Investors across the world have realized the potential of the crypto market and many have invested and profited from this new digital currency.
But with profits come tax liabilities, and understanding cryptocurrency taxes is not as simple as it may seem. To save you time and reduce any chances of human error creeping into your crypto yearly taxes, we have created a list of top 10 crypto tax software to automate the process for you.
We drew a stiff comparison between each of these tools across multiple parameters such as user experience, customer support, efficiency, and of course, pricing to provide you with a one-stop solution for your crypto taxes.
Best Crypto Tax Software: Top 10 for 2022
There are a number of crypto tax software online that seem reliable, but not all are worth the price. Needless to say, you should only rely on industry experts when it comes to something as important as your finances and taxes.
So, what are the top 10 crypto tax software in terms of accuracy, reliability, transparency, and ease of use? Let’s find out:
- Taxbit: Best crypto tax software for 2022
- Koinly: Best free crypto tax software
- Tokentax: Best crypto tax software for complex filing
- Zenledger: Fastest crypto tax software
- Bitcoin Taxes: Best crypto tax for comprehensive services
- Cointracking: Leader for crypto tax reporting
- Cryptotrader.tax: Free report preview and trusted TurboTax partner
- Cryptotax Calculator: Best for precise crypto tax calculations
- Accointing: One-stop solution for all crypto tax needs
- Turbotax: Most easy-to-use crypto tax software
Best Crypto Tax Software Reviews – Compared
Let’s now take a deeper look into each of the above-mentioned tools so that you can choose the best crypto tax software for your individual needs.
1. Taxbit: Best Tax Software For Crypto Overall
Taxbit is one of the pioneers as far as the crypto tax software market is concerned. It caters to the taxing and financial needs of everyone dealing with any kind of digital asset, be it large enterprises, government agencies, or individuals. The tool is designed by CPAs and tax attorneys, so rest assured you’ll only get the best results with Taxbit.
Also, its SOC 2 certification guarantees 100% data safety. APIs seamlessly integrate with any native platform and are trusted by some of the largest government organizations.
Here is what we love about Taxbit:
- Separate features and experts to look after individual and enterprise needs
- Unlike other unreliable applications that use bots, every process at Taxbit is carried out by a real expert with experience
- Manages every type of digital asset and offers excellent portfolio management services
- Comes with intelligent optimization tools for smart tax calculation and gets you the best returns and financial advice
Taxbit comes with a free plan covering unlimited transactions and offers enough features to get your taxes done. If you require additional help, you can check out its paid plans:
- Unlimited Transactions
- Email + live web support
- Unlimited Transactions
- Email + live web support
- Unlimited Transactions
- Email + live web support+ dedicated concierge
- Proven record of expertise
- 100% data security
- Compatible with every type of digital asset
- Helmed by real tax experts
- Limited auto-syncing opportunity
2. Koinly: Best Free Crypto Tax Software
Koinly is another popular crypto tax software specializing in super-fast tax calculation and reporting. As the application claims itself, you can get your digital asset tax done in under 20 minutes. Available in more than 20 countries, Koinly not only does your taxes but also gives you easy tips on reducing your taxes for the next financial year.
Connecting your transactions to your Koinly account is super easy. You can either upload a .csv file or use its API to connect your investment accounts and let Koinly directly import all the data it will need. The most exciting part is that it supports 300+ exchanges and wallets.
Here is what we love about Koinly:
- An informative dashboard to give you a glimpse into your profit or loss for a given financial year, total growth, ROI, current holdings, etc
- Koinly tax reports are guaranteed to pass every audit. You can even download them for your team to view.
- Its smart transform matching technology will automatically detect transactions made between your own accounts to exclude them from your tax reports.
- Its double-entry ledger system keeps track of every transaction you make to simplify error tracking and debugging in the future.
Koinly offers a terrific free plan with up to 10,000 free transactions, portfolio tracking, capital gain review, etc.
