Crypto Tax Software 2023: Individuals all over the world now have some of the most amazing alternatives for digitally funding businesses, making purchases, and sending and receiving money.
These currencies are often kept in several exchanges and wallets, though. The fact that they are available in various formats just adds to the complexity of calculating taxes.
The process is thankfully made simpler by a few apps including Crypto Tax Software. Hence, for your consideration, we have compiled a list of the best Crypto Tax Software.
2023’s Best Crypto Tax Calculators
The top-rated and well-known Best Crypto Tax Software Comparison 2023 is listed below.
1. Koinly
The best cryptocurrency tax software is Koinly. In order to make complex tax calculations simpler, this tool was developed in 2018.
This app sets itself apart by allowing you to check all of your holdings and trading activity across various crypto sources or platforms.
The tool also automatically creates a summary of your earnings over a predetermined time period. Finally, it helps you locate potential tax savings options for the upcoming year.
It includes a double-entry ledger technique that helps users find and fix issues. Also, it is compatible with tax reporting systems like TurboTax, simplifying the filing process.
Without forgetting the 11 services, 50 wallets, and 50 blockchains that Koinly connects with, the platform supports over 350 exchanges. In more than 20 different nations, the tool is accessible to individuals.
Because of its user-friendly design and thorough tax reports, many individuals utilise this programme. It is also a smartphone app, allowing you to perform calculations while on the go.
2. Crypto.Com Tax
Another top-notch cryptocurrency tax software that you may use to organise your taxes is Crypto.com Tax. One of the things that contributes to its appeal is the fact that it is free.
You won’t have to spend anything even if you want to calculate more than 25 transactions annually. Second, the platform offers one of the easiest-to-use and straightforward interfaces available.
You can instantly begin working on your calculations after signing up for free, which only takes a few seconds.
To synchronise data from numerous sources, API keys might be used. With only a few clicks, you may also connect the device to your wallets.
It is also possible to manually enter data into the system, if required. The system will preview the final results after compiling and calculating your data.
The preview can then be checked to make sure there are no issues. In order to file your taxes, you will subsequently be able to obtain your crypto tax report.
The calculator can be used by people who follow the HIFO, FIFO, LIFO, ACB, and Share Pooling tax reporting guidelines.
3. TaxBit
Another cryptocurrency tax software to look into is TaxBit. For individuals, businesses, and governmental bodies, this tool is intended to offer solutions.
You can integrate with more than 500 cryptocurrency exchanges, DeFi platforms, and wallets using this app. It outweighs some of the options on this list by a wide margin.
Even a novice can quickly become accustomed to the tool’s user interface and begin using it because it is so simple. In addition, the tool is accessible to people globally even though it only benefits US taxpayers.
Before transactions, users can understand current capital gains and losses thanks to TaxBit’s tax optimizer. Hence, it aids users in selecting the most economical course of action.
It’s also vital to note that TaxBit offers a free plan to individuals. They might not have access to all of the advanced features of the tool, though.
For individual accounts, tax optimization, IRS audit support, and tax-loss harvesting are not available. They are instead only accessible to paid edition customers.
4. Accointing
When computing your taxes, accounting is another excellent method you can do. Like CoinLedger, this cryptocurrency tax software is compatible with the FIFO, HIFO, and LIFO reporting formats.
Visit the main page and set up an account to begin utilising the tool. The process is straightforward and free of charge.
Generally accepted tax reporting requirements are used by this Best Crypto Tax Calculator Excel. And because of this, completing an income tax return is made much easier.
Up to 300 wallets and exchangers can automatically import transactions into the calculator. APIs or Xpubs are used to do all of this.
Always use the Excel sheet given with the programme if you would rather perform the import manually.
It offers a review tool that appropriately classifies your transaction history. This crypto tax calculator evaluation takes into account your trading, mining, or margin trading as well as your DeFi staking.
You can use the holding time tool to determine which tokens you have held for more than a year after classifying your transactions. With this knowledge, increasing your taxable gains is simple.
The majority of people do this by swapping tokens that seem to result in greater losses. Once you have finished the process, the calculator will generate a report in five clicks.
Moreover, Accointing offers a crypto tracker, a centralised hub for keeping track of your crypto currency holdings.
5. BitcoinTaxes
The next best cryptocurrency tax software that you can use to calculate your taxes is called BitcoinTaxes. You must create an account on the main website before utilising this tool.
Accounts for people, tax professionals, and accountants are separate. When computing taxes and submitting reports using the FIFO approach, this calculator is ideal.
This free cryptocurrency tax calculator also works with specific identifying accounting techniques. One of the most impressive features of this programme is its ability to import data from numerous exchange platforms, including Coinbase, Kraken, and Binance.
You can manually enter your data using the offered template if you are still determining the complete automated import process. Since the app is a free resource, users can use it without worrying about costs.
There is a cap on the volume of transactions that can be calculated in the free offering, though. Thus, you must sign up for one of the paid plans if you want to perform an infinite number of calculations.
If necessary, the tool’s administrators can assist you in compiling your report with the help of their internal Crypto tax experts. The experts can also handle CSV file conversion, results analysis, and creating unique reports.
6. Cryptio
Cryptio is another tool that can make it easier to calculate crypto taxes if we’re talking about the best and top-rated Crypto Tax Software tools. The Basic, Pro, and Enterprise editions of the best Crypto tax calculator on Reddit are all available.
