TaxBit is a cryptocurrency tax calculation and withholding service that serves investors, exchanges, and payment services.
TaxBit helps cryptocurrency holders and investors calculate their profits, losses, and tax liabilities, and generate IRS-friendly tax forms.
TaxBit was founded in 2018 by Austin Woodward, Justin Woodward, Brandon Woodward and Bobby Clayson. The company is headquartered in Draper, Utah.
TaxBit automates the process of calculating and reporting taxes on cryptocurrency transactions. TaxBit allows you to track your cryptocurrency portfolio throughout the year. Rather than only producing a tax form at the end of the year, TaxBit displays your real-time portfolio metrics as you trade.
TaxBit’s crypto tax software supports over 4,200 cryptocurrencies, equities, commodities, and all fiat currencies. Your data will automatically pull in and run through TaxBit’s tax engine after you connect your exchanges. TaxBit’s crypto tax software is designed to handle millions of transactions, while also ensuring the greatest accuracy down to the smallest detail.
TaxBit is backed by TTV Capital, Dragonfly Capital Partners, Collaborative Fund, Winklevoss Capital, Valar Ventures, Global Founders Capital, Table Management, and Album VC. The company raised $5M in a Seed round on Jan 06, 2020. This new round brings TaxBit's total funding to $5.75M to date.