12 Best Crypto Tax Softwares 2021 – How to Compare

What are the best crypto tax softwares? You will need to pay taxes on your income from crypto investments whether you are new in this space or have been investing regularly for a long time.

Now, as it is common, the tax laws and features are very complex and binding.

You cannot afford to make any mistakes in preparing your tax file. You will therefore need a crypto tax expert for that matter, and, alternately, the best thing to do is use reliable crypto tax software.

Now choosing one may not be easy not only because there are many out there but also for the fact that you should look into the features of the software that makes it better than the rest.

You must make sure it is user-friendly and useful, it has all the necessary apps to use, and it offers proper guidance and educational content.

It should also offer quick and proper customer support, and should be affordable as well.

Now, this will surely make things difficult for you, which is why you should go through this list of some of the best crypto software with a brief description of each.

You can choose one that suits you and serves your purpose the best. Check out Best Crypto Signals.

12 Best Crypto Tax Softwares 2021

Best Crypto Tax Softwares

It is important for you to know the tax methods and rules of your country to prepare your tax file and generate a tax report.

For your crypto income, you can use one of the following crypto tax software. These will help you to trace every single transaction easily and at the same time save a lot of time and hassles.

1. Koinly – Simplifies Tax Filing Process

This crypto tax software will simplify your tax filing process significantly. Favored by accountants, investors, as well as crypto enthusiasts, this software is useful for those who hold multiple accounts in multiple exchanges.

This software can efficiently and effectively integrate all exchanges such as Binance, Coinbase, Kraken and others as well as all blockchains pretty seamlessly to provide the best tax report in quick time.

2. ACCOINTING.com – Packed with Useful Features

This crypto tax software comes with all the useful features that are necessary for a foolproof and fast tax report creation.

Using this tax software you can analyze your portfolio, get insights in real-time, and even set up alerts.

You will also get all necessary information and overview of the crypto market and most importantly, you will be able to track the coins that you want.

Available in both mobile and desktop versions, its dashboard is very useful for keeping track of the transactions as well as the performance of the account overall in real-time to provide a wonderful user experience.

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3. Crypto.com – Easy to Use Interface

Being one of the pioneers of crypto platform and payments, Crypto.com also comes up with one of the best crypto tax software.

The features of this tax software will allow you to pay your crypto taxes in the shortest possible time, and that too at no cost.

The fact that it comes with an easy to use interface and its integration with all major exchanges and wallets makes it so efficient and popular crypto tax software.

4. TaxBit – Deals with 1099 Issue

You will get immense help from this crypto tax software which connects enterprise and consumer tax experiences.

It also unifies the entire process taking care of the common issues like reporting taxes on time and even 1099s.

The report prepared via this tax software is exhaustive and includes all data and information that you will need to generate an accurate tax report.

You will come to know about your tax liability or refund status in real-time and carry on trades that enable tax optimization.

You can even talk to tax experts to clear all your doubts.

5. Bitcoin.Tax – Reputed Tax Calculation Service

When it comes to crypto tax calculation you can rely blindly on Bitcoin.Tax being the most reputed and reliable in this field.

You will find it very easy to figure out your capital gains or losses which are elementary aspects of filing taxes.

The entire process will take just a few minutes with little effort from your part. All you will need to do is upload the transactions made from the wallets and exchanges simply and the coins that you may own already.

The software will provide a complete tax report after analyzing your transactions and reconciling the unmatched transactions, if any, as well as identifying your crypto and non-crypto income and savings.

6. CryptoTaxCalculator – Supports Local and International Exchanges  

This easy to use cryptocurrency taxes calculator will have every tax issue sorted out irrespective of the exchanges you own it on.

This crypto tax software will provide direct support for all local and even international crypto exchanges, including and not limited to Binance, Coinbase, and Bitfinex.

The software has custom and useful features such as Comma-Separated Values file and API parsers that will make it extremely easy to upload all your crypto transaction history.

Irrespective of the source, this software can categorize each transaction automatically with its advanced algorithm and will generate the most accurate tax report.

7. CoinTracking – Best for Beginners and Professionals

This crypto tax software comes with a unique ability to analyze all your transactions and trades to generate tax reports in quick and real time.

It is a useful tool for both the beginners and experienced investors in the crypto space.

Using this software you can generate several other reports as well such as value of the coins traded, realized and unrealized profits, losses incurred, and a comprehensive tax report along with a complete overview of your portfolio.

8. CryptoPrep EY – A Fully Automated SaaS Product

This web-based and Software as a Service product is fully automated and complies with all tax filing rules.

This software will enable you to address all your needs regarding crypto taxes. It is powered by EY that will make the complex process of preparing tax reports easy by calculating your taxes following institutional-class methods.

