We’re always seeking ways to make personal finance easier for our customers, and that includes the dreaded t-word—taxes. We hope you’ll be thrilled to know we’ve partnered with Koinly, a simple and easy-to-use cryptocurrency tax tool, to make your calculations simpler.
Koinly is an intuitive software platform managed by expert tax consultants. It calculates your cryptocurrency taxes by allowing you to pull in transactions from other platforms, like Newton, as well as wallets and exchanges. Koinly offers a variety of plans, whether you’re a newbie, hodler, or active trader.
Not sure where to start? You’re not the only one. Here’s some helpful information on calculating taxes for cryptocurrency transactions with Koinly and Newton.
If you were to calculate your cryptocurrency taxes yourself, this is how you’d have to do it:
That’s a lot of steps…right? If you’re not dead-set on this mind-mangling marathon, let Koinly do all the heavy lifting. Here’s how:
It’s as simple as that!
If you hold any cryptocurrencies, you’re required to file your cryptocurrency taxes as part of your annual income tax return. The deadline for filing your 2022 tax return, including cryptocurrency taxes, is May 1, 2023.
Exactly how to file depends on how you prefer to file. Some prefer hiring an accountant, and some may use tax app like TurboTax. If you’re really old school, maybe you file by post.
To sign up for free on Koinly, log in to your Newton app here and navigate to Tax Reports under the Statement and Reports section.
Note: For Newton users that have completed up to 250 transactions in 2022, Koinly is offering free tax reports. For Newton users that have exceeded 250 transactions in 2022, Koinly is offering a 20% discount on their paid plans. This discount will be automatically applied when using the Koinly sign-up link located in the Newton app.