Launched in 2019, TimeX is a hybrid cryptocurrency exchange with the features of a centralised and a decentralised exchange. It aims to provide the user with the best of both types of exchange and minimises their flaws. The exchange is made by an Australian blockchain company called Chrono.tech. It is built on the Ethereum Plasma technology that enables a quick, safe, and transparent transaction system. The platform is said to be active in around 62 countries and has 21 million dollars in volume per day.
Trading and investing in crypto is a complex process, and you must have an excellent understanding to succeed. Then comes the task of calculating crypto taxes which we know is another tedious and tiring task. To lift the burden of this tiring task, here is an automated tax-calculating tool called KoinX. It will streamline your tax calculating process while you give more time to your trading and investment strategies.
In this article, we will provide you with a comprehensive guide on how you can integrate your Timex exchange account with KoinX to streamline your tax calculation process.
Now you don’t have to worry about calculating tax traditionally because KoinX will do it for you more swiftly and accurately.
A step-by-step guide on how to generate your Timex tax report with KoinX
Step 1: Log in to your TimeX account.
Step 2: On the top right corner of the profile section, click on Trading setup.
Step 3: In the Trading setup, click on Create API Keys.
Step 4: Make sure you select General.
Step 5: Log in to your KoinX account.
Step 6: Select Bitfinex exchange.
Step 7: In the search bar, search for TimeX exchange and select the exchange.
Step 8: Paste your API keys and hit the Import Now button.
How To Easily Calculate & File Your Timex Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account.
To begin your crypto tax calculation process with KoinX, you must add all the exchanges and chains you use for the crypto transactions. KoinX has integration support for all the major exchanges and chains that you can connect seamlessly.
Step 2: Review your transactions.
Please share the transaction data from when you started your exchange account until the latest trades. It will enable KoinX to categorise the transaction accordingly, making it easier for you to review the transactions. Also, rest assured that gains and losses calculated are made according to the latest tax regulations.
Step 3: Generate your tax reports for the selected financial year
KoinX makes your tax reports in just a few minutes and breaks down your crypto tax obligations in an easy-to-read manner. In the KoinX interface, you can categorise your transaction into Business gains or Capital gains. If you are a full-time trader, you can choose Business gains; if you have crypto as a passive income, you must choose capital gains.
Step 4: File your taxes
KoinX will undoubtedly provide you with an errorless tax report with 100% compliance with the crypto tax regulations. You can export your reports directly from KoinX in various file formats to share them with tax professionals to get advice.
Important Things to Consider While Generating Your Timex Tax Report with KoinX
- In case you are a frequent trader, the transactions of your Timex account must be regularly updated in KoinX. You can do it manually or use the sync option given in your KoinX interface.
- Ensure that all the cryptocurrency exchanges and wallets you use must be connected with KoinX to get a full-fledged tax report.
With KoinX offering a user-friendly interface and optimum tax management, it will save you a lot of time and effort while you understand your tax obligations easily. Now you can put all the faith and leave the tax calculating task to KoinX. It will be worth it!
Frequently Asked Questions
Do I need to report my Timex for tax purposes?
Yes, since you are engaged in crypto transactions via the Timex crypto exchange or any other exchange, you must report your taxes to the concerned authority. To make accurate tax reports of your crypto portfolio, you can use KoinX.
Does Timex report to the Income Tax Department?
No, Timex reports to the Income Tax Department. As a cryptocurrency exchange, it does not indulge in the matter of users’ tax purposes. However, as an entity, it may be answerable to the Income tax department and other authorities.
Does Timex provide tax reports?
No, Timex does not provide tax reports. It is a hybrid cryptocurrency exchange that facilitates crypto trades using the concept of both centralised and decentralised exchanges. KoinX is the platform that will provide you with tax reports after you connect your exchange and wallet.
How are Timex transactions taxed?
Timex operates in more than 62 countries, and the tax regulations on crypto somewhat differ in each country. Your Timex transaction will be taxed according to the laws the concerned authority provides.
How does Timex tax reporting with KoinX work?
All you have to do is integrate your Timex account with KoinX by following the above-given steps. Then KoinX will compute your transaction data to categorise the trades. After getting an overview of your transaction data and taxes, you can download the full tax report in various formats.
What are the most common issues with importing transactions from Timex to KoinX?
Ensure that your transaction data is imported to KoinX from when you started your Timex account. It will enable KoinX to generate a complete tax report of your portfolio. Else you may see some warnings on your KoinX dashboard indicating irregularities in the trades.
How do I troubleshoot my Timex integration with KoinX?
If you face any issues while following the above-given steps, you can always contact the customer support service of KoinX through the chat box, Twitter or email support@koinx.com. The active support service of KoinX will solve all your integration and report generation issues.
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