BitGive, the first bitcoin and blockchain nonprofit, is partnering with CoinsTax LLC, providers of Bitcoin.Tax, a leading do-it-yourself crypto tax calculation software, on Giving Tuesday. Through this partnership, cryptocurrency holders can seamlessly calculate their taxes and offset gains by making donations to BitGive directly from their Bitcoin.Tax account.
With nearly one third of annual giving occurring in the month of December, BitGive and Bitcoin.Tax aim to remove the complexities surrounding crypto tax accounting to ensure that those donating this month can allocate cryptocurrency funds with peace of mind. Donations to BitGive aid the dozens of global nonprofit organizations it supports.
Connie Gallippi, Founder and Executive Director of BitGive, said: “BitGive’s partnership with another established veteran in the ecosystem, CoinsTax, brings trusted clarity to the ambiguous crypto regulatory landscape. Allowing users to tax prep, offset gains and have social impact, while there’s still time left in the current tax year.”
On the Bitcoin.Tax site, users can upload their cryptocurrency trading, mining, and spending transactions to receive an instant summary of gains. Users have the option to reduce their taxes, by connecting to the BitGive site and making a donation in bitcoin straight from their tax report. In 2020, BitGive and CoinsTax plan to expand the partnership and allow users to make donations in other cryptocurrencies.
Colin Mackie, Founder and CEO of CoinsTax, said: “We are proud to be able to work with BitGive and help with the amazing work they have already done by bringing together crypto taxpayers and their kind donations for such good causes.”
The United States has classified bitcoin and other cryptocurrencies as capital assets, which means that earnings are subject to capital gains tax. Crypto losses or donations are weighed against your capital gains, and ultimately reduce the amount of taxes owed.
“Tax planning is very important, and especially in the crypto space, as there are opportunities to realize gains, harvest losses or donate long-term gains to charity,” said Mackie.
Donors interested in accessing Bitcoin.Tax accounting offerings and making a donation to BitGive can visit https://bitcoin.tax/.
BitGive, established in 2013, is the first official cryptocurrency nonprofit.
About CoinTax, LLC:
Launched in 2014, Bitcoin.Tax is the original do-it-yourself tax calculation software for active cryptocurrency traders.