Safemoon announced their partnership with TaxBit to help investors with filing their crypto taxes. SFM partnering with TaxBit will allow investors to do their taxes for free only from the Safemoon Wallet. However, the development has not gone live yet and their Twitter handle says “coming soon”.
However, the initial tax filing support is only for holders from the U.S. TaxBit announced a new network that will provide free information to investors regarding filing taxes for cryptocurrency and NFT’s. In addition, they would provide help for transactions that were made on exchanges that belong to the TaxBit Network.
Moreover, the TaxBit Network covers a wide range of centralized and Decentralized exchanges. They include UniSwap, Gemini, CEX IO, FTX US, Binance US, Safemoon, Coinbase Pro, Coinlist, Coinbase, Celsius, Uphold, among others.
CEO John Karony stated that the partnership with TaxBit is vital to provide SFM users with additional benefits.
“As Safemoon pushes the boundaries of blockchain technology in the FinTech ecosystem. Our partnership with TaxbBit is vital to providing more benefit to our users. We are extremely pleased to be part of and accepted into the TaxBit Network with other large players in the industry,” he said.
“Need help with your crypto taxes, #SAFEMOONARMY? We’ve got you covered – our partnership with the @TaxBit Network allows you to do your taxes for free straight from the #SAFEMOONWALLET – COMING SOON!” the tweet read.
Cryptocurrency is a decentralized market but investors have to pay taxes when they withdraw their cryptos to their bank accounts. TaxBit will not provide support to investors from outside the United States at the moment.
Safemoon upgraded to the V2 platform in December 2021 and consolidated the tokens to a 1000:1 ratio. Investors need to manually transfer their tokens from V1 to V2.
A complete and in-depth guide on the transfer process is here.
BitMart listed Safemoon V2 on their platform yesterday and opened trading options for its users. SFM has been sending mixed signals this week and is trading in both red and green. However, it’s been up +57.2% since the last 14-trading days. At the time of publishing, Safemoon was trading at $0.00241857 and is up +0.7% in the 24-hours day trade.