With the growth of the crypto industry, crypto tax filing has become a mandatory requirement for all crypto investors. This is true in numerous countries that have introduced crypto taxation. However, filing crypto taxes without the right tool can be a headache.
Crypto tax software is the number one tool for filing taxes accurately and with as little fuss as possible. There are numerous crypto tax programs out there, but here are five selected ones to help you file your crypto tax for next tax season.
Crypto Tax Calculator
Cryptotaxcalculator is one of the best crypto tax software options. With it, you can easily identify, track and organize crypto investments or trades on hundreds of exchanges, blockchains and wallets.
When filing your taxes, Cryptotaxcalculator allows you to provide your NFT, DeFi and DEX trading history without skipping every detail.
In particular, the software is integrated with over 500 exchanges, blockchains and wallets. Tax reports include derivatives and engagements where supported, and you can download your reports for any fiscal year at any time within a valid subscription period.
There is also a package for accountants who manage multiple client accounts, allowing them to harmonize their client’s portfolios in one place.
While Cryptotaxcalculator is not free, it comes with a 30-day trial period during which you can use the software to categorize all your transactions for free.
You only have to pay when you want to see your tax report or after the 30 days are up. Are you new to the crypto tax? Here’s everything you need to know about bitcoin and crypto taxes.
The paid plans start at $49 per year for the rookie, $99 for the hobbyist, $189 for the investor, and $299 for the trader accounts.
ZenLedger
ZenLedger is another great tool for filing your crypto taxes accurately and easily. ZenLedger covers NFT, DeFi, and crypto, just like Cryptotaxcalculator, and with its crypto tax loss harvesting tool, ensures you only pay what you’re supposed to pay and not a penny more.
You can easily track your trades and with your cryptocurrency transaction history, the software automatically generates IRS forms for additional income, capital gains and losses, sales and many other actions.
It also has a great unified accounting feature, which is a unique ZenLedger feature that allows you to see your entire transaction history across all exchanges and wallets in a single spreadsheet along with the associated calculated tax.
With it, you can connect to 500+ exchanges and wallets, verify your crypto transactions, and submit your tax forms in minutes.
ZenLedger offers a free plan that allows up to 25 transactions in a year for those using it for personal tax reporting. There is also a professional suite for tax professionals to help them manage clients’ tax reporting.
In addition to assisting with portfolio tracking, tax reporting, and filing, ZenLedger offers free crypto tax information and guidance to help you make informed decisions.
Paid ZenLedger accounts are Starter ($49), Premium ($149), Executive ($399), and Platinum ($999), billed annually.
coin tracker
Cointracker is one of the largest and most well-known crypto tax programs with $50 billion in tracked assets. You can track your crypto portfolio on the go for any supported exchange, cryptocurrency or wallet.
This also supports NFTs and is an official tax partner of OpenSea, the largest NFT marketplace in the world. You will enjoy automated portfolio tracking for 10,000+ cryptocurrencies and 300+ wallets and exchanges.
At the same time, you can verify your crypto transactions and the software will save you money by optimizing accounting methods on a cost basis and using tax losses to prevent tax overpayments.
Just like ZenLedger, Cointracker offers a free account with up to 25 transactions, but the paid offers are far less attractive than those of Cryptotaxcalculator or ZenLedger.
Besides dealing with crypto taxes, Cointracker also serves as a crypto market information platform. You can access cryptocurrency prices on the website and monitor the market right from there.
Cointracker has three paid plans that are billed annually: Hobbyist, Premium, and Unlimited. The first two cost $59 and $199 respectively, while Unlimited is billed per user.
TaxBit
TaxBit bills itself as the crypto tax company that works with regulators to offer unique crypto tax services to its customers. It also considers itself to be the safest crypto tax software with its platform developed by tax and security experts. According to its website, TaxBit is “independently SOC2 certified”.
Both individuals and businesses can use TaxBit to report crypto tax information and track their crypto portfolios. Additionally, by collaborating with regulators, the platform ensures that it provides state-of-the-art services that comply with government regulations.
TaxBit considers data security to be of the utmost importance and as such has various security certifications including SOC1, SOC2 and ISO27001.
You can access unlimited crypto tax reports on TaxBit’s free plan with email support and connected wallet addresses.
The free plan also enables data integration from 500+ exchanges, blockchains and wallets, as well as the DeFi and NFT tax engine. You also have access to all year-to-date tax forms for all supported TaxBit network companies.
Taxbit’s paid plans include Basic from $50 per year, Plus+ from $175 per year, and Pro from $500 per year.
Coinpanda
Coinpanda calls itself “the global crypto tax solution”. With over 65 countries supported, the company probably deserves the title.
If you are from any of these countries, you can simply connect your account to an exchange or wallet and get your crypto tax report fully compliant with local laws.
Besides capital gains, DeFi and NFTs, Coinpanda also generates free reports for mining, staking, airdrops, yield farming and other income sources.
Of course, the software is integrated with top crypto exchanges including Binance, Coinbase, Gemini, Kraken and many others.
Coinpanda can generate tax reports for more than 150,000 transactions, supporting over 12,000 cryptocurrencies. You can try the free plan, which allows up to 25 transactions, with access to unlimited exchanges and wallets.
The free plan also supports portfolio tracking, capital gains preview, and tax reporting for DeFi, futures, and margin trades.
If you don’t want to file your taxes yourself, Coinpanda has a list of certified tax professionals who can help you file your taxes accurately in accordance with local laws.
Is Crypto Tax Software Worth Using?
Crypto tax software is designed to make crypto tax filing easy. Using them, you can submit your tax in minutes and across many exchanges, wallets, and blockchains. Using such software reduces the chances of making mistakes on your tax return and saves you time.
Therefore, unless you prefer to do everything manually, which can be a daunting task, it’s worth using them.
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