TurboTax and Coinbase to Give Users Tax Refunds in Crypto

TurboTax and Coinbase have come with a new way to make cryptocurrencies mainstream. The last couple of years has been formative for the crypto industry, with more users coming in as the pandemic struck and with the arrival of several innovative and utilitarian crypto projects. Cryptocurrency has never been as mainstream as it is right now. Even the yearly reports from Reddit for 2021 claimed that cryptocurrency is the most sought-after keyword in the entire platform.

So it is obvious that people are interested in crypto, but the firms cannot wait for them to learn the technicalities to be involved in the business. There should be attempts from the firms to make this revolutionary finance system as accessible and as practical as possible. The firms are constantly looking for valuable partnerships to make the process simpler. Earlier, TaxBit announced its ties with several platforms to offer free tax reports for crypto holdings following the recent policy changes. It was welcomed with great excitement. Now, TurboTax, another tax firm, has signed papers with Coinbase to add cryptocurrency as an option for tax returns.

The Intuit-owned tax preparing software, TurboTax, will now suggest that users send part of their tax refund to Coinbase to convert them into the cryptocurrency of their liking. There will be easy links for those who do not have an account with Coinbase to make this process as seamless as possible. According to our Coinbase reviews, the platform has listed more than 100 cryptocurrencies, and users can choose any one of their preferred cryptos to receive in their wallets. This deal comes as a part of Coinbase’s plans to increase direct deposits on the platform.

This partnership may be prompted by the increasing tendency among people to receive their pay and tax returns in cryptocurrency. Recently, Eric Adams, the Mayor of New York City, claimed that he used Coinbase to convert his paycheck. NFL star Odell Beckham Jr. also agreed to receive his pay as Bitcoins from the Los Angeles Rams. However, there are also concerns about the volatility of cryptocurrencies. So, it will be a bet to receive your tax returns in cryptocurrencies. However, choosing the best from the hundreds of coins could also bring home huge profits.

Prakash Hariramani from Coinbase informed the users about the deal following the announcement. The deal with the tax preparing software significantly reduces your efforts to convert your tax returns. The routing numbers with the transactions will help the users to get error-free service from the platform. According to the Senior Director, this deal is not just about simplifying the process but exposing their services to the millions of people currently using TurboTax.