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TokenTax Review: Pricing and Evaluation

If you’re making big profits from crypto investing with services such as Yieldnodes then you need to think about the tax implications. This can be tricky because the rules on taxes are complicated and different for each country. Fortunately, TokenTax is here to help!

TokenTax was founded as the first tax preparation service that accepted cryptocurrency. The business has developed a separate solution to determine the tax liability associated with cryptocurrency exchanges.

 

Additionally, the startup provides full-service filing, including back-tax filing for crypto traders with erroneous data dating back to 2014 and the standalone solution. TokenTax might be helpful if your crypto tax situation is very intricate.

 

This TokenTax review will cover its cost, advantages, disadvantages, and more. Read on.

How much does it cost to use TokenTax?

The basic plan of TokenTax costs $65 per month and is available exclusively to Coinbase customers who have completed up to 500 transactions. You will need to switch to a different plan if you trade on numerous exchanges, have more than 500 transactions, or are interested in tax-loss harvesting techniques.

TokenTax allows you to pay for any plan with a debit or credit card and with cryptocurrencies (USDC and DAI). Cryptocurrency payments in Bitcoin and Ethereum are exclusive to VIP and Enterprise plans.

Advantages of TokenTax

It is in the interest of TokenTax’s customers to know about the advantages of using their product.

1. Facilitates All Transactions

TokenTax only supports 85 exchanges. However, their team will ensure that your trades are recorded in your account if you supply a CSV from an unsupported exchange.

2. Claiming Deductions to Reduce Your Tax Bill

If you are on a Premium plan or above, you can learn how to minimize your tax burden.

3. The DeFi and NFT Protocols are Supported

Specific DeFi protocols and NFT markets are integrated within the Premium and Pro subscriptions. Their top-tier VIP membership includes unlimited use of all of their services.

4. Takes Cryptocurrency as Payment

Only a small handful of crypto tax software like TokenTax will take tokens as payment. You can settle using USDC, DAI, BTC, or ETH, according to your specific needs.

Disadvantages

There are potential improvements that might be made to TokenTax.

1. Expensive

While TokenTax’s Premium plan is priced comparably to other crypto tax software, it does not provide a free tier of service. The $65 package is only available to Coinbase customers. Compared to competitors like ZenLedger and Taxbit, which both allow unlimited transactions for the same price, it’s clear that their VIP membership, which costs $3,500, is a poor value.

2. There Are no Returns

No refunds are available from TokenTax since the company will spend as much time as necessary to ensure that your cryptocurrency tax information is correct.

3. It Just Contains the 8949 Form

Any additional forms, such as Schedule D that must be filled out for the IRS are your responsibility.

 

Here is a demo of how the tokentax software works;

TokenTax: Will 2022 taxes be a breeze to file?

Investors in cryptocurrencies may find the TokenTax program a helpful tool. Capital gains and losses are computed mechanically, and the program suggests tax loss harvesting. Traders may reap the benefits of tax-cutting tactics without spending much time or energy on the task.

 

TokenTak is great news for do-it-yourself individual taxpayers who use TurboTax, as it interacts seamlessly with the program. Additionally, TokenTax stands out from the crowd since it offers clients a CPA and an entire tax filing staff.

 

If you require help resolving tax issues related to defunct exchanges or filing your taxes, the professionals at TokenTax can do both. It is an extremely costly service that few accountants are willing to provide.

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Element United Review – Can Digitized Gold Work?

We recently posted our Yieldnodes review – a crypto project for masternoding and earning yield. Another interesting crypto node project is Element United. Here’s an overview of Element United.

 

Gold and rare earth elements are among the assets that the Element Blockchain hopes to capture. Generally, gold mining will use fewer natural resources using their solution. Gold and other rare earth minerals may now be bought, sold, and traded digitally with Element NFTs.

 

Connect United, the company that created both this blockchain and the Gala gaming engine, provided both with their source code. Both endeavors, however, are separate and do not work together.

Business in Mining

The extraction of precious metals profoundly affects the surrounding ecosystem, and the local population is exploited in the process.

 

Generally, the developed nations are strong because they have the resources and money to build and maintain their mining industries. That’s why they benefit from the developing nations’ natural riches. The environmental repercussions, however, fall disproportionately on these developing nations.

