Are you using Cryptocurrencies for trading purposes and worried about paying taxes on your profits? Check out the Best Crypto Tax Software options and compare them to choose the one that fits your needs.
In this article, you can discover the best Crypto tax software and their top features, prices, and other important details. This information can help you choose the one that best fits your needs.
What is a Crypto Tax Software?
Crypto tax software simplifies the process of calculating and filing your cryptocurrency taxes. It’s pre-programmed, making it easy for traders to use without requiring technical knowledge.
In addition, crypto tax software assists in monitoring your crypto portfolio. With its features, you can organize your transactions into gains and losses, which automatically streamlines the tax filing process.
How does Crypto Tax Software work?
More and more people are investing in cryptocurrencies these days because they believe it can make them very rich very quickly. There are examples from history where people became millionaires or even billionaires by investing in cryptocurrencies.
When it comes to paying taxes on the trades you made with crypto exchanges, it can be a challenging and troubling process.
As a cryptocurrency investor, you likely make many transactions in a year. However, it can be difficult for many people to keep track of all these transactions and calculate their net profit and loss.
Crypto tax software can be useful in this situation. It automatically syncs with your crypto exchanges and wallets, calculates your capital gains and losses, and generates final tax reports that you can use to file your taxes.
Best Crypto Tax Software Solutions to Simplify Your Tax Filings
This tax software is suitable for both businesses and individuals who require local and international tax filing capabilities and advanced tax calculation features.
Koinly is considered the top crypto tax software as it seamlessly integrates with all your wallets, exchanges, blockchain addresses, and services. This provides a comprehensive overview of your invested funds across multiple platforms.
- Connects to a wide range of 353 cryptocurrency exchanges, 74 wallets, and 14 blockchain addresses.
- Automatically syncs and updates data from all connected sources.
- Enables simple exportation of transaction data to popular tax software like TurboTax and TaxAct.
- Tracks your cryptocurrency portfolio across multiple wallets and accounts, providing real-time information on profit and loss, as well as tax liabilities.
Koinly streamlines the process of calculating taxes on your cryptocurrency exchanges, making it easy to export the results to other tax software. The positive reviews from Koinly’s users paint a favorable picture of the crypto tax software.
- Reasonably priced subscription plans.
- Seamlessly integrates with an extensive range of exchanges and wallets.
- Provides support for filing international taxes.
- A standalone tax-loss harvesting feature is absent.
- The free plans do not include tax reports.
- Newbie: $49 annually for the tax year
- Hodler: $99 annually for the tax year
- Trader: $179 annually for the tax year
- Pro: $279 annually for the tax year
Best for Quick and Accurate Tax Reporting
Coinpanda simplifies tax reporting by generating comprehensive reports on all your cryptocurrency transactions and taxable gains within 20 minutes. The platform provides detailed breakdowns of acquisition costs, proceeds, and short- and long-term gains for each crypto asset and NFT you own. What sets Coinpanda apart is its ability to generate tax reports specific to over 65 countries’ laws worldwide.
- Capital Gains Report
- DeFi support on all blockchains
- Automatic profit-loss calculation for futures and margin trading
- Reports for income, staking, and mining
Coinpanda is a reliable platform for quick, accurate, and easy tax reporting. The platform generates tax reports that adhere to local tax laws and regulations, such as the IRS and CRA. Coinpanda is among the top crypto tax service providers in the market.
- Quick and accurate tax reporting
- Support for donations and lost coins
- Country-specific tax reporting
- Import from over 800 exchanges and wallets
- Customer support needs improvement
Coinpanda offers the following pricing plans for its tax reporting services:
- Forever Free Plan: Includes tax reporting for up to 25 transactions at no cost.
- Hodler Plan: Costs $49 per tax year and covers tax reporting for up to 100 transactions.
- Trader Plan: Costs $99 per tax year and provides tax reporting for up to 1,000 transactions.
- Pro Plan: Costs $189 per tax year and covers tax reporting for over 3,000 transactions.
Best suited for novice users due to its free tier without any limits.
