Best Software For Filing Cryptocurrency Taxes
Blockchain technologies have skyrocketed in value over the last few years. This is partly because the allure of investments is increasing in value, along with the technological advances brought on by cryptocurrencies. But if your clients traded cryptocurrencies in the past, it will have to be reported on their taxes.
For that reason, and to save you and your clients’ headaches, here are some of the best software for filing cryptocurrency taxes.
TaxBit, available with customized access for both businesses and consumers, makes it simple to upload and see crypto data in real-time and provides seamless connectivity to over 100 cryptocurrency exchanges. TaxBit is built by industry professionals (CPAs and tax attorneys), making the program more reliable and respectable. It includes extra capabilities like tracking analytics, audit trail analysis, and capital loss deduction claims.
TaxBit is utilized by some of the world's major regulatory authorities and is regarded as one of the most trustworthy systems in the business.
TaxBit also offers IRS-compliant outputs, including IRS 8949 tax forms, an IRS audit trail, and immutable data records, on a highly secure platform.
The breakdown for annual TaxBit packages is as follows:
- $50/year for the Basic plan – 250 transactions: Includes live chat and tax forms for the current fiscal year.
- $175/year for Plus(+) plan – 2,500 transactions: Live chat, tax forms for all fiscal years, tax optimizer, loss harvesting, portfolio performance, and DeFi Beta.
- $500/year for Pro plan – 25,000 transactions: Live chat, tax forms for all fiscal years, tax optimizer, loss harvesting, portfolio performance, DeFi Beta, and CPA Review.
CoinLedger makes navigating and preparing cryptocurrency taxes easier. Connect your customers' exchanges and import deals, and obtain a tax return in seconds. Use the API import tool to import deals, or upload a trade history file. CoinLedger connects to all major exchanges. Add your cryptocurrency revenue sources from the tax year. CoinLedger estimates mining, staking, gifting, airdrops, and fork winnings. CoinLedger computes tax liabilities in the same way as tax experts do. Once finished, you should have access to a completed IRS form to file or enter into another tax filing program for convenience.
The breakdown for annual CoinLedger packages are as follows:
- $49/year for the Hobbyist plan – 100 transactions
- $99/year for the Day Trader plan – 1,500 transactions
- $199/year for the High Volume plan – 5,000 transactions
- $299/year for the Unlimited plan – unlimited transactions
Each pricing plan offers tax reports for IRS Form 8949, income reports, capital gains reports, end-of-year positions, audit trail reports, and tax loss harvesting. Included is free portfolio tracking; accessible data import; 10,000+ cryptocurrencies; access to unlimited exchanges; unlimited revisions; DeFi Support; error reconciliation; current profit & loss; FIFO, LIFO, HIFO; and live chat support.
ZenLedger was built for cryptocurrency traders and tax experts that require a mean to simplify crypto tax accounting throughout this new era of decentralized finance (DeFi). ZenLedger, like many other crypto trackers on the market, interfaces with a broad range of exchanges and cryptocurrency networks to provide complete coverage for traders operating in these unpredictable markets.
Localized tax forms in the United States are available, meaning the completed data does not have to be manually inserted into a format once all of the taxes associated with the past year’s crypto activities have been computed. All cryptocurrency exchanges and transactions may also be examined in a single spreadsheet as a historical record of every taxable event that happened. ZenLedger also includes advanced solutions such as crypto tax-loss harvesting and connections with standard tax software.
The entire procedure may be streamlined by transferring your clients' crypto trading data to the platform, analyzing the produced tax data, and obtaining relevant reports.
The breakdown for annual ZenLedger packages are as follows:
- Free for up to 25 transactions per year with detailed reports and premium support
- $49/year starter plan – 100 transactions with detailed reports and premium support
- $149/year premium plan – 5,000 transactions with detailed reports, premium support, DeFI/Staking/Mining included.
- $399/year executive plan – 15,000 transactions with detailed reports, premium support, DeFI/Staking/Mining included.
- $999/year platinum plan – unlimited transactions with detailed reports, premium support, DeFI/Staking/Mining, and two hours of premium support from a dedicated customer service agent.
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