These top crypto tax software can eliminate your post-trading problems by calculating your crypto tax obligations in only a couple of clicks. The cryptocurrency market is among the most sought-after trading avenues currently. Bitcoin has increased by over 4000% over the last five years. In the same time, Ether shot up a staggering 25000 percent!
Conclusion: cryptocurrency have been riding on a massive wave that investors shouldn’t to skip.
However, talk about crypto tax and people start thinking about it. Some people believe that crypto gains aren’t tax-deductible because cryptocurrency isn’t currently legalized in the nation. They could be totally wrong.
Because nearly every single instance of trading, buying, or trading cryptocurrency can be considered an event tax-deductible This is true regardless of whether your country has still working to legalize crypto.
You could be able to dodge crypto tax when it falls into the income exempt category in your country.
Therefore, while you can make huge gains (and losses) through cryptocurrency however, you must make sure you pay the right taxes and stay legally compliant to the tax laws.
Since we’re not all certified accountants or chartered accounting professionals, this best crypto tax software programs will be of great use. This will allow you to concentrate on trading, and avoid not accurately calculating your crypto tax.
Let’s jump right into the most effective tax software for crypto.
CoinLedger
CoinLedger was initially only available to users in the United States. Then, it began to offer assistance for Australian users. Currently, any user can access the platform, provided that their country has or either FIFO, HIFO as well as LIFO reports.
CoinLedger is a user-friendly interface and lots of support to get you started. They are compatible with a number of platforms such as Binance, Coinbase, Exodus, and many more.
There are specific guides to the import of transactions from every platform. Certain cryptocurrency trading sites also provide auto-import functions.
You may also ask your tax professional to read the tax return and download it directly from the dashboard.
CoinLedger provides free report preview as well as data import. You can also make unlimited changes and transfer your DeFi transactions to CoinLedger.
Subscription plans are based upon the amount of transactions that occur during the financial year.
TokenTax
TokenTax is an identical crypto accounting tool which supports FIFO, HIFO, and LIFO reporting options.
The base plan is limited to Coinbase as well as Coinbase Professional accounts. You can upgrade to higher levels to make use of multiple exchanges.
Furthermore, you cannot take any action without the ability to sign up for subscriptions.
The interface is simple. It is possible to integrate multiple exchanges by using API key. Additionally, TokenTax also permits manual input of transaction data or CSV upload.
You can choose to subscribe based on the amount of transactions, exchange support, as well as a few other options.
CoinTracker
CoinTracker is among the top tax software for cryptos since it offers a free level for people who are new to the field. It is possible to use it in up to 25 different transactions with no costing any fees.
However, it is more than just account for crypto. It also analyzes the performance of your portfolio and assists you in managing it so that you can maximize the return.
They currently support more than 300 exchanges and more than 8000 cryptocurrencies.
It is also possible to add popular exchanges by using API keys. In addition, you can perform an CSV upload or upload manually entries to check the tax implications prior to.
Like CyrptoTrader, CoinTracker lets you share your report with tax experts. Subscription plans are built on transactions, while higher-level plans offer DeFi support, too.
Koinly
Koinly comes with a affordable free subscription that can handle as much as 10,000 transactions, along with many other options. It can support the standard FIFO, LIFO, average cost basis and more. and tax accounting.
It can import data (API and CSV) from more than 350 exchanges and wallets. It also supports 50+ wallets as well as the 15 Blockchains.
Offering more than 17000crypto coins, Koinly lets you track the entire crypto portfolio all in one place.
It is able to report transactions that are not being reported and eliminate duplicate entries. Koinly plans are all Koinly plans (including the free plan) work with Margin, DeFi as well as Futures trading.
Accointing
You can calculate tax on crypto and track assets with the Accointing. The free version of the service allows the calculation of tax on crypto with up to 25 transactions.
As with the other tools in this list You can also make use of this tool if your country is able to support FIFO, LIFO, and HIFO methods of reporting.
Accointing lets you connect to many exchanges and wallets by using API keys. Additionally, you’re able to perform CSV uploads, or input each transaction by hand.
Additionally, it has an optimization tool for trading that lists trades that will help you minimize the tax burden of crypto. Additionally, with Accointing’s Crypto Tracker that you have, you will have one central location to track your cryptocurrency portfolio.
In addition, Accointing has applications for Android and iOS platforms, in along with the website interface.
TaxBit
TaxBit is compatible with more than 500 crypto wallets, exchanges, and platforms for DeFi. The cryptocurrency is natively supported only for taxpayers from taxpayers of the United States. However, the platform says that any taxpayer with similar tax systems can utilize it.
TaxBit offers a free-forever subscription for individuals that allows unlimited transactions. It is also possible to integrate related services and have all of your transactions on one dashboard.
TaxBit’s tax optimizer you can make the capital gain and loss prior to the transaction.
Additionally, certain features such as tax optimization, tax loss harvesting IRS Audit support, are reserved for the top tiers of tax preparation.
