Our platform performs tax calculations with a high degree of accuracy. We carefully consider complex tax scenarios such as DeFi loans, on-chain DEX transactions, NFT, gas costs, leveraged trading and gambling rewards. We provide a full breakdown of each calculation so you can understand exactly how your taxes were calculated and what rules were applied.
Therefore, it is your responsibility as a cryptocurrency investor and user to report all of your cryptocurrency exchanges and transactions as accurately as possible. Failure to do so can result in an audit by the IRS, along with penalties and interest rates. At the same time, intentional tax evasion can lead to criminal prosecution, including a five-year prison sentence and a possible fine of up to $250,000. This is a major reason why cryptocurrency users should actively consider investing in high-quality crypto tax tools and software.
We connect the processes of companies that produce and issue 1099s with those of consumers who convert their 1099 and other data into completed tax reports that they are ready to file. TaxBit Consumer and TaxBit Enterprise work together to ensure that users have a seamless and unified tax experience across all the platforms they use. Our APIs make it easy coinledger review to automatically record your data. Whether you’re interacting with our tax center suites on an exchange or using TaxBit Consumer, you’ll see the real-time tax impact of your trades on every exchange you trade on. TaxBit is the leading provider of 1099 forms in the cryptocurrency space. Regulators use TaxBit to help with cryptocurrency tax matters.
With over 700 integrations, Koinly supports more than 400 exchanges, 100 wallets and more than 170 blockchains. This makes it easier for you to get the most out of your crypto capital gains. All your trades in one place No going back and forth between different accounts and wallets.
You can be sure that you are not paying too much and that your crypto tax liability will be minimized. You can download your completed IRS forms to file your taxes, send them to your accountant, or import them into software such as TurboTax or TaxAct. We partner with the largest tax preparation platform to make it easy for you to file crypto gains and losses electronically along with your full tax return. Generate your crypto profit, loss and earnings reports in any currency. These reports can be used to fill out the tax forms relevant to your country. That data is easily collected by the system into 25 customizable cryptographic reports and a range of tax-specific reports from more than 100 countries around the world.
There’s a free plan, but it only covers 25 transactions per year. Paid plans range from $79 for up to 500 total transactions on your tax report to $199 for up to 5,000 transactions and $299 for up to 50,000 transactions. ZenLedger is another excellent solution for handling your or your customers’ taxes on cryptocurrencies.
ZenLedger is a cryptocurrency tax software that strives to make DeFi and crypto taxes as easy as possible for both investors and tax professionals. The system allows users to easily track crypto transactions and profits and helps them ensure that their crypto taxes are as low as possible. This feature ensures that ZenLedger users never overpay on their crypto taxes again. The easy-to-use three-step process makes importing and reviewing your transactions a simple process, allowing you to download and submit your tax forms without any hassle or unnecessary stress. Take advantage of their free account offer today to access all your detailed tax reports for up to 25 different cryptocurrency transactions.
We will also notify you if we suspect that a record may be a duplicate and you may choose to keep or delete it. Our price file contains minute-by-minute trading data for assets and currencies. This means that when we perform a price search, it is the most accurate price possible. The most accurate crypto tax software solution for both investors and accountants. Direct support for more than 400 exchanges, wallets, DEX and DeFi protocols.
This saves you hours of time and helps you maintain the cost base in the long run so that you pay the least amount of tax. If you don’t feel willing to pay a lot for crypto tax software and are willing to plan ahead, TaxBit might be the right choice for you. The first paid plan, Basic, starts at $50 per year and allows for both historical tax forms and out-of-network transactions. The next level, Plus+, costs $175 per year; Finally, Pro costs $500 per year. In this article, I will cover the features that top-notch crypto tax software offers.
They can seamlessly track your capital gains and losses and your tax liability for every trade that uses virtual currency. They can generate all the necessary cryptocurrency-related tax forms that can be used directly for your tax return or imported into TurboTax. It is known for its user-friendly interface and intuitive organization of cryptographic data that beginners will surely appreciate. Another thing that novice users can benefit from is the well-organized cryptocurrency tax blog, with informative step-by-step guides of the platform. The smooth upload process further simplifies your crypto tax return. All Accointing.com plans give you access to a cryptocurrency tracking dashboard, a crypto tax loss collection tool, and a cryptocurrency tracking app.