Top Cryptocurrency Tax Software
Koinly
Main features
Pricing
- The TRADER tier at $179 per year is for wider use—3,000 transactions, limitless scope, priority support, plus additional services.
- The premium ORACLE tier demands a $399 annual investment, covering 10,000 transactions, limitless wallets/exchanges, and all-encompassing Koinly functionalities with superior support and customization.
- Bear.Tax offers a swift, straightforward tax filing solution tailored initially for the US, yet widely applicable elsewhere. Supporting 50+ exchanges and boasting competitive pricing, automation, and 24/7 assistance, Bear.Tax is a strong competitor in the market.
Bear.Tax
Main features
Pricing
- The intermediate plan handles up to 200 transactions at $45 annually, with limitless exchange capability and email support.
- The expert plan accommodates up to 1,000 transactions at $85 yearly, including chat support and multi-account management.
- The premium professional plan at $200 annually covers unlimited transactions and includes dedicated support and bespoke file imports.
- A favorite among traders, this platform's efficiency at calculating capital gains and losses is unmatched in the market today.
CryptoTrader.Tax
Main features
Top Picks for Cryptocurrency Tax Software in 2024: A Comprehensive Overview
Pricing
If you're on the lookout for a streamlined way to manage and simplify your crypto tax returns, stay tuned as we guide you through the leading software options currently on the market.
- Ultimate Cryptocurrency Tax Software: An Extensive Look at the Leading Choices
- With the soaring growth of the cryptocurrency sector and the substantial gains individuals acquire from buying, trading, and investing in digital assets, governments worldwide are revamping tax policies to encompass crypto-related earnings.
- Yet, due to the volatile nature of cryptocurrencies, tracking every transaction for tax purposes can be quite the complex task. Moreover, the lack of consistency in regulatory tax frameworks adds to the confusion many crypto holders experience.
- Ideally, the concept of taxation should be straightforward and uncomplicated. However, as we're dealing with a relatively new frontier, financial bodies are still navigating the best strategies for cryptocurrency taxation. Thus, responsible citizens must adapt and learn as tax policies continue to evolve.
ZenLedger
Many people often vouch for ZenLedger Fortunately, with the advent of cryptocurrency tax software, crypto enthusiasts can alleviate much of the burden, thanks to these dedicated platforms that ease the taxation process.
Main features
Here’s an in-depth look at some of the best crypto tax software available today.
This widely-used cryptocurrency tax software is praised for its support across 20+ countries. Unlike its competitors, this platform excels in transforming tax reporting into an easy affair through its cutting-edge transaction importing and tax calculation functionalities. With support for over 6,000 cryptocurrencies, six years of price records, and various exchange import options, it has gained significant popularity.
In line with other cryptocurrency tax solutions,
Koinly provides those dealing in digital assets with tools to effectively monitor their holdings and related taxes.
Thanks to its portfolio analysis feature, users can evaluate their current investments to ensure optimal trading and investment decisions. The platform offers insights on ROI, fiat investments, income, profit, loss, and capital gains.
Its remarkable data import function saves users considerable time, eliminating the hassle of switching between multiple platforms. Koinly allows effortless import and sync of transaction data from numerous supported exchanges.
Pricing
Users can benefit from automated data import via API connections or by entering cryptocurrency wallet addresses. The software supports data import for activities like margin trading, futures trading, staking, lending, and DeFi. Notably, Koinly’s smart transfer matching harnesses AI to detect wallet transfers and excludes them from taxable calculations.
- Compatibility isn’t an issue, as the software embraces 339 exchanges, eight blockchains, 73 wallets, and nine additional crypto services (e.g., Purse.io, Nexo, BlockFi).
- Once imported, the software facilitates the creation of trustworthy crypto tax reports. Users can preview gains and taxes without charge, generating required documents when necessary. Platforms like IRS 8949 forms can be produced, and international reports cover countries like Canada, Germany, Sweden, and the UK. Documents can also be exported to TurboTax and similar services.
- Moreover, the platform provides a host of tools aimed at identifying errors. Users can detect discrepancies like missing or duplicated transactions.
