Top Crypto Tax Services
A real-time buyer’s guide to the best cryptocurrency tax services
Taxation is one of the most complex and confusing topics in the world of cryptocurrencies. Are crypto capital gains taxable? How can crypto loans help reduce taxes? Do I have to pay taxes on interest returns? How and when should I report the taxable events? These and many more questions often bother cryptocurrency investors. Considering how young the industry is, as well as the financial and regulatory characteristics of different legislations, it is understandable why crypto taxes are such a complicated topic. Our Crypto Tax Services Buyer’s Guide helps you find the most reputable tax service providers to help answer every question and sort out your tax reports.
Cryptocurrency Tax Services
CoinTracker
https://www.cointracker.io
CoinTracker is among the most popular and trusted portfolio tracker and tax calculating software. It allows users to directly connect to over 300 exchanges, wallets, and DeFi platforms and supports more than 2500 cryptocurrencies. Users can review their tax summary easily, and download all the reports needed to file tax information. Over time, the platform’s users have claimed more than $200M capital losses. CoinTracker has integration with TurboTax and several other accounting software. The platform offers full support in the US, UK, Canada, Australia, and partial support for every other country.
TokenTax
https://tokentax.co
TokenTax is a crypto tax software platform and an accounting firm. The company is among the leaders in the field and its team is comprised of accountants, designers, software engineers, and finance professionals. The TokenTax platform is custom-built and handles all aspects of digital asset taxes, from capital gains calculation to automatic tax form generation. It automatically calculates your crypto taxes and generates your crypto tax forms. The company’s crypto tax calculator is regarded as one of the best solutions in the niche. TokenTax makes crypto accounting as simple, automated, and painless as possible.
CryptoTrader.Tax
https://www.cryptotrader.tax
CryptoTrader.Tax is considered among the easiest and most reliable ways to prepare your cryptocurrency tax reports. The platform takes away the pain of preparing your crypto taxes by providing an easy-to-understand, simplified, and entirely automated software solution. All you have to do is connect your exchanges, import trades, and download your tax report in minutes. CryptoTrader.Tax integrates with all major exchanges to make this process quick and painless. The software calculates your gains from mining, staking, gifts, airdrops, and forks. CryptoTrader.Tax has also developed a solution for tax professionals and accountants that helps them prepare and file their clients’ tax reports easily.
TaxBit
https://taxbit.com
TaxBit is a refund-maximizing cryptocurrency tax software developed by industry-leading blockchain CPA’s and cryptocurrency tax attorneys. The platform allows you to easily connect over one hundred cryptocurrency exchanges to your TaxBit account. The software allows you also to easily run your transactions through the U.S. tax code, manage your portfolio with advanced tracking and analytics tools, and produce a full audit trail showing exactly how gains/losses are calculated. With TaxBit, you can also claim the capital loss deduction, get advice about tax optimization, and produce your IRS 8949 cryptocurrency tax forms in just a few clicks.
CoinTracking
https://cointracking.info
CoinTracking helps with taxes for your tax declaration of Bitcoin and altcoin transactions and taxable events. According to the methods FIFO, LIFO, HIFO and LOFO, CoinTracking calculates the user’s trades prepares them automatically so that they can be attached in the tax return directly. The CoinTracking tool is designed to adapt to the laws, financial statements and forms of different countries, such as Capital Gains, Form 8949, the German tax declaration and many more. The platform supports over 12 tax methods, including FIFO, LIFO, AVCO, and more. Aside from that, the CoinTracking platform also works as a trade analysis tool that generates real-time reports on profit and loss, the value of your coins, realized and unrealized gains, and much more.
Koinly
https://koinly.io
Koinly is a leading cryptocurrency tax service that was developed in collaboration with renowned tax consultants from KPMG to ensure all generated reports are compliant with relevant tax laws. The platform takes approximately 10 minutes to calculate your cryptocurrency taxes and help you reduce them for next year. The procedure is straightforward – once you sign up, you have to import your data by connecting your exchange accounts, wallets, and public addresses. Then you have to review your transactions and tag any income, airdrops, lost coins. The generated reports are accompanied by full audit logs. Koinly supports over 20 countries, including USA, Canada, Australia, Germany, Sweden, and others.