 

Additionally, the growing disparity in access to rare earth elements worsens this vicious cycle. The Element blockchain knows that careless mining destroys ecosystems for no reason other than to obtain gold for a safe.

The Function of Element Nodes

Here are some key points to remember about how the nodes function:

 

  1. Users who have invested in nodes are called “node operators.”
  2. Active nodes can be managed through a local host or remote proxy.
  3. The nodes in a blockchain are there primarily for monitoring and validating transactions.
  4. Because of your node participation, you will receive Element digital benefits in the form of cryptocurrency.

Element Smart Node

The Element Smart Node is purchased quickly by validating, verifying, and storing them. It is capable of producing the greatest degree of digital incentives. Additionally, a single computer can only operate a single Smart Node at a time.

Element Lite Node

Compared to Smart Nodes, the Lite Node can only produce a small fraction of the total digital incentives. Since it cannot execute the same tasks as Smart Nodes, it is repeatedly called the “little node.” Generally, a processor can only run up to 100 lite nodes simultaneously.

Element Non-Ferrous Transforming and Gamification

Because the Element NFT has purchased artwork pictures, people’s perception of NFT has been altered. Because of this, they’ve decided to investigate a different angle on how its utilization with digital data might retain value because it reflects the actual rare earth elements used.

Blockchain Technology Relies on Nodes for Security

Nodes can be unavailable. All the most recent blocks of transactions are being received, stored, and broadcast by online nodes, but offline nodes are missing out on this information. When a node disconnected from the network returns, it must first download all of the blocks added to the blockchain while the node is offline. 

 

The term “blockchain synchronization” is used to describe this procedure. While it is technically possible for a blockchain to function on a single node, such a setup would expose the network to attacks from hackers or breakdowns in the underlying infrastructure. When many intelligent nodes power a blockchain, it becomes more resistant to attacks. 

 

Distributing the blockchain’s data over several nodes makes it more difficult for a malicious actor to change or wipe the ledger. In fact, a single node can potentially keep a blockchain operating even if a huge number of nodes suddenly go offline and become unavailable due to a worldwide catastrophe. 

Discover more in this video;

 

Frequently Ask Questions (FAQs)

What is the difference between Element Lite Node and Element Smart Node?

Their respective purposes define the distinction between the two. Any person or device that stores a copy of the blockchain is considered a Lite Node. 

 

Smart Nodes are computers or users who contribute to the growth of the blockchain by processing blocks and checking, validating and storing transactions. Generally, Lite Nodes can contain Smart Nodes. Meanwhile, Smart Nodes cannot contain Lite Nodes.

In what ways can I manage a cluster of nodes?

Virtual private servers (VPSs) are useful for managing many nodes (VPS). Many different private servers are available. In the Element community, vultr.com is highly recommended. VPS usage incurs an extra cost (about $5 per server per month). Each smart node, or 100 light nodes, will require its virtual private server. To get started with your virtual private server (VPS).

Can you explain what a virtual private server (VPS) is?

Virtual private servers, or VPSs, are available for rent by individuals and businesses at a regular monthly rate. A VPS provider partitions a strong host machine into many smaller virtual machines. Individuals’ PCs can be adapted to meet the requirements of the node network.

 

Instead of purchasing a separate computer for each node, renting a virtual private server may be more expensive. While costs may vary from one provider to the next, it’s generally true that professional hosting services give more reliable service than doing it yourself. 

 

Several service providers provide uptime guarantees of 99.9% or even 100%. It is so because there is a robust system to keep the servers operational even if there is a disruption in the power supply. Due to intermittent or poor connectivity, virtual private servers (VPSs) may be the best approach for some Node owners.

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Yieldnodes Review 2022 – Is This Crypto Investment A Scam?

Yieldnodes is a platform for earning passive income and offers a monthly yield of 7% to 10%. It indicates that your money will double in value in around ten months. The best thing is that the Bitcoin price fluctuation will not impact your earnings at Yieldnodes. They use a fantastic tool known as masternodes, which will be discussed in more detail later.