- Breaking from its peers, this platform offers a free plan that supports up to 10,000 transactions and 50 exchanges but lacks 8949 or Schedule D forms, as well as international reports, audit documents, or TurboTax exports. This package suits those testing the platform before committing to a purchase.
- The HODLER plan costs $79 annually and covers 300 transactions, unlimited wallets/exchanges, offering all Koinly features except priority support, custom reports, and review & import assistance.
The TRADER plan goes for $179 annually, accommodating 3,000 transactions, unlimited wallets/exchanges, with priority support and complete platform services.
CoinTracking
The ORACLE plan , priced at $399 annually, supports 10,000 transactions, accommodates unlimited wallets/exchanges, provides priority support, custom reports, and all Koinly services, including review & import assistance. CoinTracking This software presents users with a user-friendly tax calculation tool tailored for the US market, yet versatile enough for international use. Bearing compatibility with traders, accountants, fund managers, and other crypto investors, it features over 50 exchange supports, competitive pricing, automation, and round-the-clock customer service among its top attributes.
Mirroring rivals, Bear.Tax underscores similar market practices. Users start by importing their trades using API integrations or file uploads. Each trade undergoes evaluation through FIFO or LIFO methods, leading to auto-generated and downloadable tax documents.
The platform features an income classification system, supporting various income sources: gifts, staking rewards, airdrops, hard forks, referrals, mining, voting, community rewards, inheritances, crypto payments, and earning programs.
An intelligent algorithm ensures transactions are recorded with precision by neglecting fees and blockchain delays, thus aligning with IRS regulations while preventing over-reporting.
Main features
The transaction review feature allows users to search specific transactions and apply changes. To ascertain accurate cost basis on particular dates, Bear.Tax provides historical pricing for each cryptocurrency they track, accommodating high-frequency traders and bots known for extensive transactions.
Data imports are made easy with support for most market exchanges and wallets. Users can bring in data from unlimited exchanges and crypto wallets.
Bear.Tax presents four plan options: basic, intermediate, expert, and professional.
The basic plan , at $10 per year, handles up to 20 transactions and unlimited exchanges.
Priced at $45 per annum, the intermediate plan allows up to 200 transactions and unlimited exchanges with email support, alongside other features.
At $85 per year, the expert plan facilitates 1,000 transactions and multiple exchange accounts, also providing chat-based support.
Pricing
The professional plan , costing $200 per year, supports limitless transactions, facilitates connections with real accountants, offers round-the-clock priority support, custom file imports, all alongside unlimited exchanges.
- This platform has emerged as a favored choice, offering crypto traders and investors a swift way to compute gains, losses, and taxes.
- It pledges up-to-date tax forms and legislation, guaranteeing precise tax calculations and reporting.
- Starting easy, it provides an intuitive tax filing system. Users set up accounts, import digital currency trades via API or file upload. Integrating major exchanges grants users a smooth handling experience.
- Post-trade import, users record crypto income sources for the tax year. The platform computes gains through diverse sources like mining, gifts, forks, airdrops, and staking. Final steps involve selecting suitable calculation methods and tax forms.
Accointing
Accointing The downloadable report includes many documents such as an income report, IRS form 8949, audit trail, short/long sales report, end-of-year positions report, and TurboTax import.
Main features
Once downloaded, users can upload the report to TurboTax or TaxAct due to its cross-platform friendly format.
Though largely US-focused, it serves internationally as well. Taxes are computable for nations accepting FIFO and LIFO standards in various fiat currencies.
A tax loss harvesting option points out cryptocurrencies with tax-saving potential, ensuring long-term strategic planning.
Pricing
CryptoTrader.Tax includes services for business, equipping companies with necessary import, review, and report filing tools, alongside management and automation utilities.
- Currently, there are four different plans available in the cryptocurrency tax software, tailored to meet the needs of various types of traders: the Hobbyist, Day Trader, High Volume Trader, and Unlimited options.
- For those just dabbling in trading, the Hobbyist plan is set at a rate of $49 for each season. It accommodates 100 trades, provides free previews of reports, offers live chat for assistance, allows limitless revisions, and facilitates integration with tax filing programs and specific IRS forms. Additionally, users benefit from features such as tax loss harvesting and both FIFO and LIFO calculations.
- The Day Trader package, priced at $99 per season, supports up to 1,500 trades and includes all the aforementioned features that are part of the Hobbyist plan.
