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Cryptocurrency taxes are complex, but one only needs to know three pieces of information, which are the date, quantity, and price of the cryptocurrency asset that one sold. The amount one ought to pay in tax can be deduced from these three pieces of information.
Things become more complicated when one is exchanging, earning, loaning, lending, or farming various crypto assets. By knowing the quantity, date, and price of the cryptocurrency asset that one purchased, the amount of money that one owes the government as tax can be derived. However, keeping track of these three pieces of information can be particularly complicated if one makes a huge number of trades annually. This is where cryptocurrency tax software comes in.
This software synchronizes over exchanges and wallets to compute one’s profits or losses; it then provides the final tax statement, which one can file with the government.
In this post, we will examine some of the top-rated cryptocurrency tax programs available. This software is rated based on its pricing, the number of exchanges that each of them supports, and remarks from users.
- CoinTracker
Best for Keeping Non-Fungible Token and Cryptocurrencies taxes.
This software (CoinTracker) synchronizes pieces of information from one’s cryptocurrency portfolio and utilizes these pieces of information to produce a tax form to file one’s returns. CoinTracker supports over five hundred exchanges and ten thousand cryptocurrencies. It also works perfectly with TaxAct and TurboTax.
Features:
- CoinTracker automatically produces tax statements annually.
- It works perfectly with TurboTax and TaxAct.
- Its portfolio is very interactive and displays transactions with charges and taxable income.
- It comes as a mobile phone (Android and iPhone) application.
- It is rated 3.1 on TrustPilot.
Pricing:
- Hobbyist: $53 per annum
- Premium: $179 per annum
- Unlimited: Priced Individually
Verdict:
Users rates CoinTracker 4.0. It is a very useful tool for tracking NFTs and Defi taxes. Its price point is fair enough, and it possesses broad exchange integration. Nevertheless, there have been privacy issues due to a data breach at its email service provider (Sendgrid).
- TaxBit
It is the most suitable for professional traders and organizations that keep custody of clients’ cryptocurrencies.
TaxBit is unique amongst all other crypto tax software because it is the only end-of-tax software created by a tax lawyer and CAPs, in collaboration with software programmers. This software is equipped with a digital paper trail, which backs one up in the case of an audit. It provides a very intuitive interface that fits virtually all individuals, from novices to industry regulators.
Features:
- It supports five hundred exchanges and two thousand cryptocurrencies partnered with BlockFi to ease cryptocurrency tax for BlockFi users. It also has a great dashboard that displays user’s asset balance and unrealized gains and losses, as well as tax positions.
- It works excellently well with TurboTax.
- It was given a rating of 4.0 by Trustpilot.
Price
- Basic: $50 per annum
- Plus: 175 per annum
- Pro: $500 per annum
Verdict:
Users give TaxBit an overall rating of 3.5. The TaxBit software supports nearly all cryptocurrency exchanges. It also provides users with an unchangeable audit trail and good customer support services. Nevertheless, a few users revealed that there are limited choices for automatic synchronizing and reporting.
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- CoinTracking
This software is suitable for cryptocurrency traders and cryptocurrency companies.
CoinTracking is the founding father of cryptocurrency taxing. It was initially a portfolio-tracking software. It analyzes cryptocurrency trading and produces real-time tax statements. It has a live demo option, which gives users an experience of how the software functions before they make payments for its use.
Features:
- It uses APIs to facilitate automatic imports.
- Supports two-factor authentication.
- Can provide tax statements for more than 100 countries.
- TrustPilot rates it 2.9.
Price
- Pro: $12.99 per annum.
- Premium: $19.99 per annum.
- Unlimited: $16.99 per annum.
Verdict:
Users rated Cointracking 3.5 because it’s a valuable tool for cryptocurrency traders and organizations. It could be a bit challenging at the start, but soon becomes very easy to use once an individual understands how to use it.
- Accointing
Suitable for beginner and professional crypto traders who are after robust features.
The Accointing software tracks and generates tax reports for cryptocurrencies. It also provides users with tools to analyze their portfolios, monitor the market, and generate tax statements so that users can file their tax returns without any difficulty. This software has an intuitive user interface that can be used by both professional and beginner cryptocurrency traders. The Accointing software supports more than four hundred crypto exchanges. It as well allows users to automatically import all their cryptocurrency transactions through their wallet address.
Features:
- Supports over four hundred wallet exchanges, as well as over seven thousand five hundred currencies.
- Can print an infinite number of tax statements.
- Monitors users’ cryptocurrency portfolios.
- It has a portfolio analysis tool to assist users in making informed decisions.
- Functions well with TurboTax.
- TrustPilot rates it 4.0.
Pricing:
- Free: $0
- Hobbyist: $79
- Traders: $199
- Pro: $299
Verdict:
Users give Accointing software a total rating of 3.5. This software has an interface that is very easy to use, such that with just a few clicks, in a few seconds, you can check your portfolio. Even without its social media features, this software is still a good middle-of-the-road option.
- CoinLedger
Suitable for occasional and hobbyist cryptocurrency investors.
This tax software disclosed that it has more than three hundred thousand cryptocurrency investors. CoinLedger lets users file tax statements for cryptocurrencies and NFTs. It is also user-friendly and allows users to create profit and loss reports, import data, and preview taxes both for cryptocurrencies and NFTs. It is as well integrated with TaxAct as it is with TurboTax.
Features:
- It is integrated with TurboTax
- Can complete tax statements for numerous countries.
- It can be used to track portfolios.
Pricing:
- Hobbyist: $49 per annum
- Day Traders: $99 per annum
- High Volume: $199 per annum
- Unlimited: $299 per annum
Verdict:
Users gave CoinLedger an overall rating of 3.5. Besides being able to bring in your cryptocurrency data from various other platforms for your tax needs, this software allows you to keep track of your profits and losses. Nevertheless, their prices are higher than some of their competitors.
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