Convenient solutions for cryptocurrency asset owners are not all that easy to come by these days. Claritas wants to make a big impact in this regard, as its solution focuses on letting users view their holdings, gains and losses. The platform also has proper tax accounting features, which will certainly be of great interest to customers in the United States.
What is Claritas Exactly?
Even though most cryptocurrency enthusiasts do not like the idea of paying capital gains taxes on their holdings, it is difficult to escape that prospect in the United States. As such, proper tax accounting solutions are in rather high demand right now. Claritas wants to offer users clarity, trust, ease, and elegance. It is certainly a software solution to keep an eye on moving forward.
The Features to Note
While there are quite a few different tax filing solutions available to cryptocurrency users, Claritas can be quite a welcome addition for those looking for convenient solutions. With its single source of trust infrastructure and the option to import data from exchanges and wallets, importing data is not a big problem. Moreover, all reports generated by this software are fully tax-compliant, which provides maximum security and privacy to users.
Connecting to exchanges and wallets can be done through the available APIs, and CSV data can be imported or entered manually. It is evident there is a lot of functionality here, as Claritas aims to cater to as many cryptocurrency users as possible. In the future, we will also see a mobile application to track and transact Bitcoin on the go at all times. This will remove the need for manual data entry, although most of the specifications remain under tight wraps, for the time being.
The main bread and butter of Claritas is giving users a consolidated view of their cost-basis gains and potential losses. Cryptocurrency remains a rather volatile industry first and foremost. Moreover, Claritas will provide users with real-time updates, which will certainly be of great interest to users who want to keep a close eye on their portfolios at all times. With the tax reports generated by this platform, filing one’s capital gains tax in the US shouldn’t be much of a problem.
The Road Ahead for Claritas
Although Claritas sounds very appealing, the project is still in the early access stage of development as of right now. There is still some functionality to be added in the weeks and months to come, although users can sign up for email notifications to stay updated. It will be interesting to see if the final product can compete with other Bitcoin tax solutions on the market, but there is no reason to think that can’t be the case.
Source: Read Full Article