BitcoinTaxes
BitcoinTaxes Geared towards those involved in higher stakes, the High Volume Trader option costs $199. It's perfect for pros, supporting up to 5,000 trades while providing prioritized customer service in addition to unrestricted access to all available features.
Main features
The Unlimited plan, at $299 per tax season, ensures limitless trading and comprehensive access to the platform's arsenal of tools and facilities.
Being one of the most rapid and approachable tax tools for those dealing in cryptocurrencies, it's recognized for its wide coverage, broad currency/exchange compatibility, seamless IRS integration, and multiple billing options. A standout feature is ZenLedger's bespoke tax services, which bridge the gap between clients and legal tax professionals.
To begin, using ZenLedger for tax purposes largely mirrors other offerings out there. Users must input their prior transaction records, either through an API or by document upload. Thereafter, the platform determines the gains and losses and calculates the due taxes for the current season, adhering to the latest guidelines.
There are several aspects of ZenLedger that distinguish it from its rivals.
Pricing
A crucial feature is FinCen reporting, which offers alerts to users if their assets need to be declared to the Financial Crimes Enforcement Network.
- The platform caters well to those working with EOS due to its support for the shift from EOS ICO to the mainnet. It meticulously traces EOS tokens that have been unstaked or transferred between EOS and ETH wallets.
- Integration with TurboTax is provided, allowing clients to nail down their final tax computations for accurate submissions. Via tax-loss harvesting, investors can mitigate potential losses by tracking unrealized capital losses. An accounting drill-in spreadsheet is also part of the package, offering an in-depth look at each transition and its tax implications.
- Accountants working with cryptocurrency holders can benefit from the CPA suite offered here. Through it, CPAs can view integrated client portfolio summaries, which help streamline their workload.
- ZenLedger offers five pricing options for their crypto tax service, accommodating varying needs: hobbyist, starter, premium, executive, and unlimited.
At $69 per tax year, the Hobbyist plan covers 100 transactions, supporting asset values up to $15K.
TaxBit
TaxBit For $149 annually, the Starter plan extends support to 500 transactions, accommodating total asset values up to $50K.
Main features
At the premium level, the Premium plan is $399 per year, catering to 1,000 transactions and asset sums reaching $300K.
Positioned at $799 each tax year, the Executive plan handles 4,000 transactions and assets worth up to $1M.
With a cost of $999 per tax year, the Unlimited plan offers unlimited transaction support without any asset cap, alongside priority customer service.
ZenLedger makes available the expertise of licensed tax professionals via three packages: Silver for $750, Gold at $1,250, and the top-tier Diamond for $2,500.
In likeness with most crypto tax software available today,
it provides customers sophisticated tools to ensure comprehensive tax reporting that complies with regulations.
CoinTracking's allure lies in its detailed portfolio analysis, seamless import of transactions, precise tax declarations, insightful coin charts, trend analytics, stellar customer service, and top-notch client security.
Pricing
Having served over 570,000 users and 750+ CPAs & business clients, CoinTracking is a pro at tracking movements across 7,333 cryptocurrencies, renowned for a total portfolio worth approximately $4.3 billion.
- As we'll unfold soon, it's tailored for both crypto day traders and crypto entrepreneurs.
- CoinTracking's modus operandi revolves around scrutinizing user-imported trades, producing real-time insights on profits, losses, asset values, tax dues, and more.
- By way of illustration, its personal analysis tool presents interactive trade and coin charts, profitability audits, and a synopsis of realized/unrealized gains.
Bottom Line
Transactions can be added directly from over 70 different exchanges, either through API links or blockchain syncing. Resulting data exports are available in formats like Excel, PDF, CSX, JSON, and XML.
In the realm of tax calculations, CoinTracking can compute duties using a dozen methods including FIFO, LIFO, and AVCO, aligning with various international tax standards thanks to its flexible configurations.
CoinTracking sets out to equip traders and investors with a comprehensive chronological review of over 7,000 coins, keeping up with pricing, statistics, trends, volumes, and comprehensive analyses. Professional assistance is readily accessible, as the platform partners with a multitude of CPAs and full-service consultants to aid in precise tax reporting.
