The number of people investing in cryptocurrency is quickly growing, and with trading in cryptocurrency comes the need to pay taxes.
However, cryptocurrency investors likely make a lot of transactions in a year, and it is not possible for them to keep track of these transactions and then calculate their net profit and loss. This makes paying taxes on the trades you’ve made with crypto exchanges a difficult procedure.
To make it easy for such investors, there are many different cryptocurrency tax software that automatically syncs between crypto exchanges and wallets, calculates capital gains and losses, and provides final tax reports that are useful in filing taxes.
In this blog, we have selected various useful cryptocurrency tracking software that can be reviewed. They are:
ZenLedger
This cryptocurrency tax software tracks profits, trades and simplifies DeFi, NFT, and Crypto taxes for investors and tax professionals. With ZenLedger one can create crypto tax reports and also track asset portfolios. The software helps by automating the process of calculating your cryptocurrency taxes and also simplifies the process.
ZenLedger presently supports around 400+ exchanges, 7000 token types, 30+ DeFi protocols, ERC-721 NFTs and all types of wallets.
The process to use the software is simple. First, all exchanges, transactions etc need to be imported into the software after which it will create a detailed report. Then the transactions need to be reviewed. Lastly, the necessary tax forms will be generated for you to sign.
Zenledger is free for professionals ($399/year billed directly to clients).
Koinly
Koinly is a cryptocurrency tax calculator that is able to accurately track your crypto assets & taxes along with being able to view total holdings. With the help of this software, one can view the growth of assets and holdings over time and across all wallets, accounts and 350+ exchanges.
The platform allows users to track, analyse and create reports from their cryptocurrency. Also, while still being a full-fledged platform, active development is still happening simultaneously, which means that new features are being introduced on a regular basis.
Koinly is available for $179 – $279 per year.
TaxBit
This tax tracking platform is trusted by authorities and various industries in the world of finance as it has been designed by CPAs and tax attorneys. It provides users with tax information reporting for crypto, and other digital assets across enterprises, consumers and governments.
Users can also download completed tax forms for free If the cryptocurrency platforms they use are part of the TaxBit Network. TaxBit integrates with 500+ cryptocurrency sources.
The platform offers year-round tax and portfolio management services and it combines data across 500+ exchanges, wallets, DeFi protocols, NFT marketplaces, and more that too for free.
TaxBit offers services that connect individuals, enterprises as well as government regulatory services.
Atani
Atani provides its users with a secure platform that allows them to trade cryptocurrencies across 20+ exchanges. The trading can be done across all exchanges on Atani’s secure platform itself and it also allows users to trade in real-time.
Atani also automatically generates tax reports which users can access through one-click downloadable reports and the platform also provides real-time portfolio valuation in 40+ currencies.
The platform offers a Free Plan as well as an API Developer Plan from $100 per month.
Additionally, it only supports trading done through affiliate links on site.
TokenTax
TokenTax is a platform that offers crypto tax calculation services while also helping users with filing returns. TokenTax is also a full-service cryptocurrency tax accounting firm.
Users can import their cryptocurrency transaction history after which It keeps track of your transactions, calculates your capital gains/losses and tax liabilities, and generates your tax forms automatically. TokenTax also supports all exchanges and also supports NFT and DeFi. The platform files tax returns for individuals, LLCs, and corporations.
The cost of operating on this platform comes in different plans:
- Crypto only: Pro Plan for $799 per year
- Crypto and Full filing: $999 Silver, $3500 Gold
Cryptotrader
Cryptotrader is a non-custodial algorithmic trading platform for Bitcoin and other cryptocurrencies. It is an innovative platform that provides automatic cryptocurrency trading services through the use of bots.
The platform offers the opportunity for users to rent different bots that have been created by experienced traders. These bots can be adapted to users and can start performing automatic trading within minutes.
The platform charges about $299 per year.
CoinTracker
A platform that helps save money by providing services like crypto portfolio and tax tracking. The platform automatically tracks portfolios and helps to save your money through tax-loss harvesting tools. It supports 300+ exchanges & 8000+ cryptocurrencies. The platform also allows users to sync their transaction data from unlimited crypto exchanges and lets users export their tax reports to TurboTax or TaxAct.
CoinTracker also allows users to look at their market value, investment performance, and portfolio allocation in real-time. It is a professional platform for CPAs that fully supports the USA, UK, Canada, and Australia and partially supports other countries.
The pricing of this platform is $99/month for up to 100 wallets with 12 tiers for more wallets. It has other custom plans as well.
BearTax
This is a Bitcoin & Cryptocurrency Tax Software that can calculate cryptocurrency gain and loss and it has been made for high-frequency traders and accounting professionals. Users can import their data from every exchange on the planet, process and review them using FIFO or LIFO methods and then generate tax reports that can be sent to your CPA or the tax software you use.
The pricing of this platform is spread across 4 different plans. Each plan supports unlimited exchanges.
The plans are:
- Basic: $10 per tax year
- Intermediate: $45 per tax year
- Expert: $85 per tax year
- Professional: $200 per tax year
CryptoTax Calculator
This platform helps its users in preparing crypto taxes as well as creating accurate tax reports. It is trusted by accountants and it supports DeFi & DEX trading.
Its features enable users to easily and accurately identify, manage, and organise all of their crypto activity across hundreds of exchanges and blockchains. The reporting services help users save time while also making the transaction history transparent and easy to interpret.
The pricing model of the platform is $499 per year for up to 10 clients. $50 for each additional client.
Accointing
Accointing provides its users with services that lets them import all their crypto transactions to the platform after which it calculates wins and losses. It is a crypto tracking and tax reporting software that provides tools to track the market, assess your portfolio, offer tax loss harvesting, and provide tax reports so that you can simply file your tax filing. On top of that, Accointing also tracks their crypto portfolios.
The platform supports more than 300 different exchanges and supports DeFi and Dex as well.
Its pricing is $299 per year.
Bitcoin.Tax
This platform is a crypto tax calculation service that helps users calculate and work out their capital gains and losses and also helps them with the forms, data, and documents they may need to file their taxes.
It is in partnership with tax attorneys, CPAs, and enrolled agents which allows it to provide users with full tax preparation services. It supports full integration with 21 exchanges and can be used internationally as well.
Its pricing is $199 and up per year for firms with up to 10 users.
Final Thoughts
Cryptocurrency is a digital asset. Its trading is accompanied by the need to file crypto taxes as taxes are incurred with the buying and selling or trading of assets. Recording all transactions and keeping track of all the taxes that need to be filed is quite difficult for investors and traders.
This is where firms like Swartz & Reeder Advisors come in. We offer services that aid cryptocurrency traders and investors with their tax and accounting needs.
We are a CPA firm that offers proactive, strategic advisory, and compliance services. With our experience of more than 45 years, we are trusted, professional advisors.
