Simple & Private
Bitcoin Trading Tracker
for Ⓢ Corp, Ⓒ Corp, or Single Member LLCs

1. What is this tool designed for?

This Bitcoin Trading Tracker is designed specifically for S Corporations, C Corporations, and Single Member LLCs to track Bitcoin (BTC) transactions and estimate short-term and long-term capital gains taxes. It helps users manage their BTC trades, calculate potential tax liabilities, including self-employment taxes, and organize their trading data efficiently.

2. Can I use this tool if I have a Single Member LLC or other business structure?

Yes, the tool now supports Single Member LLCs and allows you to specify whether self-employment tax applies to your situation. Select your business entity type in the Tax Information section to get accurate tax estimations based on your specific structure.

3. How do I specify if self-employment tax applies to me?

In the Tax Information section, after selecting your Business Entity Type, you will have the option to specify whether self-employment tax applies to your situation. Choose 'Yes' or 'No' from the dropdown menu. The calculations and tax estimations will adjust accordingly.

4. If I select S Corp and indicate that self-employment tax does not apply, why do I need to provide salary information?

For S Corporations where self-employment tax does not apply, it's assumed that you are paying yourself a reasonable salary, which is subject to payroll taxes. Providing your salary amount allows the tool to accurately calculate your tax liabilities, including any applicable payroll taxes.

5. How do I add my trades to the tracker?

You can manually add trades by filling out the "Add New Entry" form. Select the transaction type (Bought BTC, Sold BTC, Funded Account, or Withdrew From Account), enter the necessary details such as date and time, BTC amount, price per BTC, fees, and any notes. The tool will automatically update your balances and calculations based on your entries. Your first entry must be "Funded Account" to set your initial positive cash balance.

6. How accurate are the tax calculations?

The tax calculations provided are estimations based on the U.S. federal tax brackets for the selected year and your specified entity type. The tool uses your entered data to approximate your potential tax liabilities. These calculations should be used for informational purposes only. Always consult a tax professional for precise calculations and personalized tax advice.

7. What tax years are supported by this tool?

The tool supports U.S. federal tax brackets from the years 2009 to 2024. You can select the relevant tax year when calculating your estimated taxes.

8. Can I use this tool if I'm not based in the United States?

The tax calculations are based on U.S. federal tax laws. If you are not subject to U.S. taxes, you can still use the tool to track your BTC transactions, but the tax estimations will not be applicable. Consult a local tax professional for advice relevant to your jurisdiction.

9. How are short-term and long-term gains calculated?

The tool determines short-term and long-term gains based on the holding period of each asset sold. Assets held for less than one year are considered short-term, while those held for more than one year are considered long-term. The tool calculates gains and losses accordingly and applies the appropriate tax rates based on the selected tax year and entity type.

10. What features are available to premium users?

11. How do I become a premium user?

To upgrade to a premium account, click on the subscribe page button on the homepage or within your account settings. Follow the instructions to complete the subscription process.

12. Does the tool handle other cryptocurrencies besides Bitcoin?

Currently, the tool is designed specifically for tracking Bitcoin (BTC) transactions. Support for other cryptocurrencies is not available at this time.

13. How is my privacy protected when using this tool?

Your privacy is our priority. When you enable the "Save Workspace Locally" option, all your data is securely stored within your browser. For premium users, this data is also encrypted for added protection. We do not collect, store, or access your financial or trading data at any time.

14. What should I do if I encounter issues or bugs while using the tool?

If you experience any issues, please contact our support team by emailing support@bitrax.net. Provide details about the problem, and we'll assist you as soon as possible.

15. Can I reset or clear my workspace data?

Yes, you can clear your workspace by clicking the "Clear Workspace" button. Please note that this action is irreversible, and all your data will be deleted from the tool. Make sure to export your data first if you wish to keep a copy.