BitcoinTaxes
BitcoinTaxes allows you to calculate your cryptocurrency tax with specific FIFO and method of identification for accounting.
It is possible to import trades on the most popular cryptocurrency exchange platforms such as Binance, Coinbase, Exodus, Kraken, and many others.
BitcoinTaxes offers the option to upload transaction entries manually.
The best part about the tool you can use is the free plan comes with the same features of the most expensive subscription plan. The only thing you are limited to is the amount in transactions (up up to twenty) for the free forever plan.
There are also tax experts from crypto to assist you in preparing your tax returns. In addition, they offer services such as converting CSV files, analysis of the results as well as custom report design as well as other.
BearTax
BearTax operates in conjunction with FIFO and LIFO systems for reporting. You can upload your entries and view the capital gains and losses without having to pay anything.
But, this program is not the option of a free subscription. It is also required to pay to download any tax-related documents.
You can import data from a variety of exchange platforms using API keys , or CSV uploads. Their sophisticated matching algorithm can aid you in avoiding non-essential tax transactions for every exchange.
In the end, BearTax helps you to categorize your cryptocurrency income into eleven categories like mining, gifts, staking and airdrops. Referrals, too.
ZenLedger
ZenLedger is a leading crypto tax software that offers support for various exchanges using API keys as well as CVS uploads.
It is suitable for HIFO, LIFO & FIFO reporting methods. It is possible to have multiple exchange platforms with ZenLedger. Additionally, it allows you to report a range of income from crypto, including DeFi, NFTsand mining, staking, donations and many more.
ZenLedger has two categories of subscriptions: DIY and Tax-professional-assisted.
It is obvious that the former is cheaper with a no-cost tier that permits the use of up to 25 transactions. The free plan includes all the benefits of paid subscriptions, but it does not include assistance for DeFi and NFTs.
The latter type of plan also comes with an option of only consultation that is much less costly. You can select this and then move on to DIY plans as an alternative that is cost-effective.
Tax.Crypto
The most appealing thing about Tax.Crypto is that there’s no subscription fee. It’s totally free. The program supports natively to Germany and the UK and Canada, the USA, Canada, and Australia.
One can add wallets as well as API keys that allow you to sync transactions.
At present, only the most popular exchanges within the jurisdictions mentioned come using API sync. But, there’s always the option of creating an CSV that you can upload to calculate your crypto tax.
Crypto Tax Calculator
Crypto Tax Calculator is a high-end cryptocurrency tax accounting utility. The list of features is lengthy and is dependent on the type of subscription you choose.
They have a complete list of exchanges supported. While international investors are able to use the software but it is best to confirm the tax reporting procedure prior to.
The tool does not have an option to purchase a free trial. It instead comes with the opportunity to try it for 30 days free. You can import your data, calculate taxes and examine transactions through the trial.
But, you must pay for the paid tiers to get financial year-end reporting. Yes you can upload data using API keys as well as CVS uploads are both supported.
Cryptio
It’s Cryptio quite similar to the prior choice. The first is that there is a free trial available to make up for the lack of a no-cost tier. There are also many subscription-based options.
This option is targeted at tax accounting companies. The registration form asks for the current name of your company as well as the designation details.
Cryptio will assist you in the event that you’re a native crypto corporate player who is interested in DeFi solutions such as blockchain games, metaverses and more.
You can also sign up to the 14-day full-time trial for 14 days to test if it meets your needs.
Coinpanda
Coinpanda should be your preferred tax-free trading solution for cryptos for those who want to begin without having to pay a cent. Its free plan is loaded with features and only misses a few options that are only available for the most expensive subscription.
You’ll earn your crypto earnings from many different optionslike mining or staking, forks gifts, airdrops or donations, etc.
Tax regimes that allow FIFO, LIFO, ACB, Share Pool, etc. can make use of this software to calculate tax on crypto currencies.
Coinpanda supports 7000+ cryptocurrencies. It can be used with the normal API sync or CSV for import of data from a variety of exchange platforms.
The free plan only allows 25 transactions. That’s acceptable, if you consider the features you’ll receive.
In addition, you can include any number of exchanges you want with this best cryptocurrency tax software.
CryptoTax
The CryptoTax service from Blockpit aids you in complying with tax laws in countries like the US, France, Spain, Germany, Austria, and Switzerland.
They are able to support the most well-known exchanges, such as the Binance, Coinbase, Kraken and many more.
API as well as CSV import capabilities are both available. Although you can import an unlimited amount in transactions at no cost, the standard option limits your tax report to maximum 25 transaction.
The software for taxing crypto is equipped with automatic classification of transactions and error checking. Additionally, it allows you to keep track of crypto tax using various sources.
Conclusion
Tax is a dreadful evil which we must face.
The features that are listed in the tool aren’t complete. It is advisable to do a thorough research prior to signing up to any cryptocurrency taxes software.
