As other investment opportunities plateau, more and more people are starting to invest in cryptocurrency. There will be both winners and losers when it comes to cryptocurrency, but everyone will need to file taxes, and most of them will need help doing so. This is where you come in. Cryptocurrency tax laws can be daunting and confusing, but you can be the helping hand that guides them through the process, and helps them feel in control of their cryptocurrency taxes.
Using the 3 suggestions below will help you attract more cryptocurrency clients, and help improve the services you offer.
1- Purchase some cryptocurrency yourself- There is nothing worse then dealing with someone that does not follow what they preach. It makes you have a lack of confidence in them or the product, that they themselves will not even try it. So do not be that person. You do not have to purchase a ton of cryptocurrency. Just purchasing a small amount will help you to understand the process, the type of reporting that is provided by exchanges, and will allow you to honestly tell your clients that you have invested in cryptocurrency.
2- Specialize in a specific cryptocurrency investment type- You will want to be able to assist any client with their cryptocurrency taxes, but specializing in a particular investment type will allow you to market your services differently. For example margin trading is a popular investment type, but can be hard to calculate gains and losses for. Another example is initial coin offerings (ICO's). There are several niches in cryptocurrency that if you can specialize in will separate you from the rest.
3- Never stop learning about cryptocurrency- This is pretty self explanatory, but cryptocurrency is a fast moving environment and changes happen very quickly. New coins will pop up almost daily, and old coins will disappear. You do not need to know every single coin that exists, but knowing where to find updated information is key.
Bonus suggestion- Use a cryptocurrency tax calculator- Cryptocurrency tax calculators help you do the calculations for your clients trades. Which allows you to have a quicker turn around time. We offer a great option at cryptocpa.tax/signup