10 Best Crypto Tax Software Solutions: No More Mistakes!
Owning cryptocurrencies does not incur taxes, but taxes are inevitable when used in business dealings. According to the worldwide crypto adoption index by Chainalysis, global adoption is rising amidst the worldwide economic turmoil. Vietnam ranks first in overall adoption, and the US ranks 5th. Top blockchain development companies have capitalized on the prevalence of digital money, delivering outstanding services.
The universal crypto user index indicates that 97% of users were confident of the asset worth of the digital money. While it is true that investing is lucrative, it does not eliminate the possibility of charges.
A majority of enterprises and entities face a daunting chore when they need to gather info on crypto dealings for writing duties. Maintaining info related to costs, revenues, and deficits can be confusing or tedious. The task is further complicated due to the changes in the limitations present for diverse jurisdictions.
Fortunately, we can find effective excise applications online that assist in organizing everything. Here are the 10 best crypto tax software solutions that ensure error-free levy writing.
For newbie toll filers, Koinly is an affordable and best crypto tax software to try. It offers attractive options like bringing in their trades' details, identifying corresponding deals rates, and more. Founded in 2018, the program boasts excise writing in less than 20 minutes. Opening at $49 pricing, the system functions in reducing the chargeable amount for the subsequent year.
- Simple trade importing process
- Artificial intelligence technology is inbuilt to enable seamless functioning.
- Provides extensive exchange and wallet support (300+).
- Supervises the entire holdings, growth, and returns.
- Creates filled excise procedures (IRS)
- Provides detailed levy information.
- Cost-effective rates.
- Multiple incorporations.
- Popular in many countries (20+).
- State-of-the-art functionality only with the expensive packages.
$49(Newbie)/$99 (Hodler)/$179(Trader)/$279 (Pro)
For meticulous and exact writing, CryptoTaxCalculator is the best crypto tax software option to choose. It boasts 600 incorporations and 100000 plus users. Besides giving precise info, it delivers a breakdown of the calculations.
Consumers can know and understand the method, rules, and customizations applied to their specific situation. Assessment of levies is completed in three simple steps, namely, direct upload of operation history, categorization, and generation of the statement.
- Covers all crypto circumstances, NFT, DeFi, and more.
- Easy to decipher statements.
- Works efficiently with all sophisticated and multifaceted DeFi products, staking methods, and more.
- Relied upon by top accountants in the field.
- Exhaustive calculations with explanations.
- Has numerous incorporations.
- Affordable packages with refund assurance.
- Lacks diversified characteristics found in competitors.
$49 (Rookie)/ $99 (Hobbyist)/ $189 (Investor)/ $299 (Trader)
CoinTracker flaunts over one million users and is the endorsed excise associate for Coinbase and Quicko. The best crypto tax software works with 300-plus crypto integrations. Its assets range over 10k. When compared to conventional money instruments, this solution aids users file dues fast and proficiently. It functions to optimize users’ collections and boost their holdings throughout the year.
- Permits portfolio following automatically, allowing viewing of the asset achievement, allocation, and market worth.
- Past trade operations in various services are unified, enabling convenient and hassle-free filter and search methods.
- Optimizes cost-basis accounting and saves a huge amount annually with its tax-loss selling feature.
- Guarantees acquiescence with the pertinent regulations.
- A huge volume of compatible currencies
- Multi-functional mobile app
- Packages comprise a zero-cost option
- Is not employable in several countries
Free/ $59 (Hobbyist)/$199 (Premium)/ Custom price (Ultimate)
For firms dealing in several thousand trades, ZenLedger promises an expedient and effective result. It provides tracking, observing the earnings and deficits, and exact levy writing functions.
To apply the best crypto tax software, minimal effort is sufficient. A user needs to furnish info on all trades which the program utilizes for creating a complete account. The customized resolution center focuses on quickly finding left-out trades and transferring the created arrangements.
- Employs past financial operation info for making statements, including income sources besides the factors like proceeds, bonuses, and earnings.
- Figures principal takings and deficits that cover the additions from investments made in the digital sector.
- Evaluates past dealings and related info to produce good savings prospects.
- Unifies operations conducted in the sector into one database and additionally attaches info on the related levy evaluation.
- In-house first-class support for users beginning from 9 am to 9 pm throughout the week.
- Ability to get assistance from specialists
- Delivers advanced and diversified functionality
- Costly when compared to competitors.
- Provides support for USA clients mainly.
