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Crypto tax calculator Koinly integrates Terra into its platform


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Crypto tax calculation platform Koinly added Terra (LUNA) wallet support to make tax calculation easier for LUNA holders as the Canadian tax report deadline draws near.

Tony Dhanjal, head of tax at Koinly, said that LUNA support has been requested by many Koinly users, and with the integration, LUNA users will have a "way to accurately track and record their transactions to meet their tax obligations."

Calculating crypto tax is easy if a user’s crypto affairs are simple. However, Dhanjal told Cointelegraph that “the average crypto investor is connected to three to five exchanges, wallets or blockchains.” Because of this, working out the taxes using these sources is very difficult and the risks of errors are high. This is why Dhanjal recommends the use of a simple crypto tax calculation tool.

Taxes are an important part of earnings in any activity. Those who invest in cryptocurrency should understand that even their small income will be taxed. If you make a profit, you have to pay income tax. This can be compared to a salary in a regular job. An accountant will calculate your paycheck and deduct income tax and social and health insurance contributions. The amount of tax depends on your income. Employers should take paying salaries to their employees seriously and calculate payments properly. They can use small business payroll software.


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