Top 10 Software to Monitor your Crypto Taxes
The number of people investing in cryptocurrencies is overwhelmingly increasing day by day. But when it comes to paying taxes for the trade you have done with crypto exchanges, it can be a troubling process to do. You can take help from crypto tax software, which automatically syncs across crypto exchanges & wallets, calculates your capital gains & losses, and gives you final tax reports, which can then be used for filing your taxes.
CoinLedger
THE WHAT?
Creating critical tools for the crypto revolution, they believe that bitcoin can help individuals all throughout the world have a better economic future
However, bitcoin transactions are now dispersed among numerous wallets, exchanges, and protocols
This makes it harder for investors to manage their investments and pay their taxes so CoinLedger guides investors through the new crypto-economy
Their software suite enables any cryptocurrency user to simply comprehend their cryptocurrency holdings and prepare required tax forms in minutes
2. TokenTax
THE WHAT?
They cover all aspects of crypto taxation, from forms to filing
TokenTax is a cryptocurrency tax calculator and full-service accounting firm that provides everything you need to file completely and correctly, regardless of what you’ve traded or where you live
TokenTax syncs with all of your wallets and accounts, removing the need for manual data entry and allowing you to view and analyze all of your data in one place
Keep track of and preview your tax liability so you’re never caught off guard
3. Coinpanda
THE WHAT?
Coinpanda has quickly grown to become one of the most robust, advanced, and user-friendly software solutions for crypto and Web 3.0 tax reporting and compliance worldwide
Coinpanda allows consumers and businesses to track their cryptocurrency portfolio, investment performance, taxes, and other information across 500+ exchanges, blockchains, and services
4. Koinly
THE WHAT?
Koinly is a cryptocurrency tax tool that allows you to track all of your crypto transactions and generate regulatory-compliant tax returns
Koinly integrates your wallets and keeps track of operations such as trading, mining, staking, lending, and airdrops, as well as simplifying the process of recording all the ins and outs
Koinly can automatically import transactions, monitor all market prices, and wallet transfers, calculate your cryptocurrency gains/losses and provide tax reports
The platform is available in more than 20 countries and incorporates over 6,000 blockchains, 350 exchanges, and 75 wallets, as well as offering a comprehensive crypto tax reporting service
5. Accointing
THE WHAT?
Accointing is a one-stop-shop that allows you to track, manage, and report on all of your transactions from a single platform
Accointing is a multi-tool platform that includes:
A fantastic user experience is available on desktop, Android, and iOS
The market’s most affordable platform (on cost per transaction ratio)Accointing enables you to integrate over 300 wallets and exchanges into your portfolio dashboard and app
Accointing provides free access to over 15 free features across the app and desktop
6. TaxBit
THE WHAT?
A modern technology platform that will power digital asset taxation and accounting
This crypto has native support only for taxpayers of the United States but the platform states that anyone with similar tax regimes can use it
For individual clients, TaxBit offers a free-for-ever option that allows for an infinite number of transactions
Some features like tax optimization, tax-loss harvesting, and IRS audit support are reserved for the higher tiers
7. ZenLedger
THE WHAT?
ZenLedger will calculate the cost basis, fair market value, and gains/losses for your transaction history automatically
You can calculate your capital gains and losses, as well as your tax liability, for each cryptocurrency transaction
ZenLedger has a resolution centre to ensure that your data was successfully imported
You can also look over any previous cryptocurrency tax income such as mining, staking, lending, gifts, or even exchange rewards such as airdrops and forks
8. Crypto Tax Calculator
THE WHAT?
They’re building the platform at Crypto Tax Calculator to make understanding your tax obligations simple and straightforward
Their tools make it simple and accurate to identify, track, and organize all of your crypto activity across hundreds of exchanges and blockchains
Their reporting saves you time while also making your transaction history clear and simple to understand
They assist investors, traders, and accountants by providing clear and secure records of your crypto activity, allowing you to relax during tax season
9. CryptoTax
THE WHAT?
In CryptoTax data from exchanges and wallets can be imported
Your data is always up to date with their automatic connections
Your transactions are classified automatically in accordance with the law
With CryptoTax, you can generate your crypto tax report in a matter of minutes
10. BearTax
THE WHAT?
They are BearTax, a software that allows individuals, CPAs, and accounting firms to calculate the performance of their crypto investments for tax reporting purposes for a given tax year
Using API or file uploads, they bring all of your trades from almost every exchange on the planet
Examine and assign appropriate prices to your transactions before processing them using FIFO or LIFO methods
REFERENCES:
1. https://geekflare.com/finance/crypto-tax-software/
DISCLOSURE:
None of these articles constitutes financial advice. Articles are highly summarised to make it easy for the reader and save your time, so please DYOR further before putting your hard-earned money into any product mentioned.
Please note that the tech industry evolves rapidly and the info in this article is correct at the time of publishing. As Heraclitus said, “Change is the only constant”, so if anything sounds old or off please holler on the socials or comment here so everyone stays peeled.
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