Free/ $49 (Starter)/ $149 (Premium)/$399(Executive) / $999(Platinum)
Accointing flaunts monitoring and excise statement creating characteristics with compatibility for all major cryptocurrencies and NFTs. The best crypto tax software is now collaborating with Glassnode to ensure a market-leading arena for protecting and growing the treasured assets of users.
Crypto portfolio monitoring and levy assessment are the major functions this software provides. It covers centralized and decentralized facilities. Utilizing the information and intelligence resources provided by Glassnode, the program aims to create superior and precise tweaking of toll evaluation and comprehensive statement creation.
- Provides an extensive library of financial and on-chain info, ensuring an effective market view via an actionable and intelligible perspective.
- Detailed tracking characteristics with valuable insights.
- Precise detailing conforms to the concerned country's regulations, along with augmentation tools.
- Filing toll info is effortless and completed in just five clicks.
- Hassle-free usage without complicated controls
- Ability to operate in 7500 or more currencies
- Ability to keep tabs on the prevailing trends and client selection simultaneously.
- It is employable only in a handful of jurisdictions.
Free/$79 (Hobbyist)/$199 (Trader)/ $299 (Pro)
For users in search of a low-cost program that is a viable option without compromising on the crucial qualities, TaxBit is an ideal option. The best crypto tax software delivers an amalgamated bookkeeping and excise writing system.
It promises scalable information correctness and amenability with various personal and large institutions packages. Handlers of the program can profit in many ways due to its key aspects that cover levy amenability, TIN confirmation, and more.
- The package is formed by professionals leading in the relevant sectors.
- Creates actual perceptions of the original value and returns whenever needed.
- Compliant with many of the critical guidelines necessary for proper excise writing.
- It partners with Deloitte and has many certifications, including ISO27001.
- Correct statement compilation and settlement of cash dealings.
- Optimization of portfolio enabling big savings on the principal takings.
- The free plan has infinite trades
- Certifications for better info and privacy protection
- Minimal computerized synchronization.
- Manual configuring of files.
Free/ $50 (Basic)/$175 (Plus)/$500 (Pro)
Boasting a sophisticated specialized design, Ledgible focuses on certified public accountants, establishments, and excise experts. It aids in identifying liabilities and carries data to the existing systems ensuring precise and competent information processing.
Professionals can employ the program to observe and supervise the progress of clients’ money. They can work right with user accounts enabling speedy preparation and return following. The best crypto tax software can standardize details and create the required statements for coherent management.
- Consolidate and oversee returns into the excise groundwork plan.
- Sophisticated client gateway to efficiently tie in with existing and new consumers
- Top-notch security
- Efficient progress indicators for tracking consumer growth
- Sophisticated reporting that can fit in with the existing arrangement
- Innate team administration control panel that needs no additional charges or limits.
- High-level security
- Good compatibility with other excise programs
- Automatic transaction tracking
- Powerful manual entry feature
- Does not support as many currencies as the competitors.
$49 for a maximum of 200 trades/$99 for 200 to 1000 trades/$199 for every new 2500 trades.
To deliver precise excise statements, Bitcoin.Tax evaluates principal returns and deficits. It produces info and systems for creating levy statements.
Consumers need to just send or enter the info on their dealings, and the program takes over all the concerned chores. The packages comprise free and paid options that can process millions of operations effectively.
With the original program design, it is possible to make a comparison of various cost-basis methods like LIFO, FIFO, and others. Statements on income, principal gains, closing value, and other related info are given.
- Imports past trade info from several exchanges like Binance, Bitfinex, and more.
- Allows import of payments, proceeds, mining, swaps, and other related dealings.
- Allows appraisal and monitoring of individual addresses
- Backing spans many years
- Compatible with several digital and conventional money.
- Countries covered mainly include the UK, the US, Australia, Canada, and Germany.
- Allows working on all pertinent data, including past trades.
- Produces a diverse assortment of statements
- Allows different formats like TaxACT, form 8949, and more.
- The low-tier packages do not have advanced functionalities.
Free/ $44.95 (Premium)/$54.95 (Premium Extra)/$64.95 (Deluxe)
Previously named BearTax, Fyn software aims to maximize profits without worrying about taxation. It analyzes user business operations and produces the desired info for precise statement writing. The program includes structured tactics and excise functionality. It is obtainable internationally and backs 25 countries, including the USA and Japan. The requirements are simple. A customer selects the required country, and the design activates the auto-assigning of the corresponding levy rules to the account.
- Users can provide the relevant materials for the excise and bookkeeping operations and earn their customer’s trust
- Assess high-volume dealings with a superior degree of scalability at no additional cost.
- Calculate taxes in a few minutes.
