TaxBit is a cryptocurrency tax software company that helps cryptocurrency holders and investors calculate their profits, losses, and tax liabilities, and generate IRS-friendly tax forms.

Once a user connects their exchanges via TaxBit’s read-only API keys, TaxBit automatically pulls the user’s transaction history and cycles them through their tax engine. Users are then able to see the real-time tax impact of all their cryptocurrency transactions and download their yearly tax reporting forms.

Since TaxBit only collects read-only API keys, the platform only has access to view a user’s transactions and zero access to the actual assets. In the hypothetical event of a hack, the hacker would only have access to see a user’s transactions, with no access to the assets. A TaxBit representative also stated that the platform does not store personal information such as social security numbers or tax identification numbers on their servers.

TaxBit Founders and Company Information

TaxBit was founded by two brothers and is…

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Source: https://thebitcoinnews.com/what-is-taxbit-how-does-crypto-tax-automation-work/