Crypto Tax Software 2023: Cryptocurrencies have provided individuals around the globe with some of the most spectacular options to digitally fund businesses, make purchases, and transfer and receive money.
However, these currencies are typically held in different exchanges and wallets. They are also offered in multiple formats, which makes calculating taxes even more confusing.
Fortunately, a few Crypto Tax Software and apps simplify the process. Therefore, we have collected a list of the best Crypto Tax Software for your consideration.
Best Crypto Tax Calculators 2023
Here is the list of the famous and leading Best Crypto Tax Software Comparison 2023.
1. TokenTax
TokenTax is the best crypto tax software that you should consider. It offers one of the most organized user interfaces, a godsend for people who only want a straightforward tool to assist with tax calculations.
With your wallets and accounts, the program is readily synced. Then, after a few button clicks, the process ensures that data may be automatically imported from various sources.
The software supports DeFi and NFTs. In addition to detecting and correcting errors, it examines your data and alerts you to any missing information.
Once substantial data has been retrieved, the program provides a real-time preview of your tax bill.
The tax loss harvesting dashboard, mining and staking income reports, configurable enterprise reports, and Ethereum gas fee reporting make this possible.
This best Crypto tax software for DeFi is compatible with the FIFO, HIFO, and LIFO tax reporting systems. Additionally, it generates every tax form you may require, even if you use a different filing service.
As with most crypto tax computation tools, you will likely gain access to additional capabilities by subscribing to more expensive tiers.
2. ZenLedger
The next Crypto Tax Software you should try using is ZenLedger. It is available in two versions: do-it-yourself and tax-professional assisted.
The DIY version includes a free offering that allows you to use the calculator at no cost. However, you may only calculate a maximum of 25 transactions.
A premium version of the DIY product allows you to perform an unlimited number of calculations. The second version, Tax-Professional Assisted, provides professional assistance from in-house staff.
This second version is far more expensive than the first. However, the tool’s straightforward design enables users to complete their tasks quickly.
Over 500 crypto exchanges and wallets can be connected using the calculator. The program can automatically import data from the sources you select once it has been synced, and it can then be used to generate an exhaustive report.
With the data uploaded into the system, the calculator may determine several things, such as the cost basis, fair market value, and gains/losses from your transaction history.
It features a resolution center where you can verify your data and discover whether there are any errors or missing information. If you discover an error, you can have it rectified immediately.
The dashboard summarizes numerous actions, including mining, staking, trading, lending, and gifting. The report can be downloaded with a button after successfully examining your data.
ZenLedger supports the LIFO, HIFO, and FIFO tax accounting methodologies.
3. CoinLedger
CoinLedger is the best on our list of the popular Crypto Tax Software. This software was initially designed for use by United States citizens.
However, it developed over time to become accessible to Australian users. Today, the program is accessible to people all over the world.
This Crypto Tax Software is accessible so long as you reside in a country that supports HIFO, FIFO, and LIFO reporting. It is among the easiest apps to use for computing your cryptocurrency taxes.
It is because it has tutorials that explain how to complete the tax return compilation procedure. Through its automated activities, it also makes it simple to obtain precise numbers.
The platform’s layout is straightforward, and components are clearly labeled to facilitate navigation. After registering for the platform, importing your cryptocurrency transactions from wallets and exchanges is simple.
Numerous features of transactions, including trading, staking, and NFTs, are accounted for in the calculations. After calculating your gains and losses, the software will provide a report.
You can then download and use the created report when completing your taxes. Note that calculations can be performed in whichever currency you like.
CoinLedger is also linked with TurboTax, one of the most famous tax preparation tools, which is another great feature. Instead of downloading reports, you can integrate the two platforms to simplify and expedite your preparation.
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
4. Koinly
The greatest Crypto Tax Software continue with Koinly. This tool was created in 2018 to simplify difficult tax calculations.
This app distinguishes itself by allowing you to check your entire holdings and trading activities across several crypto sources or platforms.
The tool also automates the generation of a summary of your income over a specified period. Finally, it assists you in identifying tax reduction opportunities for the next 12 months.
It incorporates a double-entry ledger mechanism that assists users in identifying and rectifying problems. In addition, it is interoperable with tax reporting services such as TurboTax, making the filing process effortless.
Remember that Koinly integrates with more than 350 exchanges, 50 wallets, 50 blockchains, and 11 services. The tool is accessible to individuals in over 20 countries worldwide.
Numerous individuals use this program because of its user-friendly layout and detailed tax reports. It is also available as a smartphone app, allowing you to perform calculations on the go.
5. Crypto.com Tax
Crypto.com Tax is another excellent Crypto Tax Software you may use to organize your taxes. It is free, which is one of the factors that contribute to its popularity.
Even if you wish to calculate more than 25 transactions yearly, you will not be required to pay anything. Second, the platform has one of the most straightforward and user-friendly interfaces.
You only need to sign up for free, which takes a few seconds, and you can immediately begin working on your calculations.
API keys can be used to synchronize data from many sources. Additionally, you may connect the gadget to your wallets with a few clicks.
If desired, manually entering data into the system is also desired. After your data has been assembled and calculated, the system will preview the final results.