Three users are allowed to use the Basic offering, eight users are allowed to use the Pro version, and any number of users are allowed to use the Enterprise edition.
All subscriptions include a 14-day free trial, so you can always test one out and decide which one best suits your needs.
The tool can assist you in figuring out cost basis and keeping track of realised and unrealized gains or losses, regardless of the version you select. Like the other tools on this list, Cryptio can import data with only a few clicks and connect to a number of exchanges and wallets.
If you have any problems utilising this product, you can always get help from customer service.
7. TokenTax
The best cryptocurrency tax software that you should think about is TokenTax. For people who merely need a straightforward tool to assist with tax calculations, it offers one of the most well-organized user interfaces.
It is simple to sync the programme with your wallets and accounts. The process then ensures that data may be automatically imported from numerous sources after a few button clicks.
DeFi and NFTs are supported by the software. It checks your data and notifies you of any missing information in addition to spotting and fixing problems.
The programme offers a real-time preview of your tax bill once significant data has been retrieved.
This is made feasible by the Ethereum gas fee reporting dashboard, mining and staking income reports, customisable enterprise reports, and tax loss harvesting dashboard.
With the FIFO, HIFO, and LIFO tax reporting systems, this best Crypto tax software for DeFi is compatible. Also, even if you use a different filing service, it generates every tax form you would need.
Like with other crypto tax computation tools, upgrading to more expensive tiers will probably provide you access to more features.
8. ZenLedger
ZenLedger is the next cryptocurrency tax software that you ought to try using. Do-it-yourself and tax-professional aided versions are both offered.
The DIY version has a free option that lets you use the calculator without paying anything. You are only permitted to calculate up to 25 transactions, though.
You can perform an infinite amount of calculations using the DIY product’s premium version. Professional assistance from inside employees is offered in the second version, Tax-Professional Assisted.
The price difference between the second and first versions is enormous. Users may swiftly complete their jobs thanks to the tool’s straightforward design, nevertheless.
The calculator supports connections to more than 500 cryptocurrency exchanges and wallets. Once synchronised, the programme may automatically import data from the sources you choose to generate an extensive report.
The calculator may compute the cost basis, fair market value, and gains or losses from your transaction history using the data that has been uploaded into the system.
You can check your data and discover any mistakes or blanks in it using the resolution centre it features. You can have a mistake fixed right away if you discover it.
Many actions are compiled in the dashboard, including mining, staking, trading, lending, and giving. After properly reviewing your data, a button will allow you to download the report.
The LIFO, HIFO, and FIFO tax accounting procedures are supported by ZenLedger.
9. CoinLedger
On our list of the most widely used crypto tax software, CoinLedger is the best. The original target audience for this software was Americans.
It evolved over time, though, and is now accessible to Australian users. The programme is currently accessible to people worldwide.
If you live in a jurisdiction that supports HIFO, FIFO, and LIFO reporting, this cryptocurrency tax software is accessible to you. For computing cryptocurrency taxes, it is one of the simplest apps available.
The reason for this is that it includes tutorials that describe how to complete the process of compiling tax returns. Also, it makes it simple to collect precise data through its automated operations.
The platform has a straightforward layout, and all of its parts are properly labelled. Importing cryptocurrency transactions from wallets and exchanges is simple after signing up for the platform.
The calculations take into account many different features of transactions, including as trading, staking, and NFTs. The software will generate a report once it has determined your earnings and losses.
After that, you can download and use the generated report to finish your taxes. Please take note that you can perform calculations using any currency you like.
Another fantastic feature is that CoinLedger is connected to TurboTax, one of the most well-known tax preparation tools. You can integrate the two platforms to streamline and hasten your preparation rather of downloading reports.
Other remarkable characteristics of this platform include
- DeFi support
- Live Chat support
- Error reconciliation
- Current profit and loss
- Unlimited revisions
- Support for over 10,000 cryptocurrencies
- Free portfolio tracking
- Free data import
10. CoinTracker
CoinTracker, another excellent tax computation software, should be used to file your taxes. One of the rare services that offers free subscriptions to new users is this one.
This indicates that beginners can perform calculations for up to 25 transactions without paying any fees. A unique feature of this tool, in addition, is its automated portfolio tracking.
You can use it to check the market value, investment status, and allocation of your portfolio. The tool can instantly synchronise with more than 300 exchanges and supports more than 10,000 cryptocurrencies.
It may instantly generate a report for you to examine by importing data from your accounts. In addition, some programme options can be used to filter the combined report.
Our cryptocurrency tax software not only calculates but also enhances cost basis accounting procedures, allowing you to easily harvest tax losses from your portfolio and save money every year.
You can easily download a tax report that the programme has created by only a few mouse clicks. For any reporting agent you use, the report you generate is compatible.
It’s another tool with a mobile app that enables you to keep an eye on your portfolio when you’re on the go.
Best Crypto Tax Software in Conclusion
For crypto tax calculations, all of the tools shown above are more than helpful. The fact that they perform tasks beyond simple computations is their best feature.
They assist you in fully comprehending your activities so that you may make changes to save more money. When determining which is ideal for your specific needs, the tools also come with free versions and trials, which is always a benefit.
On this list of top-notch Crypto Tax Software, CoinLedger stands out as the most distinctive item. It has a tonne of helpful features and makes tax compliance easier in many countries.