 

Generally, by becoming a member of Yieldnodes and making financial investments through it, you are participating in the process of masternoding.

 

If you wish to learn more about Yieldnodes, keep reading.

Masternode Overview

One type of special server in a blockchain network is called a “Masternode.” It offers private services, verifies real-time trades, and contributes to the management of the network as a whole. Fees paid to the masternode in exchange for these services function as an incentive system similar to a commission.

 

However, to become operate a masternode, one must first secure money. Akin to placing money in a custodial account in exchange for a higher social standing and subsequent benefits. The time it takes to recoup the invested coins varies amongst masternodes or the ROI. The answer to this question is contingent upon the token’s protocol and the inner workings of the blockchain network.

Yieldnodes Benefits and Key Features

Yieldnodes are equipped with essential characteristics to the consumers’ advantage.

 

  1. The expected and actual monthly revenue on masternodes is 5-15%.

 

  1. The program receives 15% of the total, while the participants receive 85%. (the rental payment).

 

  1. There will be a full refund of the rental fee plus any profits gained if the yield falls below 5% for three consecutive months.

 

  1. As a whole, the rate of return was 1,167.09% per year (since inception in Sept 2019)

 

  1. The past 26 months of average yield was 11%, which works out to a yearly yield of 132% (or 249.85% compounded).

 

  1. The minimum deposit is 500 Euros (about $565), and the maximum is 250,000 Euros (about $281,000).

 

  1. Yieldnodes require a 6-month commitment at a bare minimum.

 

  1. Bitcoin, Euros, US Dollars, Visa, Credit cards, SAPP Coupons, Bank Wire, and other fiat and cryptocurrencies are all accepted.

 

  1. Investment returns are distributed monthly in Bitcoin and are withdrawable or compounded automatically.

 

  1. No costs whatsoever, whether yearly or monthly, to become a member. The yields shown are after deducting Yieldnodes’ 15% management charge.

Yieldnodes Risks

The main danger associated with Yieldnodes is that it suddenly stops operating. They are quite forthright about the fact that they do not anticipate these kinds of returns to last indefinitely.

 

It is a high-risk investment, as is made clear on their website. Don’t risk any cash that you can’t afford to lose. However, they have assured everyone that, as this is not trading, the risk of losing money is quite low. Yieldnodes talk about price changes and the currency itself. That’s the biggest danger.

 

Here is a detailed review video;

Getting Started with Yieldnodes

The initial steps require little effort. Participation and investment are open to those without prior expertise or possession of cryptocurrencies. Any money you deposit with Yieldnodes will be automatically converted to Bitcoin and added to your portfolio.

 

After an initial investment period of six months, you can receive interest payments or have your earnings compounded.

 

The minimal time frame for investing any amount of money is six months. It is because Yieldnodes need this minimal commitment to stake the money associated with your portion of the investment pool. Therefore, it’s up to you whether you want to raise your monthly investment to increase your share or if you want to compound your investment to improve your return.

Withdraw Funds from Yieldnodes

Your funds will be held for six months after the deposit. You can also make an emergency withdrawal. However, doing so will cost you 25% of their initial deposit. 

 

Additionally, you should know that you can access your money anytime during those six months if an emergency arises. That being said, feel free to go ahead and do it if the situation calls for it. 

 

But ideally, you’d want to wait for the full six months so you wouldn’t have to fork up such a big cost. At the six-month mark, you’ll be able to see how much of your balance is withdrawable. The monthly earnings for your masternoded amount will accumulate here, and you may withdraw them whenever you choose.

 

Frequently Ask Questions (FAQs)

Is Yieldnodes a scam?

Yieldnodes is not a fraud; the company is quite open about its business, and masternoding is a very legitimate concept.

What is the monthly return on investment?

Yieldnodes’ ROI depends on the market price of the many cryptocurrencies it employs, which might fluctuate from month to month. ROI has fluctuated from month to month but has generally been about 10.7% from the beginning.

What exactly does Yieldnodes do with my money?

Each member’s contribution to Yieldnodes’ over $1,000,000 masternode pool is combined with the contributions of other members. Generally, masternode pools are groups of people that work together to invest in bitcoin and receive a monthly return on their holdings.

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