FREQUENTLY ASKED QUESTIONS
What is TaxToken?
TaxToken is a blockchain-as-a-service company that leverages distributed ledger technology and artificial intelligence to provide financial, accounting and tax solutions to companies and individuals. Integration with smart cards, smart contracts and our capital asset manager provides innovative ways to solve both old and new problems. TaxToken is creating the necessary accounting infrastructure for the future.
How does Triple-Entry Tax work?
STEP 1: Users download the app and sync their smart cards.
STEP 2: Users continue their everday spending habits.
STEP 3: Every transaction made with the smart card is recorded on the blockchain.
STEP 4: Our AI software sorts the transactions into an itemized list of tax deductions.
STEP 5: Come tax season, users return their itemized deductions, accept the TaxToken fee, and submit.
STEP 6: TaxToken autofills users’ 1040 forms for them and submits to the IRS.
STEP 2: Users continue their everday spending habits.
STEP 3: Every transaction made with the smart card is recorded on the blockchain.
STEP 4: Our AI software sorts the transactions into an itemized list of tax deductions.
STEP 5: Come tax season, users return their itemized deductions, accept the TaxToken fee, and submit.
STEP 6: TaxToken autofills users’ 1040 forms for them and submits to the IRS.
What tools are provided in the TaxToken product suite?
- Automatic generation of ready-to-file tax reports
- Patent-pending “One-Click” Crypto gains and losses tracker
- Patent-pending text-to-block donations
- Smart Card, Wallet and Exchange integration
- Secure decentralized storage
- Year-round coverage of all taxable events
Why does TaxToken use blockchain technology?
Blockchain technology offers complete transparency and fraud protection with its immutable, distributed ledger. This immutable and auditable technology incompasses what is deemed necessary for documentation purposes.
Who can benefit from using TaxToken?
Clients who generate between $45,000 to $250,000 annually receive the biggest benefit from TaxToken’s product suite. TaxToken provides our blockchain software for free to low-income households.
What is TaxToken’s vision?
Our vision is a secure, precise, and automated tax preparation process. From daily transactions–like capital gains/losses and itemizing deductions–to more unique financial events–like selling your house or paying for college–we can help.
What is the TaxToken promise?
We don’t want to only change your taxes, we want to change the world. We will give 5% of total ICO revenue to disaster relief and not-for-profits that the TaxToken Team believes in. TaxToken has already established a partnership with charity: water, the Wounded Warrior Project, the American Refugee Committee, and is excited to be talking with several other reputable charities at this time!
Why does TaxToken use blockchain technology?
Blockchain technology offers complete transparency and fraud protection with its immutable, distributed ledger. This immutable and auditable technology incompasses what is deemed necessary for documentation purposes.
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