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Best Cryptocurrency Tax Software: Complete Guide to the Top Options.
Are you looking for crypto tax software to simplify your tax returns? Then read on as we cover all the top options currently available.
The rise of the cryptocurrency industry, alongside the high profits that people can earn through the purchase, trade, and investment of digital currencies have encouraged governments throughout the world to update their taxation policies, in order to take crypto-based profits into account.
However, cryptocurrencies are very dynamic, whereas keeping track of all transactions for taxation purposes is bound to be a difficult endeavour. Additionally, regulatory taxation frameworks lack standardization, thus leading to a status-quo that confuses most digital currency holders.
The appropriate philosophy behind taxes is that the process should be streamlined and easy to follow – however, we are in the presence of an emerging market, where financial institutions are still trying to figure out the best approaches towards cryptocurrency taxation. Thus, tax-paying citizens must learn the ropes on-the-go while adapting to potential policy changes.
Luckily, thanks to the presence of digital currency tax software, crypto enthusiasts do not have to do all the heavy lifting, as the process can be vastly improved through the use of specialized taxation platforms.
Top Cryptocurrency Tax Software.
Here is a run down of the top crypto tax software currently on the market.
Koinly.
Koinly is a widespread cryptocurrency tax software that is well-known for its 20+ country support. Similarly to its competitors, this platform aims at making tax reporting a simple process, through its innovative transaction importing and tax computing tools. Its 6K+ cryptocurrency support, 6+ years of price records, and multiple exchange import options have all contributed towards its rising popularity.
Main features.
Like most other cryptocurrency tax platforms, Koinly offers users the possibility to easily track their digital currency assets and the respective taxes owed. The portfolio analysis tool allows users to get a good look at their current holdings, to ensure that smart trading and investment decisions are made. Therefore, there are specific tools that allow for a view on the ROI, invested fiat, income, and profit/loss, binance Ҷопон and capital gains.
The data import function allows users to save significant time, by no longer requiring tax payers to go back and forth between multiple platforms. As such, Koinly allows users the option to import and sync their transaction data from a number of supported exchanges.
The automated data import is available via either an API exchange connection or by adding cryptocurrency wallet addresses. Data on margin trading, futures trading, staking, lending and DeFi can also be imported. An interesting feature is Koinly’s smart transfer matching, which leverages an artificial intelligence system to detect transfers that are made between your personal wallets, consequently excluding the respective transfers when computing the owed taxes.
Cross-platform compatibility is ensured, given the fact that the software supports 339 exchanges, 8+ blockchains, 73 wallets and 9 other crypto services (such as Purse.io, Nexo, BlockFi, etc.).
Once the data has been imported, the software can be used to create reliable cryptocurrency tax reports. Users can preview their gains and taxes for free, whereas documents can be generated whenever necessary. IRS tax forms such as 8949 can be generated by the platform, but international tax reports are also available for Canada, Germany, Sweden, the UK and a few more countries. Data export to TurboTax and other similar services is provided.
Last but not least, the platform offers several tools designed for error reconciliation. Hence, users can find potential flaws in their record, such as missing transactions and duplicates.
Pricing.
Unlike many of its competitors, this platform features a free pricing package , with support for 10,000 transactions, and 50 exchanges, but which lacks the 8949 or schedule D forms, alongside international tax reports, audit reports, or binance dla naszych klientów exports to TurboTax. This package is generally suitable for those who want to try out the platform prior to purchasing a plan.
The HODLER plan is priced at $79 per tax year, and supports 300 transactions, unlimited wallets/exchanges, while offering access to all Koinly features except for priority support, custom reports, and review & import assistance. The TRADER plan is priced at $179 per tax year, and supports 3,000 transactions, binance dex review unlimited wallets/exchanges, and priority support on top of all other platform services. The ORACLE plan is priced at $399 per tax year, and supports 10,000 transactions, बिनैस जावा आपी unlimited wallets/exchanges, priority support, custom reports, por que nos binance review & import assistance, and all other Koinly services.
Bear.Tax.
Bear.Tax offers users a quick & easy tax filing and computing software that’s designed for the US market, yet is usable in other countries as well. The platform was designed to ensure compatibility with traders, accountants, fund managers, and other forms of cryptocurrency investors. 50+ exchange support, fairly-advantageous pricing plans, automation, and 24/7 customer support are just a few of the features that make Bear.Tax shine.
The BearTax Homepage.
Main features.
In terms of how it works, Bear.Tax takes on a similar approach to most other market competitors. Thus, users must first import their trades via either an API integration of file upload. The trades can be reviewed and processed via either FIFO or LIFO. Lastly, users can have their tax documents auto-generated and downloaded, for processing.
The platform offers a fully-compatible income classification section, where the following income sources are supported: gifts, staking rewards, airdrops, hard forks, referrals, mining, voting rewards, community rewards, inheritances, crypto payments, and earning programs.
The platform’s smart matching algorithm helps ensure that transactions are recorded and processed without taking fees, and block time delays into account. This helps ensure compliance with the IRS guidance, by correctly recording taxable events, while making sure that you do not over-report.
A transaction review prompt is also offered, where users can search for specific transactions and operate modifications. To make sure that the right cost basis for a specific date and time is assigned, Bear.Tax offers historical pricing for every supported cryptocurrency. The cryptocurrency tax software also supports high frequency traders (HFTs) and bots, which are known for posting thousands of transactions.
When it comes down to importing transactions, the platform offers support for most exchanges and wallets available on the market. Similarly, users can import data from an unlimited number of exchanges and cryptocurrency wallets.
Pricing.
Bear.Tax currently provides customers with four payment plans: basic, intermediate, expert, and professional.
The basic plan is priced at $10 per tax year, and supports up to 20 transactions and unlimited exchanges. The intermediate plan is priced at $45 per tax year, and supports up to 200 transactions and unlimited exchanges, binance กระเป๋าเงินของฉันอยู่ที่ไหน while also offering email-based customer support, alongside the other standard features. The expert plan is priced at $85 per tax year, and supports up to 1,000 transactions, unlimited exchanges, multiple exchange accounts, and a chat-based customer support service, alongside all other standard features.

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