Bitcoin.Tax
https://bitcoin.tax
Bitcoin.Tax is another solution that allows you a convenient way to deal with your crypto tax reports. Once you import details of your crypto transactions (including trading, spending, donations, and mining), the platform creates your tax report. You will get a Capital Gains Report, an Income Report, a Donation Report, and a Closing Report with your net profit and loss and cost basis going forward. The Capital Gains are also ready to import directly into tax software, such as TurboTax® and TaxACT®. Bitcoin.Tax also offers Tax Professional/Accountant packages intended to help CPAs and accountant firms calculate their clients’ taxable events. The platform also has a Directory of Bitcoin Tax Professionals where users can get in touch with cryptocurrency knowledgeable tax accountants and attorneys.
LukkaTax
https://www.lukkatax.com
LukkaTax is best described as a guided crypto tax experience that helps you collect your data from various sources and deal with your tax documents. The platform supports crypto-to-crypto, margin/shorting, and mining income transactions over 3700 crypto assets. LukkaTax has integration with the most popular crypto exchanges and wallets. The platform supports variable cost basis accounting methods and helps you optimize your gain/loss using different accounting methodologies like FIFO, LIFO, and HIFO. LukkaTax generates downloadable Gain/Loss, detailed tax lot, unrealized holdings, and income reports. The platform is available also for institutions, tax professionals and accountants.
NODE40
https://www.node40.com
NODE40 is a cryptocurrency tax platform for consumers and professionals that automatically identifies debits, credits, and other transactions to ensure that all data is auditable and defensible. While other crypto tax platforms may apply subjective methodologies like FIFO and LIFO, NODE40 builds a history of transactions as they actually occurred. To use NODE40, simply link a cryptocurrency wallet or exchange account. The software then assigns cost basis values to all incoming transactions. NODE40 offers multiple pricing plans, including a free tier. The platform has achieved AICPA SOC 1 compliance.
Accointing
https://www.accointing.com
Accointing is a cryptocurrency portfolio tracking and tax software that supports over 4500 currencies from over 300 exchanges and wallets. The procedure for transaction importing is straightforward – all you have to do is connect to exchanges via API or CSV and import your wallets with your address. The software then proceeds to generate your tax report which you can download as a PDF or CSV file. Accointing supports several tax report formats, according to the active legislation in the US, UK, Germany, Switzerland, and Austria. Aside from the convenient crypto tax features, the platform also serves as a fully-functional portfolio tracking tool. You can easily monitor the state of your crypto assets from Accointing’s mobile and desktop applications, as well as receive real-time price and market alerts.
ZenLedger
https://zenledger.io
ZenLedger offers one of the friendliest tax tools for cryptocurrency investors and accountants. It allows cryptocurrency investors to quickly get tax forms and financial reports. ZenLedger imports the users’ transactions and prepares useful documents, including Capital Gains Reports, Income Reports, Donation Reports, and Closing Reports. The platform works with all major exchanges and crypto and fiat currencies and automatically generates profit/loss statements. ZenLedger is used by miners, day traders, HODLers, and more to make sure they are never overpaying in taxes.
BearTax
https://bear.tax
BearTax is a Bitcoin and cryptocurrency tax software that helps you to fetch trades from everywhere, identify transfers across exchanges and auto-generate your tax documents. The platform brings all trades from almost every exchange using its API or File uploads and then proceeds to review and classify them using FIFO or LIFO methods. Next, it auto-generates the tax documents and sends them to your accountant or your favorite tax processing software. BearTax also offers a tax solution for accounting firms that helps optimize their processes, improve work efficiency and the way they serve their clients, and increase their customers’ satisfaction.
Recap.io
https://recap.io
Recap is an intuitive platform that helps you calculate your cryptocurrency tax position with ease. It employs a zero-knowledge encryption approach to ensure that your financial data remains hidden. This means your tax information is encrypted client-side and no one but you has access to it. Recap allows its users to connect their exchanges easily and make a quick import of their data. It also supports CSV files and manual trading data inputs. With Recap, users can quickly find out their tax positions, get a clear view of their gains and losses, get margin trading and income tax support, as well as download a report prepared for their accountants/CPAs. The platform has a portfolio tracking feature that allows trading history monitoring and real-time analysis of portfolio performance and asset splits.
ProfitStance
https://profitstance.com
ProfitStance is another cryptocurrency tax and accounting solution for professional advisors and crypto investors. It allows you to connect your exchanges and wallets with just a few clicks. In just a few minutes, you will have all your calculations done and your forms ready to download and print. ProfitStance supports all applicable forms including Form 8949, Form 8949 worksheet, Schedule D, and more. The platform also shows your running tax liability and breaks down how much you are spending on fees. The ProfitStance team also claims that they guarantee 100% accuracy of their calculations and will pay IRS interest and fines up to $1,000,000.