TokenTax Update: March 13th, 2018
What we’ve been up to
All of us here at TokenTax have been hearing from a lot from you on our Intercom, Telegram, and Twitter and we love that! So we wanted to share a little company update with you all.
We’ve been working tirelessly to bring you the absolute best Cryptocurrency tax experience and expertise on the market. We want to let you know what we’ve been doing behind the scenes to demonstrate that we are on track to achieve that goal, and also what we have in store for you next!
Accurate estimated tax liability figures
To do this we created a marginal tax rate calculator. For the tax nerds out there, it’s kind of a big deal!
For those of you currently using TokenTax, you may have noticed during one of your last logins that we added a tax questionnaire that asks you a few questions about your tax status.
While there is an option to skip the questions if you’d like, sharing that information with us allows us to save you as much on your tax bill as possible!
For those of you who aren’t using TokenTax yet, we are asking our users to provide their current filing status (single, married, or head of household), their estimated taxable income for 2017 excluding crypto gains, and their State — that’s it!
What we do with that information is send it through our new tax rate algorithm to calculate your estimated marginal tax rate (rate for short-term gains) and your estimated long-term capital gains tax rate. More questions on why those are important? Check out my post about them for more details!
Infrastructure for large datasets
With our user base growing and the number of transactions some of our users have (you know — the crypto power traders with 20,000+ transactions in 2017) our systems weren’t prepared.
With the help of some of our incredible engineering team, we’ve been able to implement a way to handle massive amount of data
This behind the scenes change is something you may not notice, but we wanted to share with you anyway since it has made our system faster, more reliable, and better equipped to handle more users with more transaction data!
TaxACT and TurboTax partnerships
We are also very excited to announce that as of last week we are officially members of the TaxAct and TurboTax partner programs!
We hope that by being a member of these programs we will continue to build strong relationships with existing personal tax software and make it even easier for you to compute and file your crypto taxes!
So what’s next?
We’re working on a lot of things over here — the tax rate calculator and integrations are on the forefront of our minds but here’s a taste of what else we’re working on.
- More robust help center articles and FAQ
- Expanding our team of tax experts!
- UI/UX improvements and updates
- Automated exchange integrations
Our team is growing — and that might include you!
With all of these new features, we’ve been growing our team.
We recently brought on some supremely talented Software Engineers and we’ve added some accounting and operations help as well by way of Baruch College’s Alejandro, Matt, and Oscar.
We are currently looking to hire another full-time Backend Software Engineer. If what we’re saying excites you and you are interested in that role please reach out to us and check out our posting on AngelList!
Stay Tuned….
As always, I encourage you to check out TokenTax today on Product Hunt — and if you like what you see please upvote us!
Thank you for reading our first company update! Please feel free to post any questions below or reach out to us directly on Twitter, Facebook, Telegram, or at TokenTax.us!
