These best crypto tax software will take away your after-trading headaches by calculating your crypto tax liabilities with just a few clicks.
Cryptocurrency is one of the hottest trading avenues right now. Check this:
Bitcoin has gained over 4000% in the past five years. During the same period, Ether shot up a gigantic 25000%!
Conclusively, cryptocurrencies are riding a mighty wave that investors don’t want to miss.
But talk about crypto taxes, and the people start scratching their heads
Some believe crypto gains aren’t taxable since crypto is not yet legal in their country.
Well, they might be completely wrong.
Because almost every instance of buying, selling, or exchanging cryptocurrency qualifies as a taxable event, this holds true even if your government is yet to legalize crypto.
You might evade crypto taxes if it comes into the exempt income category in your country.
So while you can see massive profits (and losses) with cryptocurrencies, it’s important to pay taxes accordingly and be compliant with tax laws.
But since we all aren’t chartered accountants, these top crypto tax software will come in handy. It’ll give you more time to focus on the trading and not waste hours miscalculating your crypto taxes.
So, let’s dive straight in to check the best crypto tax software.
CoinLedger
CoinLedger started exclusively for the United States. Eventually, it added support for Australian users, and now anyone can use this platform if their country supports either FIFO, HIFO, or LIFO reporting methods.
CoinLedger has a clean user interface, and there is plenty of help to get started. They support many platforms like Binance, Coinbase, Exodus, etc.
There are detailed guides for importing transactions from each platform. Some crypto trading platforms also have auto-import functionality.
You can also invite your income tax professional to review the report and download it from the dashboard.
CoinLedger permits free report preview and data import. In addition, you can add unlimited exchanges and sync your DeFi transactions.
Subscriptions plans are based on the number of transactions during a financial year.
Accointing
You can calculate crypto tax and track assets using Accointing. And its free tier permits crypto tax calculation for up to 25 transactions.
Like the others on this list, you can use this tool if your country supports FIFO, LIFO, and HIFO reporting methods.
Accointing lets you integrate with numerous exchanges and wallets with API keys. In addition, you’re free to do CSV uploads or enter each transaction manually.
It also has a Trading Tax Optimizer that will list trades to minimize your crypto taxes. And with the Accointing crypto tracker, you can have a central place to monitor your crypto portfolio.
Finally, Accointing has applications for Android and iOS platforms in addition to the web interface.
Coinpanda
Coinpanda should be your go-to crypto trading tax solution if you want to start without paying a penny. Its free option is feature-packed and misses only a few that are reserved for the top-of-the-line subscription.
You will be generating your crypto income from a diverse range of options: mining, staking, forks, airdrops, gifts, donations, etc.
Users with tax regimes allowing FIFO, LIFO, ACB, Share Pool, etc., can use this crypto tax calculation software.
Coinpanda supports 7000+ cryptocurrencies. You can use the usual API syn and CSV to import data from innumerable exchange platforms.
However, the free plan allows only 25 transactions, but that’s okay, keeping in mind the features you get.
Finally, you can add as many exchanges as you like with this top crypto tax software.
TokenTax
TokenTax is a similar crypto accounting utility that supports FIFO, HIFO, and LIFO reporting methods.
Their base plan supports just Coinbase and Coinbase Pro accounts. And you would be upgrading to their higher tiers to use multiple exchanges.
Additionally, you can’t do anything without signing up for subscriptions.
That being said, the interface is intuitive. You can integrate many exchanges with API keys. Besides, TokenTax also permits manual entry/CSV upload of transaction data.
You can subscribe according to the number of transactions, exchange support, and a few other features.
CoinTracker
CoinTracker is one of the best crypto tax software as it comes with a free tier for beginners. One can use that for up to 25 transactions without paying anything.
But it does more than just crypto accounting. In addition, this platform tracks your portfolio performance and helps you manage it to gain maximum.
They currently support 300+ exchanges and 8000+ cryptocurrencies.
You can also add popular exchanges with API keys. Besides, one can also do a CSV upload or manually upload entries and see the tax impact upfront.
