Top 5 Software for Filing Crypto Taxes
As the crypto industry grows, crypto tax reporting has become a requirement for all crypto investors. This is true in many countries where crypto taxation has been adopted. However, filing crypto taxes can be a headache without the right tool.
Crypto tax software is the primary tool for filing taxes accurately and with as little pain as possible. There are many crypto tax programs out there, but here are five you can use to file your crypto tax for the upcoming tax season.
Cryptotax calculator is one of the best crypto tax software options. With it, you can easily identify, track, and organize crypto investments or transactions across hundreds of exchanges, blockchains, and wallets.
When filing your taxes, Cryptotaxcalculator allows you to include your NFT, DeFi, and DEX trading history, without leaving details.
Specifically, the software is integrated with over 500 exchanges, blockchains, and wallets. Tax reports include derivatives and staking when supported, and you can download your reports for all fiscal years at any time during a valid subscription period.
There is also a package for accountants who manage multiple client accounts, which allows them to harmonize their clients’ portfolios in one place.
Although Cryptotaxcalculator is not free, it comes with a 30-day trial period, during which you can use the software to categorize all your transactions for free.
You will only be required to pay if you wish to view your tax return or after the 30 day period has expired. Are you new to crypto tax? Here’s everything you need to know about Bitcoin and crypto taxes.
Paid plans start from $49 per year for Rookie, $99 for Hobbyist, $189 for Investor, and $299 for Trader accounts.
ZenLedger is another great tool for accurately and easily filing your crypto taxes. Covering NFT, DeFi and crypto, just like Cryptotaxcalculator, ZenLedger also ensures that you only pay what you are supposed to pay and not a penny more with its crypto tax loss collection tool.
You can easily track your transactions, and using your cryptocurrency transaction history, the software automatically generates IRS forms for additional income, capital gains and losses, sales, and many other actions.
It also has a great Unified Accounting feature, which is a unique ZenLedger feature that allows you to see your complete transaction history across all exchanges and wallets in a single spreadsheet, along with the associated calculated tax.
With this in place, you can connect to over 500 exchanges and wallets, review your crypto transactions, and complete your tax forms in minutes.
ZenLedger offers a free plan that allows up to 25 transactions per year for those using it for personal tax reporting. There is also a professional suite for tax professionals to help manage client tax filings.
In addition to helping with portfolio tracking, tax reporting, and reporting, ZenLedger provides free crypto tax insights and advice to help you make informed decisions.
ZenLedger paid accounts are Starter ($49), Premium ($149), Executive ($399), and Platinum ($999), billed annually.
coin tracker is one of the largest and best-known crypto tax programs, with $50 billion in tracked assets. You can track your crypto wallet on the go for any supported exchange, cryptocurrency or wallet.
This also supports NFTs and is the official fiscal partner of OpenSea, the largest NFT marketplace in the world. You get automated portfolio tracking on over 10,000 cryptocurrencies and over 300 wallets and exchanges.
At the same time, you can review your crypto transactions and the software saves you money by optimizing cost-based accounting methods and using tax loss harvesting to avoid tax overpayments.
Cointracker offers a free account with up to 25 transactions, just like ZenLedger, but its paid offers are much less attractive than those of Cryptotaxcalculator or ZenLedger.
In addition to handling crypto taxes, Cointracker also serves as a crypto market information platform. You can access cryptocurrency prices on the website and monitor the market from there.
Cointracker has three paid plans billed annually: Hobbyist, Premium, and Unlimited. The first two cost $59 and $199 respectively, while the unlimited is priced according to the user.
TaxBit bills itself as the crypto tax company that works with regulators to provide unique crypto tax services to its clients. It also considers itself the most secure crypto tax software, with its platform built by tax and security experts. According to its website, TaxBit is “independently SOC2 certified”.
Individuals and businesses can use TaxBit to report crypto tax information and track their crypto portfolios. Additionally, by working with regulators, the platform ensures that it provides state-of-the-art services that comply with government regulatory requirements.
TaxBit considers data security to be of the utmost importance and therefore has various security certifications, including SOC1, SOC2 and ISO27001.
You can access unlimited crypto tax reporting on TaxBit’s free plan with email support and connected wallet addresses.
The free plan also allows integration of data from over 500 exchanges, blockchains, and wallets, as well as the DeFi and NFT tax engine. You will also have access to all current year tax forms for all supported companies in the TaxBit network.
Taxbit’s paid plans include Basic starting at $50 per year, Plus+ starting at $175 per year, and Pro starting at $500 per year.
Coinpanda is called “the global crypto-tax solution”. With over 65 countries supported, the company probably deserves the title.
If you are from one of these countries, you can simply connect your account to an exchange or wallet and receive your crypto tax return fully compliant with local laws.
In addition to capital gains, DeFi, and NFT, Coinpanda also generates reports for mining, staking, airdrops, yield farming, and other revenue streams at no cost.
Of course, the software is integrated with major crypto exchanges, including Binance, Coinbase, Gemini, Kraken, and many more.
Coinpanda can generate tax reports for over 150,000 transactions, with over 12,000 cryptocurrencies supported. You can try the free plan, which allows up to 25 trades, with access to unlimited exchanges and wallets.
The free plan also supports portfolio tracking, capital gains insight, and tax reporting for DeFi, futures, and margin transactions.
If you don’t want to file your taxes yourself, Coinpanda has a list of certified tax professionals who can help you file your taxes accurately according to local laws.
Is Crypto Tax software worth using?
Crypto tax software is designed to make it easier to file crypto taxes. Using them allows you to file your tax return in minutes and on many exchanges, wallets, and blockchains. Using such software reduces the risk of making mistakes in your tax return and saves you time.
Therefore, they are worth using unless you prefer to do everything manually, which can be a daunting task.
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