- Integrate with numerous exchanges
- Save on levies and curtail force-sells with the proper bookkeeping of transfers.
- Keep the API or private key info well-protected.
- Round-the-clock customer service
- Functions seamlessly with conventional excise programs
- Backing of specialists
- Lack of presence in many countries.
- Upper-tier packages are costly.
Free/ $49 (Basic)/ $149 (Plus)/ $499 (Pro)
Formerly named CryptoTrader.Tax, this best crypto tax software boasts speedy excise writing. Initiated in 2018, it uses automatic writing to streamline bookkeeping and related tasks. The system concentrates chiefly on levies for the digital money environment that includes NFTs. It intends to curtail the duration consumed and boost returns for handlers. Free portfolio monitoring, backing in several regions, and the endorsed TurboTax associate are vital characteristics of this levy writing program.
The firm boasts of being relied on by 3,00,000 plus investors. It functions efficaciously, completing the required task in three quick steps that include bringing in info on the trade dealings, screening the statement produced, and writing the final statement. Direct integration with key platforms assures effortless use of relevant data without any difficulties. A consumer can transfer the finished statement and complete the process on their own or get the help of their bookkeeping service.
- Partners with services like TurboTax Online to guarantee seamless records of principal returns.
- It supports multiple countries enabling easy reporting in the supported countries.
- Provides extensive knowledge base to increase consumer awareness of crypto.
- Makes available full audit assistance.
- Collaborates with TurboTax
- Diverse packages
- Refund guarantee
- Direct excise filing is not available
- Lower-tier pricing lacks sufficient support.
$49 (Hobbyist)/ $99 (Day Trader)/ $199 (High Volume)/ $299 (Unlimited)
Important influencing factors in bookkeeping and excise software for cryptocurrencies
With a numerous assortment of brands available online for bookkeeping and excise writing, spotting the ideal pick is an intimidating chore. Below are a few vital aspects that influence the selection of the best crypto tax software:
- Extensive exchange backing with automatic incorporation for effortless assessment and exciting writing.
- Compute revenues and assess past financial operations.
- Free or affordable with a sufficient figure of satisfactory functionalities.
- Capable of receiving and sending transfer statements and other details.
- Provide complete inspection aid.
- Check information for erroneous facts.
- Customizable for personal and business needs.
- Possess features that help curtail the excise amount and provide savings.
- Provide good security and safeguard user info.
Which tax service is best for crypto?
A service that provides automated accounting and reporting features with affordable packages and good support is the best crypto tax software choice to consider. Full audit help, security, 24/7 support, and customizable options are other key features to look for.
Different types of tax software
Software for calculation and reporting can be of a questionnaire type where the user provides information by answering the questions asked in a form. The software uses the answers to fill in the related sections in the tax filing form.
Another type of software that is commonly found is the type where a document similar to the tax filing form is present. The user fills in the precise information as per the data required.
The above types, when used in electronic form, are of the e-filing type. E-filing is instantaneous and easy to do. The refunds are quicker than when the traditional format is applied.
Crypto taxation method
Not all transactions are taxable. Some of the tax-exempt transfers include:
- Purchase of crypto using USD or other fiat currency.
- Gifting crypto except for large amounts.
- Donation of crypto
- Transfer of crypto between wallets of the same user.
Taxable situations include:
- Selling crypto for fiat currency.
- Sending or receiving payments in crypto.
- Staking, mining, or swapping crypto
- Holding airdropped tokens.
How do I file my own crypto taxes?
A crypto user can file his or her crypto taxes provided there is a proper record of the profits and losses. The IRS requires filers to provide information on the amount they receive, sell, exchange, or have financial interest disposed of in other currencies. Meticulous records of crypto usage must be kept.
For users transacting over $20,000 and making over 200 transactions, a Form 1099 K is to be filled only if the two conditions are met.
The process and regulations can be difficult to follow for businesses as well as individuals. Luckily, crypto tax software systems are available online that make the task hassle-free and quick.
How do I get a free crypto tax report?
Many best crypto tax software solutions offer free plans that allow you to download completed tax reports for free. Users can avail of these solutions to get a basic tax report. For more detailed reporting and saving on taxes, paid packages are crucial.
Investing in crypto offers plenty of lucrative opportunities to grow your wealth. But, as with any other asset, taxation needs to be considered. The diversified limitations and regulations applicable to crypto are best dealt with using reliable and best crypto tax software. From safe importing of data to saving money on taxes, there are many benefits to using the right crypto tax software solution. Using one of the best crypto tax software systems provided in the list above will ensure accurate and efficient reporting.