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You can rest assured that your 8949 form will be precise and accurate since it will be prepared abiding by the latest rules and regulations of the IRS.

The software supports several major crypto exchanges and coins and will also offer you step-by-step guidance for the tax process.

You will know your exact capital gains and losses due to its unique aggregation and reconciliation of all available transaction data.

9. Coinpanda – Simplified Crypto Tax Process

This is one of the most trustworthy tax solutions for both the investors and traders. You can expect to have an accurate tax report in less than 20 minutes due to its easy to use interface and simplified crypto tax process.

The best part of it is that it will let you know the ways in which you can reduce your tax burden for the following year.

With its integration with several major crypto exchanges, it will be easy for you to import trading and transaction data, preview your capital gains and losses and get accurate tax reports.

10. CryptoTaxTools – Compound Finance Protocol and Support

With better features of this crypto tax software, you will find it easy to keep a track of your crypto assets and holdings across several exchanges and keep a tab on the basis of the cost of each.

This will provide faster and accurate tax reports by removing all complexities involved in the process, just like any other tax software, but it is the Compound Finance Protocol and support that makes it more reliable among the investors.

The easy filing instructions as well as the data import and portfolio tracking feature will allow you to know which way your investment is moving and how much tax to pay on it.

11. CryptoTrader.Tax – Best for International Support

This crypto tax software is built by the experts with an aim to reduce the time to prepare your tax file as well as provide you with the best possible opportunities to get the most out of your refund.

Being an official TurboTax partner, you will get adequate international support to import historical data most easily to prepare a comprehensive tax report.

Whether you are trading, earning interests, mining or staking your favorite cryptocurrencies, the software will make it easy to import transactional data and calculate the taxable amount most easily.

12. Blockpit – Offers Simple and Certified Solutions

This software will not only help you with your tax obligations but will also help you to keep a track of the portfolio.

This tax solution is very useful for all including tax consultants and banks apart from the crypto traders.

In addition to offering a simple and certified tax solution both for the businesses and individuals, this software will auto-sync the transactions most securely using read-only access when you navigate through your crypto assortment.

How to Compare Different Crypto Tax Software?

There are different types of crypto tax software available in the market and to choose one of the best from these you will need to consider different parameters and variables.

You will also need to look into the different subcategories of each of these variables to choose one eventually based on an unbiased approach. Here they are.

Data Import

Since preparation of a tax report is based on a host of data, the crypto tax software should come with better data import features. It should include:

  • Historical data import feature to extract data from different sources and consolidate them into a single source to ensure a more structured yield.
  • Automated exchanges and wallet import feature via API to leverage wallets and exchanges connections as well as with any third party.
  • Data export feature for manipulating transactional data from the platform accordingly via Excel.
  • ICO/OTC import feature so that all transactions can be imported into the software.
  • Guided data import feature to show how to import data from video tutorials in varied importing formats.
  • Feature to handle multiple accounts via CPA approach and edit, rearrange, or delete data as necessary from exchanges and wallets easily with a couple of clicks.
  • Manual import feature to input transactions easily in proper fields of the platform.
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It should also be flexible to adapt to the varied conditions of different tokens and come with an assortment of classifications so that it can use different accounting principles and align them properly to provide the best possible tax output.

Tracking and management

The crypto tax software should also come with other useful features that will help in tracking and management of the given portfolio. The variables include:

  • Coin Analysis Chart to translate data to information to know the performance of the portfolio
  • Different trade metrics analysis to help the trader in making better investment decisions
  • Long and short-term calculation to have a fair idea of the tax repercussions
  • Cash flow analysis to assess profits and losses for different time durations
  • Full data set analysis to review transaction history with all little details
  • Cost basis according to different tax methods to calculate the tax returns
  • Trading analysis to know about the positive and negative fluctuations at different time periods and
  • Certified tracking system to collect data from the most accurate and reliable source of information.

Tax Report

Finally, to prepare an accurate tax report, these are the features you should look for in the crypto tax software:

  • The report should be prepared after tallying all relevant tax documents based on the tax methodologies and jurisdiction of the specific country.
  • It should support different languages of multiple countries and an expert of crypto tax law should do the report creation after importing, exporting, reviewing, classifying, analyzing, and defining every data.
  • Calculation from crypto investments should be made in a proper way and by using different tools.

Finally, the report should be prepared based on the allowable transaction limits as well as include the cost for filing tax against each transaction.

Conclusion

It is elementary that you use the best crypto tax software to generate an accurate tax report. It is important to make sure that it has all the features mentioned above so that it can handle the data properly to provide the right output.