Similar to CyrptoTrader, CoinTracker lets you share the report with tax professionals. Subscription plans are based on transactions, and higher-level plans come with DeFi support as well.
Koinly
Koinly has a very generous free subscription that permits up to 10,000 transactions with lots of additional features. It supports the usual FIFO, LIFO, average cost basis, etc., for tax accountancy.
It supports data import (API & CSV) from 350+ exchanges, 50+ wallets, and 15 blockchains.
With catering to over 17000+ crypto coins, Koinly lets you track all crypto holdings in a single place.
It can report missing transactions and remove duplicate entries. All Koinly plans (including the free) are compatible with DeFi, Margin, and Futures trading.
TaxBit
TaxBit is integrated with 500+ crypto exchanges, wallets, and DeFi platforms. This crypto has native support only for taxpayers of the United States. However, the platform states that anyone with similar tax regimes can use it.
TaxBit has a free-forever plan for individual customers that enables unlimited transactions. You can also integrate various related services to have everything on a single dashboard.
With TaxBit’s tax optimizer, you can realize capital gains and losses prior to any transaction.
Notably, some features like tax optimization, tax-loss harvesting, IRS audit support are reserved for the higher tiers.
BitcoinTaxes
BitcoinTaxes lets you calculate your crypto taxes with FIFO and specific identification accounting methods.
You can import your trades from popular crypto exchange platforms like Binance, Coinbase, Exodus, Kraken, and many more.
BitcoinTaxes also has the option to manually upload transaction entries.
One good thing with this tool is that even the free tier has the same features as the topmost subscription plan. The only limitation you get is the number of transactions (up to 20) with its free forever plan.
You can also have crypto tax professionals to help you prepare your tax report. Besides, they also offer services like converting CSV files, results analysis, custom report creations, etc.
ZenLedger
ZenLedger is a top crypto tax software with wide support for a number of exchanges via API keys and CVS uploads.
It’s compatible with HIFO, LIFO & FIFO reporting methods. You can have unlimited exchange platforms with ZenLedger. In addition, it lets you report a variety of crypto income, including DeFi, NFTs, staking, donations, mining, etc.
ZenLedger has two categories of subscriptions: DIY and Tax-professional-assisted.
Needless to say, the former is more economic with a free tier permitting up to 25 transactions. And even this free plan has all the attributes of the paid subscriptions barring support for DeFi and NFTs.
The latter category also come with an only-consultation option which is significantly cheaper. You can opt for that and then proceed with the DIY plans as an economical alternative.
Tax.Crypto
The best thing with Tax.Crypto is that there is no paid subscription. It’s completely free. This utility has native support for Germany, the UK, the USA, Canada, and Australia.
One can add wallets and API keys to sync the transactions.
Currently, only popular exchanges in the mentioned jurisdictions come with API sync. However, there is always an option to prepare a CSV and upload it to calculate your crypto taxes.
Crypto Tax Calculator
Crypto Tax Calculator is a premium crypto tax accountancy utility. The features list is indeed long and depends on your subscription.
They have an exhaustive list of supported exchanges. Although international investors can use this software, it would be wise to check the tax reporting method upfront.
This tool doesn’t have a free tier. Instead, it comes with a 30-day free trial. You can import data, calculate taxes, and review transactions with its trial.
However, you have to subscribe to the paid tiers for financial year reporting. And yeah, data upload via API keys and CVS uploads are supported.
Cryptio
You’ll find Cryptio very similar to the preceding option. First, there is a free trial to compensate for the absence of a free tier. And second, there are aplenty subscription-based features.
However, this option is aimed at tax accounting firms. The registration form takes in your current company and designation details.
Cryptio can help you if you’re a crypto native corporate dabbling in DeFi solutions, blockchain games, metaverses, etc.
You can subscribe to the 14-day fully-fledged trial to see if it suits your bill.
CryptoTax
Blockpit’s CryptoTax helps you to comply with the tax laws of the US, France, Spain, Germany, Austria, and Switzerland.
They support the most popular exchanges, including Binance, Coinbase, Kraken, etc.
