Hey Product Hunt! I built Yax because I couldn’t find any reliable source of information on crypto taxes. Literally no one I knew could tell me exactly how cryptocurrencies were treated from a tax perspective, how to calculate capital gains, losses and cost basis, or whether they were even taxable according to the IRS. Not even my finance or accounting friends knew whether crypto was a currency or an asset--most accounting firms have not yet developed an approach to treating digital currencies yet.
After seeing Google searches for “cryptocurrency accountants” spike in summer of 2017, I realized that other people probably shared my frustration. So I took my accounting background and typing skills and built Yax--the simplest tool for calculating and printing your crypto tax returns. Just connect to the exchanges you used in 2017, and let Yax crunch the numbers.
Here are the main product features:
• Importing of transactions from major exchanges and wallets
• CSV uploads
• FIFO, LIFO, LIFO Perpetual, and Average Cost accounting methods
• PDF tax form downloads
• Editable transactions
• A unique interactive “Ledger Tool” for visualizing and editing your transaction data
• An emphasis on security, encryption, and user anonymity
And here’s an article I wrote, laying out in bullet point form everything you need to know about filing your crypto taxes in 2018: https://hackernoon.com/the-ten-c...
I hope you guys find this tool useful! There is a lot of work to be done for crypto taxes, now and in the future. And I plan to make many more tools to convert the pain-point from a once-a-year headache to a zenful everyday trading platform =). Please feel free to reach out to me at:
david@yaxreturns.com, support@yaxreturns.com@hollandale, @yaxreturns
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It integrates with most exchange and does so much of the calculation automagically for you. I was dreading having to figure all of this out. Coinbase already reports all my data to the IRS so paying taxes is an inevitability in Crypto now. Yax is there to help in a big way.
Pros:
Makes a complicated task MUCH easier!
Cons:
none, this product is one of a kind and leading the industry
I'm not sure what went wrong here and if I didn't know better (I have my own tax preparation business), I wouldn't know the calculations are wrong. Plus its $150+ to fix the transactions manually.
Ultimately, I want to see YaxReturns succeed because consumers NEED to have easy-to-use tax solutions for digital currencies in order for blockchain to be a globally accepted means of transacting. When the platform has been patched, I'd be happy to update my review.
Hey @chris_caris_kovalik, thanks a ton for the feedback! I totally agree, tax solutions and other infrastructure are going to be crucial if crypto is ever going to become stable and legitimate.
The issue with your ETH and LTC transactions has been identified, and we have a patch coming for you. There were some changes in the Coinbase API where data was reformatted in recent versions.
Thanks for pointing this out though, finding solutions for everyone's unique tax situations is going to be an evolving problem set and it's great to see you're hunting for solutions as well. I'll keep you posted on the fix.
Congrats on the launch David! love the video.
Where do you see the product going over time?
Have you raised money for this? How do you think about fundraising plan for it?
@eriktorenberg Thank you!
Great questions. Whether or not you enjoy filing taxes =), I believe there's a need for an everyday trades and losses tracker. Instead of scrambling to gather your trade history and file your taxes at the end of the year, Yax should be able to gather and organize that data for you daily. We're currently building out an awesome new tool as we speak, which you can use every day to monitor your tax liability and see what trades are worthwhile or risky before you make them. Will post that when it's ready!
Yax hasn't raised any money so far but it's something I've thought about. Fortunately, if people like the product and we maintain a great experience, it makes money from day one!
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Kudos to YaxReturns for pioneering solutions to the complexity of digital currency.
YaxReturns
It integrates with most exchange and does so much of the calculation automagically for you. I was dreading having to figure all of this out. Coinbase already reports all my data to the IRS so paying taxes is an inevitability in Crypto now. Yax is there to help in a big way.
Pros:Makes a complicated task MUCH easier!
Cons:none, this product is one of a kind and leading the industry
ETH https://gyazo.com/7056ab908420d4...
LTC https://gyazo.com/5485352d4fcdfe...
I'm not sure what went wrong here and if I didn't know better (I have my own tax preparation business), I wouldn't know the calculations are wrong. Plus its $150+ to fix the transactions manually.
Ultimately, I want to see YaxReturns succeed because consumers NEED to have easy-to-use tax solutions for digital currencies in order for blockchain to be a globally accepted means of transacting. When the platform has been patched, I'd be happy to update my review.
BTC seemed fine. https://gyazo.com/d107e11986b328...
Pros:Very easy to hook up with the exchange APIs.
Beautiful website.
Cons:BEWARE: Double check data. My ETH & LTC transactions have bad data: either the cost basis was estimated at $10k+ or $0. (screenshot below)
YaxReturns
Backchannel
YaxReturns
Kudos to YaxReturns for pioneering solutions to the complexity of digital currency.
Pros:A necessity in the world of digital currency.
Cons:Wish I had it sooner.
Cabal
I've been procrastinating on dealing with crypto taxes. Yax makes this much less painful.
Pros:Solving a big problem with a slick solution.
Cons:None yet.
Saved me a bunch of time on my crypto taxes this year. Definitely recommend.
Pros:Very easy to use. Great time saver.
Cons:Haven't found any yet.