You can also switch to any of its paid plans:
- Newbie plan for $49 per tax year
- Holder plan for $99 per tax year
- Trader plan for $179 per tax year
The best part is each of these plans gets responsive email support and has almost similar features barring a few additional benefits in the Trader plan.
- Quick and efficient
- 100% accurate audits
- Best tips on reducing taxes
- Easy data import and export
- Does not accept crypto as a service payment
3. Tokentax: Best Tax Software Crypto For Complex Filing
Tokentax is not just a crypto tax calculator software. It’s also a full-fledged crypto tax accounting firm, making its services much more reliable, comprehensive, and accurate.
Proficient in deep Crypto, Defi, and NFT, experts at Tokentax have years of experience in this industry, giving you the best returns and saving hacks every financial year. Tokentax also seamlessly integrates with your wallets and digital assets so that you don’t have to worry about transferring tons of data into its tax calculation software.
The diversity of its plans makes it perfect for every type of trader- professionals or amateurs. Its auto-generated tax reports and forms will save you time which you can utilize to double up your investment gains.
Here is what we love about Tokentax:
- Eliminates manual data entry and automatically syncs your wallets to import transaction history. Auto syncing also makes finding and fixing errors easier.
- You can always track your tax liability in real-time so that the numbers never catch you by surprise.
- Tokentax has every tax form you will need, including international forms. For further assistance, you can also integrate it with applications like Turbotax.
- If you have complex needs like a higher number of transactions, missing data, or cross-chain transactions, Tokentax experts are well-equipped to help you out with the best possible returns.
Tokentax offers 4 paid plans. Let’s take a look:
- $65/ tax year
- Upto 500 transactions
- $199/ tax year
- Upto 5000 transactions
- $799/ tax year
- Upto 20000 transactions
- $3499/ tax year
- Upto 3000 transactions
- Helmed by a tax accounting firm
- Auto data syncing and management
- Auto-generated forms and reports
- Well-equipped to deal with a crisis
4. Zenledger: Fastest Crypto Tax Software
If you are looking for a platform to track your transactions, keep an eye on the profit and loss you make, and get the best returns on your taxes, then make sure you check out Zenledger.
Designed for accurate tax filing to protect you from overpaying, Zenledger is best known for being fast and user-friendly.
Zenledger is super simple. All you have to do is import your transaction history, review the data and download the form. This software also supports up to 400+ exchanges and more than 30 different De-Fi protocols. No matter where and on what you invest your money, you always have a reliable partner to do your cryptocurrency taxes.
Another striking feature of Zenledger is its stellar customer support department. Its experts are available to help you with every issue 7 days a week through chat, email, and phone calls. With Zenledger, you will never be stranded alone to handle your crypto taxes.
Here is what we love about Zenledger:
- Its tax harvesting tools allow you to make smart decisions while trading and save money. You can clearly see the difference it makes with its detailed tax reports.
- To simplify keeping track of a higher number of transactions, it offers a spreadsheet with every information about your past transaction history collated in one place.
- Zenledger uses a two-factor authentication login process for every user to keep your data secure and your transactions private.
- With more than 50000 happy customers and over $2.5 billion, Zenledger has proved to be reliable and efficient with crypto taxes.
Zenledger offers a free plan for up to 25 transactions. After that, you can choose any of these paid plans
- $49/tax year
- Upto 100 transactions
- $149/tax year
- Upto 5000 transactions
- $399/tax year
- Up to 15000 transactions
- $999/tax year
- Unlimited transactions
- Fast & reliable
- Easy to use
- Experienced with 50k+ customers
- 2FA for extra security
- Local tax forms are only available for users in the USA
5. Bitcoin Taxes: Best Tax Crypto Software For Comprehensive Services
If you need comprehensive crypto tax services along with audit defense, you must try Bitcoin Taxes. Its experts not only help you file your taxes but can also help you get started with crypto investments.
Along with that, Bitcoin Taxes is well-equipped to handle complicated crypto accounts with missing transactions, lost records, or even unmatch transactions. Based on your needs, it can help you with expert advice on improving your crypto and non-crypto savings.
