With most jurisdictions, you still have to pay tax on all incomes including cryptocurrency investment profits. This means that you have to make sure you are filing your taxes correctly to remain compliant with the taxman. To help you do that, there is a variety of crypto tax software solutions.
In this guide, you will discover our 7 best crypto tax software solutions that you can use to help yourself filing your cryptocurrency investment incomes in 2020.
CoinTracking is the industry-leading most versatile cryptocurrency tracking & analyzing software on the market. The CoinTracking platform has been around since 2012, it offers the ability to monitor trends in real-time for over 7300 different digital assets and with over 11 years of historical data and over half a million active users.
The platform is not only the best portfolio software but it also is designed to put those portfolios into informative tax reports when that is needed. This means users can generate real-time reports on profits and losses, observe the total value of their coins, realized and unrealized gains, generate reports for taxes, and much more.
CoinTracking not only makes it possible for you to import data from all major exchanges and popular wallets, giving you extensive look into your portfolio, but on top of this, it has all the most advanced calculation methods and techniques for tax calculations such as FIFO, LIFO, AVCO, HIFO, and LOFO, and many more.
CoinTracking is absolutely free to use with limited features for up to 200 transactions, and from there the different packages start at $9.99 a month billed yearly and go all the way up to $49.99 a month depending on how many transactions, backups, and how big of files you need.
On top of having yearly payment options CoinTracking also provides lifetime payment options starting from 385.00 USD and going all the way up to 4799.00 USD, which definitely can come handy for those who happen to fall in love with the platform.
TokenTax is a crypto tax software platform and tax accounting firm. The Platform lets users calculate crypto taxes and file returns in such a way it becomes as simple and painless as possible.
TokenTax has worldwide services, it works with every major crypto exchange helping you import your transactions and to generate all kinds of different tax reports, such as 8938, TurboTax, FBAR, FATCA and 8949, and any other files you might need.
TokenTax is also one of the few tools giving you complete access to correctly handle tax liabilities of margin trades from all major exchanges such as Bitmex, and Bitfinex.
On top of all this, if you got any questions regarding your crypto taxes, TokenTax has also gone great length with providing you amazing customer service with their tax accountants and crypto tax professionals.
TokenTax pricing varies on the number of transactions & chosen exchanges, but the lowest price packages start at $65/tax year and go all the way up to $1,999/tax year.
Koinly helps you to calculate your cryptocurrency taxes and also to reduce them for next year. The platform is simple, reliable, it is available in over 20+ countries, and you can connect and import all trades from all major exchanges with just simple clicks.
The platform provides you with all major features such as a capital gain report, income report, and transfer detection.
Koinly is free to start using with unlimited transactions but requires a payment if you want to download tax forms. Prices depend on the number of transactions, and start at $79per tax year and go up to $399per tax year.
Coinpanda is easy to use tax service that helps you calculate and file your taxes for digital currencies. The platform is built to make cryptocurrency tax calculations simple, automated and painless, and it is available in over 20+ countries.
Launched in 2018, Coinpanda is a fairly new yet fast-growing crypto tax service solution for globally for crypto investors.
The platform lets you connect exchanges and wallets directly with API keys, synchronize all your transactions with just a few clicks, get insights, and optimize your profits.
Coinpanda gives you free access to track your portfolio to gain insights. and you only pay to download tax reports. Prices start at $79 per tax year and go up to $389 depending on the number of transactions and whether you need priority support.
CryptoTrader.Tax is the service to look at if you are just looking to report your crypto taxes with ease. You can import all your trades with just a push of a button and they have a great and active live chat support to help you out with all your problems so you’ll be done in minutes.
The software automates cryptocurrency taxes using the same methods which tax professional use like FIFO, LIFO, and others.
Once your crypto tax exposure has properly been calculated, you are provided tax documents for filing, including IRS Form 8949, and end of tax year income report.
CryptoTrader.Tax offers a variety of price plans with all depending on the number of transactions. However, you can get started for free, and pay once you are ready to download your tax report, with prices starting at $49 per tax season, and can go up to $299 per tax season.
Taxbit is a professional cryptocurrency taxing software that you can depend on, it allows easy imports from exchanges, and simplistic steps to generate tax forms for individuals & companies of all size.
The platform supports every major exchange and lets you synchronize and instantly download IRS tax forms such as 8949 that can be hand over to your accountant or uploaded into popular tax filing software such as TurboTax and others.
Taxbit prices start at $50/year and go up to $500/year with price depending on the number of transactions and additional special features such as multiple tax forms, and CPA reviews.
Zenledger is a fast and friendly tax tool for cryptocurrency investors and accountants, it helps you create quick tax forms and financial reports to trade smarter and to keep the IRS off your back.
Zenledger is another crypto taxation tool that you can use to calculate your crypto liabilities accurately and to make sure you never pay more crypto taxes then is required.
This platform lets you import, trades from all major exchanges, produce income and profit/loss statements, create and download tax reports, and other reports like capital gains, income, and so on.
Zenledger has a free trial to try things out, and prices start from $69 and go all the way up to $999 & $2500 depending on the number of transactions, total asset value and whether you need prepared plans.
Related & Notes
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