Cryptotaxes Suck and I Will Fix It

My name is Dennis Wohlfarth and I’m the co-founder of Accointing. I’m a German, 27-year-old, Ph.D. candidate in Mechanical Engineering from the University of Stuttgart that loves German cars, beers, dogs & project management. I would say that I’m your usual German stereotype except for two things: my love for shrimp avocado tacos and cryptocurrency taxes.

I have been obsessed with crypto for the last four years. It all started back in 2015 while doing an internship in Modena for a very famous Italian car manufacturing brand that has a horse on the logo. There, I met a now very good friend of mine and business partner who got me involved in the whole crypto world. Immediately, I got absorbed by it…

The first Bitcoin I received was as payment from a friend. On the weekends, I would read about upcoming projects while at the same time I would work on my master thesis. The more I read, the more I would get it: decentralized systems just made a ton of sense.

After a lot of reading, I decided to get more involved- I joined the weekly meetups in Stuttgart & started working with a few different crypto projects. I wanted everyone I knew to fall into the same rabbit hole as I did.

As Albert Einstein once said: “Wenn die Menschen nur über das sprechen, was sie begreifen, dann würde es sehr still auf der Welt sein.” (which means: “If people only talked about things they understand, then it would be very quiet in the world.”and man is this world loud! So is crypto and so were the taxes.

Every year I had this issue of filing my taxes. I tried using some of the existing crypto tax tools:

I imported my exchanges, my OTC trades, wallets, ICOs, etc and started uploading the .csvs and tried to figure out what that tax report was trying to say…and it wouldn’t say anything. At least not to me: my gains looked bigger than they actually were (meaning I needed to pay more taxes), it was extremely hard to input all my exchanges, I couldn’t see the variability of the holding period and there was no multiple depot functionality.

I got tired of these solutions.

Thus I called up my friend from Modena who was now living in Switzerland and told him: “We should build our own crypto tracking and tax tool. The current ones are not good enough to use. These current platforms are extremely hard to work with and they have no interest to fix the user experience.” He agreed and so we began brainstorming.

Long story short after years of being pissed off we started building Accointing in January 2018.

Try it out here.

E.mail: [email protected]

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