Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
ZenLedger is a tax software suite geared towards the DeFi and cryptocurrency communities. The protocol integrates various unique features. They enable users to save time and effort when filing their crypto holdings with tax authorities. The system is completely IRS compliant and integrates with other popular tax software.
Why ZenLedger Could Help You
ZenLedger serves an essential role in educating investors and providing users with crypto tax information and services. The network streamlines the process by introducing automatic forms and advanced import features. They allow you to scan all of your transactions across multiple exchanges into the software.
Lack of Trackability
Anyone who has filed crypto taxes can attest to the confusion surrounding the process. In many countries, you need to include factual data regarding trades, gains, and losses. ZenLedger automatically tracks these movements. It can also follow more complex digital assets such as in-game NFTs.
Benefits of Zen Ledger
The average user has much to gain when they integrate Zen Ledger into their network. The protocol is very flexible in that it supports +400 exchanges, +3000 tokens across +30 blockchain. You can find all the top projects from the crypto and DeFi sector and much more.
Unlike most crypto-related services, users speak to an actual person when they call the ZenLedger customer service line. The firm provides the market with a valuable in-house support team to answer all of your tax-related questions. Notably, these crypto tax professionals are available for talks. Also, they can answer your questions during the hours of 9 am – 9 pm EST, 7 days a week.
Online Helps Center
For those investors who don’t like to speak on the phone, there is a robust online help center. This section is full of information regarding filing your taxes on all types of blockchain assets. In most instances, customer service agents will give you access all the data about your question.
How Does ZenLedger Work?
ZenLedger makes it simple to stay out of the IRS’s crosshairs and keep accurate records of your crypto movements. The protocol enables you to import transactions directly from popular exchanges using the crypto tax tool. The import process is simple. Users can import utilizing various popular formats, including API, CSV, or public receiving addresses.
Once your data reaches the ZenLedger system, the protocol begins to guide you through the entire tax process. It will start with the creation of a detailed tax report. This report will include all of your gains and losses and much more.
Uniquely, ZenLedger will even scan through the data and cross-reference it to check for missing information.
Once you are confident that all of the data is correct, you can create your tax forms. ZenLedger supports the automatic creation of all crypto tax documentation. Here are some of the documents you can access using the system.
The additional Income report goes by the name of schedule 1 form. This document is where crypto investors claim gains that didn’t originate from trading or sales. This system can save a lot of time and effort for DeFi users and farmers.
Capital Gains and Losses
The Capital Gains and Losses form goes by the name of schedule D report. This form evaluates your history and determines what your actual and real gains and losses were. The system will scan all your data, including wallets, exchanges, and more, to determine this information. This system can save the average investor many hours in research and data calculations.
Another form that is vital for US crypto traders is IRS form 8949. This document is how traders actually report capital gains and losses to tax authorities. Zen Ledger reduces the risk of human error by integrating advanced reporting tools.
Crypto-Tax-Loss Harvesting Tool
The crypto-tax-loss harvesting tool is another feature that is unique to ZenLedger. This feature analyzes your trade history and provides a list of tax savings opportunities based on your portfolio. Investors can find a lot of ways to save using this protocol. Best of all, since ZenLedger is fully IRS compliant, you can be sure your savings are free of regulatory risks.
Another cool feature ZenLedger brings to the table is the GUA. This protocol provides a complete transaction history across all exchanges and wallets. This strategy enables you to gain a clear overview of your crypto activities in any given tax period. This information is available in an easy-to-read and export spreadsheet, which helps with integration into other tax software.
Turbo Tax Integration
Zen Ledger users can file their own taxes using popular tax software such as Turbo Tax. ZenLedger enables users to integrate their data into Turbo Tax. This way, it empowers them to complete the final stage of their crypto tax journey. Notably, Turbo Tax is one of the largest and most reputable tax software suites in the market.
Tax Professional Suite
All of ZenLedger’s features provide regular users with a great way to remain tax compliant. The network also offers a suite of tools geared towards tax professionals. This suite furthers the features and options of the standard toolset. The professional toolset enables tax experts to easily offer crypto tax services to their clients.
ZenLedger – Avoid Tax Issues in the Future
To date, a large percentage of US cryptocurrency investors have not fully committed to filing their holdings with the IRS. As such, these regulators have started to weed out those seeking to avoid paying their taxes. ZenLedger provides a vital service to all investors and the entire market with its easy-to-use tax software.