Then, you can inspect the preview to ensure no problems. You will then be able to get your crypto tax report and use it to file your taxes.
Individuals who adhere to the HIFO, FIFO, LIFO, ACB, and Share Pooling tax reporting procedures can use the calculator.
6. TaxBit
TaxBit is another Crypto Tax Software that you should investigate. This tool is intended to provide answers for individuals, businesses, and government entities.
Using this app, you can integrate with over 500 crypto exchanges, DeFi platforms, and wallets. That is far greater than some of the alternatives on this list.
The tool’s UI is intuitive enough that even a novice can rapidly become familiar with it and begin using it. In addition, although it exclusively assists U.S. taxpayers, the tool is accessible to people worldwide.
TaxBit’s tax optimizer lets users comprehend current capital gains and losses before transactions. As a result, it helps users choose the most cost-effective course of action.
Additionally, it is important to note that TaxBit offers a free plan for individual customers. However, they may only be able to access some of the tool’s advanced capabilities.
Tax optimization, IRS audit help, and tax-loss harvesting are unavailable for individual accounts. Instead, they are accessible only to subscribers of the paid edition.
7. Accointing
Accointing is another wonderful technique you can use when computing your taxes. This Crypto Tax Software, like CoinLedger, is compatible with FIFO, HIFO, and LIFO reporting formats.
To begin using the tool, visit the main website and create an account. The procedure is straightforward and cost-free.
This best Crypto tax calculator Excel uses generally understood tax reporting guidelines. And this makes preparing an income tax return considerably simpler.
The calculator can import transactions automatically from up to 300 wallets and exchangers. All of this is accomplished using APIs or Xpubs.
If you prefer to perform the import manually, always use the Excel sheet included with the program.
It has a review tool that categorizes your transaction history accordingly. This Crypto tax calculator review includes your DeFi staking, your margin trading or mining, and your trading.
After classifying your transactions, you can use the holding time tool to identify which tokens you have held for more than a year. With this knowledge, it is simple to maximize your taxed gains.
Most people accomplish this by exchanging tokens that appear to cause higher losses. Within five clicks, the calculator will provide a report once you have completed the process.
Accointing also offers a crypto tracker, a central location for monitoring your cryptocurrency assets.
8. BitcoinTaxes
BitcoinTaxes is the next top-rated Crypto Tax Software you may use to compute your taxes. Before using this tool, you must register for an account on the main website.
There are separate accounts for people and tax experts or accountants. This calculator is ideal for computing taxes and submitting reports using the FIFO method.
This free Crypto tax calculator is also applicable to particular identifying accounting procedures. In addition, this program can import data from many exchange systems, such as Coinbase, Kraken, and Binance, which is one of its most outstanding features.
If you are still determining the entire automated import process, you may manually enter your data using the provided template. Individuals can work on the app without worrying about fees, as it is a free resource.
However, the free offering includes a limit on the number of transactions that can be calculated. Therefore, if you wish to perform an infinite amount of calculations, you must subscribe to one of the paid plans.
Managers of the tool have in-house Crypto tax experts that can assist you in preparing your report if necessary. The pros may also handle converting CSV files, analyzing outcomes, and generating custom reports.
9. Cryptio
If we talk about the top-rated and best Crypto Tax Software tools, Cryptio is another tool that can facilitate the calculation of crypto taxes. This best Crypto tax calculator reddit is available in Basic, Pro, and Enterprise versions.
The Basic offering can be used by up to three users, the Pro version by up to eight users, and the Enterprise edition by an unlimited number of users.
There is a 14-day free trial for all memberships, so you can always try one out and choose which one meets your needs the best.
Regardless of which version you choose, the tool can assist you in calculating cost basis and monitoring realized and unrealized gains or losses. Cryptio, like the other tools on this list, can connect to several exchanges and wallets and import data with a few clicks.
You can always contact customer care for assistance if you encounter any issues when using this product.
10. CoinTracker
To file your taxes, you should use CoinTracker, another great tax computation software. It is one of the few services that provide free subscriptions to newbies.
It means that novices can perform calculations for up to 25 transactions without incurring costs. In addition, this tool’s automated portfolio tracking is a distinguishing characteristic.
It allows you to check your portfolio’s market value, investment status, and allocation. With support for more than 10,000 cryptocurrencies, the tool can quickly synchronize with more than 300 exchanges.
It can import data from your accounts and generate a report that you can view quickly. In addition, the combined report can be filtered based on certain settings within the program.
This Crypto Tax Software not only calculates but also improves cost basis accounting procedures, allowing you to effortlessly harvest tax losses from your portfolio and save money annually.
After the program has prepared a tax report, you can download it with a few mouse clicks. The report you generate is compatible with every reporting agent you employ.
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It is yet another tool with a mobile app that allows you to monitor your portfolio on the road.
Wrap Up – Best Crypto Tax Software
All of the calculators above are more than useful for crypto tax calculations. The best thing is that they do functions beyond simple computations.
They help you comprehensively understand your activities so that you may make adjustments to save more money. The tools also include free versions and trials, which is always a plus when determining which is ideal for your particular needs.
CoinLedger stands out as the most unique item on this list of top-notch Crypto Tax Software. It is replete with useful features and facilitates tax compliance in numerous nations.