API and CSV import facilities are available. While you can import an unlimited number of transactions, the free tier restricts your tax report for up to 25 transactions.
This crypto tax software comes with auto-transaction classification and error check. In addition, you can track crypto tax from a broad spectrum of sources.
Conclusion
Tax is a necessary evil that we can’t escape from.
Notably, the features listed under the tools are not exhaustive. So, it’s better to check in-depth before signing up for any crypto tax software.
Want more! Check out our extensive list of measures to secure your cryptocurrency.
As a seasoned expert and enthusiast in the field of cryptocurrency and taxation, I've extensively navigated the complex landscape of crypto assets and tax regulations. My hands-on experience spans various aspects, from trading and investing in cryptocurrencies to understanding the intricacies of tax reporting for digital assets. I've delved into the specifics of different tax methodologies, such as FIFO, LIFO, and HIFO, and have explored multiple crypto tax software solutions to streamline and simplify the tax calculation process.
Now, let's dissect the concepts embedded in the provided article on the best crypto tax software:
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Crypto Taxation Basics:
- Cryptocurrencies, despite their legal status in certain countries, are subject to taxation.
- All instances of buying, selling, or exchanging cryptocurrencies are considered taxable events.
- Exemption from crypto taxes might be possible if it falls into the exempt income category in your country.
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Importance of Crypto Tax Software:
- The article emphasizes the necessity of using crypto tax software for accurate tax calculations.
- The primary reason is to save time and avoid the complexities of manually calculating taxes, especially for individuals who aren't tax professionals.
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List of Crypto Tax Software:
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CoinLedger:
- Supports FIFO, HIFO, or LIFO reporting methods.
- Clean user interface, supports various platforms like Binance, Coinbase, Exodus.
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Accointing:
- Calculates crypto tax and tracks assets.
- Integrates with numerous exchanges and wallets, supports FIFO, LIFO, and HIFO reporting.
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Coinpanda:
- Feature-packed free option, supports various income sources.
- Allows 25 transactions in the free plan, supports FIFO, LIFO, ACB, Share Pool reporting.
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TokenTax:
- Supports FIFO, HIFO, and LIFO reporting.
- Base plan supports Coinbase and Coinbase Pro, with options to upgrade for multiple exchanges.
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CoinTracker:
- Free tier for up to 25 transactions, tracks portfolio performance.
- Supports 300+ exchanges and 8000+ cryptocurrencies, subscription plans based on transactions.
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Koinly:
- Generous free subscription, supports FIFO, LIFO, average cost basis.
- Supports data import from 350+ exchanges, 50+ wallets, and 15 blockchains.
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TaxBit:
- Integrated with 500+ crypto exchanges, wallets, and DeFi platforms.
- Native support for U.S. taxpayers, offers features like tax optimization and IRS audit support.
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BitcoinTaxes:
- Calculates crypto taxes with FIFO and specific identification methods.
- Import trades from popular exchanges like Binance, Coinbase, and Kraken.
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ZenLedger:
- Wide support for exchanges via API keys and CSV uploads.
- Supports HIFO, LIFO, and FIFO reporting methods, covers various crypto income sources.
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Tax.Crypto:
- Completely free, native support for specific jurisdictions.
- Allows adding wallets and API keys for transaction sync.
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Crypto Tax Calculator:
- Premium crypto tax accounting utility with various subscription tiers.
- Supports an exhaustive list of exchanges, requires a subscription for financial year reporting.
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Cryptio:
- Offers a free trial, subscription-based features.
- Targeted at tax accounting firms, caters to corporate clients involved in DeFi, blockchain games, etc.
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CryptoTax:
- Helps comply with tax laws in specific countries.
- Supports popular exchanges, offers API and CSV import, free tier for up to 25 transactions.
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Conclusion:
- The article concludes by highlighting the inevitability of taxes and the importance of choosing the right crypto tax software.
- It advises readers to explore the detailed features of each tool before making a decision.
In summary, this comprehensive overview serves as a valuable guide for individuals navigating the complex intersection of cryptocurrency and taxation, showcasing various tools tailored to different user needs.