TaxBit is a cryptocurrency tax solution that has been established by tax lawyers and CPAs for users who want to generate crypto tax reports from their 1099s and other data, as well as for businesses that need to distribute 1099s.
TaxBit employs automation technology that syncs your data and produces final tax reports for you, which eliminates the need for any manual intervention.
- Supports over 150 exchanges and 2,000+ digital currencies.
- Allows you to export your transaction reports.
- Provides a powerful dashboard that displays your tax position, asset balances, and unrealized gains/losses.
- Features tax loss harvesting and portfolio performance analysis.
TaxBit is known to be a user-friendly cryptocurrency tax tool, and its customer service is also praised by its users. The automatic sync feature that synchronizes your transactions across various exchanges and generates tax reports without requiring manual intervention is a major plus.
- Availability of customer service representatives.
- Immutable audit trail. Exchange 1099s issuance.
- CSV file formatting must be done manually.
- Limited automatic sync reporting.
The pricing plans for TaxBit are as follows:
- Basic: $50 per year
- Premium: $175 per year
- Pro: $500 per year
Ideal for advanced users and enterprises.
ZenLedger is a cryptocurrency tax solution that enables integration with over 400 exchanges and 30 DeFi protocols. It is a popular choice among both investors and tax professionals, with over 15,000 customers relying on its tax simplification services.
ZenLedger’s extensive integration capabilities make it a comprehensive and efficient tool for managing cryptocurrency taxes.
- Computes your crypto gains and losses by utilizing your transaction history.
- Allows integration with TurboTax for seamless tax filing.
- Provides access to a tax professional across all its plans.
- Includes tax loss harvesting tools and unified accounting reports.
ZenLedger is a viable option for asset holders, and even offers a free plan that includes access to a tax professional. However, the free plan is limited to tracking 25 transactions.
- The pricing model is transaction-based.
- Robust support for decentralized applications, but limited to higher-priced plans.
- Access to tax professionals is available.
- While offering professional assistance, the pricing for the entry-level plan of this service is considered high compared to its competitors.
- This service is not available internationally.
Price options are available to suit different needs and budgets:
- Free: $0 annually
- Starter: $49 annually
- Premium: $149 annually
- Executive: $399 annually
Ideal for generating and submitting detailed tax reports.
BitcoinTaxes helps you accurately determine your capital gains and losses to simplify your tax filing process. In addition, the platform provides access to experienced crypto tax professionals who can assist you with entering crypto trades into Bitcoin.tax.
- Compute your profits and losses from crypto investments.
- Avail full tax preparation services, starting from $600.
- Consult with tax experts for tax planning purposes.
- Utilize the tax loss harvesting feature.
BitcoinTaxes is a commendable cryptocurrency tax solution that offers various price plans, ensuring you only pay for what you need. Additionally, the software provides an extensive list of features that are quite impressive.
- Simplify tax filing by importing CSV files and uploading transaction histories from wallets and exchanges.
- Create reports for various tax categories, including capital gains, incomes, donations, and closing.
- Support for Form 8949, TaxACT, and TurboTax TXF formats.
- The non-premium accounts have limited features.
- The free version only permits up to 100 transactions.
This tax software offers a free plan along with several paid plans:
- Premium: $39.95 per tax year
- Premium Extra: $49.95 per tax year
- Deluxe: $59.95 per tax year
- Trader (50k): $129 per tax year
- Trader (100k): $189 per tax year
- Trader (250k): $249 per tax year
- Trader (500k): $379 per tax year
- Trader (1M): $499 per tax year
- Trader (unlimited): Contact the company for pricing information.
Cryptocurrencies have gained massive popularity in a relatively short period due to their high-profit potential. However, trading in cryptocurrencies also means you’ll have to pay taxes, which requires an accurate calculation of your capital gains and losses.
Calculating taxes for cryptocurrency can be a daunting task. Thankfully, there are various crypto tax softwares available that can make this process effortless by integrating with your crypto wallets and exchanges. Within a few minutes, you can generate tax reports using these softwares.
An additional resource to explore: What Is Crypto Tax And Crypto Regulation?
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