world-class CPAs. FlyFin is a privately-held, venture-backed company, based in San Jose, California.