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Automated tax softwares are creating major audit concerns for crypto traders. Navigating crypto taxes is stressful enough. You deserve to have your crypto taxes prepared by a real crypto tax CPA at CryptoTaxPrep.com.

BASE
$850
per year
Up to 5 Exchanges & Up to 1k transactions
Federal Return
1 state return
API & CSV Upload
Form 8949
Up to 10 W2s
Crypto Reporting Tool Access
Purchase Package
PREMIERE
$1,250
per year
Includes Everything In the Base Package Plus:
Up to 10 Exchanges
Up to 3,000 transactions
FATCA Included
Purchase Package
PLATINUM
$3,500
per year
Includes Everything In the Premiere Package Plus:
Up to 20 Exchanges
Up to 10,000 transactions
FBAR/FinCen 114
Purchase Package
Available for all packages

Package Add-ons

• FBAR/FinCen 114 reporting: $150 up to 3 foreign exchanges ($50 for each additional)
• FATCA: $150 $150 up to 3 foreign exchanges ($50 for each additional)
• Self Employment (Mining or other) = $150
• Additional State Returns = $30 Each
• Amended Return = $150 Each
• Schedule E Rental Property add-on $150 per property
• Additional K-1’s (first one included): $50
• Reconciliation regeneration: Starts at $250
• 1040x Amended return add on $150Form 2555 add-on fee $150
• Margin Trading up to 12,000 transactions $500 add-on fee
• Margin Trading up to 50,000 transactions $1200 add-on fee (Margin Trading prices over would be $50.00 per 1,000)

Do not hesitate to contact us if you have any qustions about our pricing plans. And don’t forget to check the FAQ page.
Quick Answers to

Frequently Asked Questions

Q: I Usually Prepare My Tax Returns On My Own, Should I Consult a Professional if I’m Expecting Tax Liability From Cryptocurrency Investments?

Many of us use software and apps to help us manage our finances. However, when it comes to the fast-paced and constantly-changing world of cryptocurrency investments, not consulting with a tax professional when setting up or managing a virtual currency portfolio is a mistake.

Your hometown accountant may not be totally up to speed on the latest rules and regulations affecting cryptocurrencies. Fortunately for you, all Happy Tax CPAs have been specially trained in the tax treatment of Bitcoin and other virtual currencies. As a result, you can count on Happy Tax to get you the tax planning and preparation services you need to give you some much-needed peace of mind come tax season.

Q: What If I Buy and Sell Cryptocurrencies for a Profit Rather Than Earn Them Through Wages or Self-Employment Income?

If you invest in cryptocurrencies, it’s likely characterized as a capital asset by the IRS. A capital asset is a significant piece of property like real estate, vehicles, stocks, bonds, or valuable collectibles like art or antiques. Capital assets owned for more than one year produce what is known as a capital gain (or loss). Capital gains are taxed differently than earned wages or self-employment income, and the rates vary based on your tax bracket.

On the contrary, capital assets owned for less than one year produce a short-term gain (or loss). Short-term gains are taxed at the ordinary income rate, which is determined by your taxable income. These tax rates are changing with the federal tax reform coming in 2018, so be sure that you’re up to date on how the new laws affect your investment.

Q: Do the packages include my Federal and State return?

Yes! All packages include your Federal and State return if needed.

Q: Cryptocurrencies Change in Value All of the Time – How Do I know What Value to Report to the IRS?

Virtual currency wages, self-employment income, or other payments should be reported using the full fair market value of the cryptocurrency at the time the payment was made. So, for example, if you are paid one Bitcoin when the price was $10,000, but the price increased to $12,500 by the time you file your taxes, you report the income as $10,000.

Q: If My Employer Pays My Wages in Virtual Currencies, Do I Need to Report this Income to the IRS?

Under U.S. law, a property can be “real” – meaning buildings or land – or “personal” – meaning assets that you own other than real estate. Personal property can be tangible, like your car or your prized stamp collection, or it can be intangible, like the rights to a copyrighted image or musical score. So, cryptocurrencies would qualify as intangible personal property under U.S. tax policy.

Q: What’s the Difference Between Legal Tender and Property?

Under U.S. law, a property can be “real” – meaning buildings or land – or “personal” – meaning assets that you own other than real estate. Personal property can be tangible, like your car or your prized stamp collection, or it can be intangible, like the rights to a copyrighted image or musical score. So, cryptocurrencies would qualify as intangible personal property under U.S. tax policy.

Q: Why Does the IRS Tax Virtual Currency as Property Rather Than Legal Tender?

In many ways, virtual currency operates just like legal tender. It can be exchanged, used for purchases, loaned out or given away. It is a store of value and a medium of exchange, but it is not considered legal tender in any U.S. jurisdiction. In the United States, the federal government is the only entity that can officially create money, and it has established the dollar as the legal tender. Unless Bitcoin or some other virtual currency legally replace the U.S. dollar under federal law, it will be taxed as property or some other similar asset.

Q: Is Cryptocurrency Regulated by the IRS?

Yes. The IRS issued a policy notice in 2014 expressly stating that Bitcoin and other virtual currencies are taxable as property. While many investors believe that digital currencies fall under loopholes or exemptions to the tax code, this is far from the case. The IRS is ramping up enforcement against cryptocurrency investors, and the agency is even going after investors retroactively as far back as 2013.

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Jim H.

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Jason G.

“Great follow up, support and they save me over $5,000 in crypto tax liability.”

Mark K.

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Crypto taxes can be confusing. But with with us, you’ll never have to worry. Become a CryptoTaxPrep.com customer today!