Terra (LUNA) wallet functionality has been integrated into Koinly‘s crypto tax computation platform, making tax calculation easy for LUNA holders. Koinly users have long been asking for Terra (LUNA) compatibility.
According to Tony Dhanjal, Koinly’s head of tax, with the integration, Terra (LUNA) holders will be able to precisely track and record their transactions to meet their tax obligations.
The average crypto investor, according to Dhanjal, is linked to 3 to 5 exchanges, wallets, or blockchains. As a result, calculating taxes using these sources is extremely complicated, and the chances of making a mistake are significant. Dhanjal recommends the use of a simple crypto tax calculation tool for this very reason.
Dhanjal strongly emphasizes the importance of paying not only crypto taxes but any other taxes users owe as an individual or a company. He says,
“Ignorance is not a valid excuse, and there could be a fine line between this and tax evasion, which is illegal […] The penalties for tax evasion can be severe, not to mention the reputational and other damage to you or your business, this could cause.”
Terra (LUNA) to reach another all-time-high?
Terra (LUNA) has had quite a ride thus far in 2022. The coin has seen some very happy investors, even when many other projects were in a slump.
Terra hit an all-time high of $119 earlier this month and is presently down -19% from that high. Several analysts believe that LUNA will live up to its moniker as the “Ethereum killer” this year and will see a price increase.
At press time LUNA was trading at $96.20. The project is 9.2% up on the 24-hour chart, 17.1% up on the 14-day chart, and 445.7% up on the 1-year chart.
Terra might soar from its present levels to anywhere between $110 and $120 in the following weeks, according to analyst ‘Invest Answer.’
He stated,
“Luna is exactly at the 50-day moving average at around $93-$94 and we should go to $110- $120. (Terra also has) the third-largest stablecoin by market cap.”
Terra’s popularity will rise once the bull run begins, according to the analyst, attracting more investors into its fold.