Even if you need assistance with complex crypto trading like margin trading, Airdrops, wash-sales, and staking, Bitcoin Taxes is at your service!
The platform’s most unique service is its audit defense system. While taxes filed by Bitcoin Taxes are almost 100% accurate, the company is ready to defend you in case you land in any trouble. From defending you before the IRS to responding to a criminal investigation, Bitcoin Taxes has always got your back.
Here is what we love about Bitcoin Taxes:
- Allows you to seamlessly import your income and trading information from wallets and online trading platforms like Coinbase, Bitpay, KuCoin, Kraken, etc
- It helps you review and monitor all your individual addresses and track your capital gains from every trading platform in one place.
- Easily integrate with applications like TurboTax and TaxACT to help you with additional taxing responsibilities.
- Detailed reports for every stage, easy tax form downloads, and consistent support throughout the year
Here are the plans offered by Bitcoin Taxes
- Up to 20 transactions
- Email support
- All standard features
- $39.95/ tax year
- Up to 1000 transactions
- Email support
- All standard features
- $49.95/ tax year
- Up to 5000 transactions
- Email support
- All standard features
- $59.95/ tax year
- Up to 10000 transactions
- Email support
- All standard features
- A comprehensive suite of services
- Easy data imports
- Compatible with multiple trading platforms
- Simple integrations with TurboTax and TaxACT for better service
- Only offers email support
6. Cointracking: Most Widely Available Crypto Tax Software
Cointracking offers you much more than just tax filing. With this application, you can track your profits and losses, find out realized and unrealized gains, and check out the value of your coins and assets from a single intuitive dashboard.
Over the last 13 years, Cointracking has created a legacy with its impeccable service. With over 1,109,000 active users and portfolios worth $41.5B, Cointracking is transparent, experienced, and reliable.
Compatible with 14 different tax methods, it is available in over 100 countries making it one of the largest crypto tax software.
With its two-factor authentication and data and API encryption, Cointracking does all the work for you without ever requesting access to exchanges to get the best returns on your taxes without compromising your financial privacy.
Here is what we love about Cointracking
- With over 25 customizable reports, you can easily access all your transaction history, profit and losses, gain, and assets.
- To help you get started, it offers detailed tutorials, video instructions, and an extensive section of frequently asked questions.
- Works for both individual crypto traders and crypto agencies with diverse investment and tax filing features
- Easy transaction data import and declaration with consistent professional help from the Cointracking team
Here are the plans offered by Cointracking
- 200 transactions
- 2 Back-ups
- 3500 transactions
- 5 Back-ups
- 20000 transactions
- 10 Back-ups
- Unlimited transactions
- 20 Back-ups
- Widely available
- Easy onboarding
- Chart history for 18778 coins
- Easy imports and declaration
7. CryptoTrader.Tax: Most Reliable Crypto Tax Software
CryptoTrader was founded in 2017 by CoinLedger, based in Kansas City. The company launched Tax — hence the name CryptoTrader.tax. It’s a fantastic cryptocurrency tax calculator that will assist you in calculating all your transactions, and convert these into reports that you may then submit to the IRS.
CryptoTrader.Tax automatically keeps track of your portfolio and saves you money with tax-loss harvesting techniques. Note that you can also use this tool to prepare the traditional IRS form 8949 and short and long-term sales reports, foreign gain/loss reports, cryptocurrency revenue reports, etc.
- Partners with the top tax preparation tool to make it simple to e-file your crypto earnings and losses with your total tax return
- Syncs your transaction data from an unlimited number of crypto exchanges with automation features
- It works with TurboTax and TaxDirect, and over 200 cryptocurrency exchanges
- Allows you to export tax information to TurboTax or TaxAct
- Automatically computes your profits from mining, gifts, staking, airdrops, and forks
- Supports over 2500 different crypto coins
CrytpoTrader.Tax has four pricing options:
The Hobbyist plan includes up to 100 trades, free report previews, and live chat help for only $49 per tax season.
This plan also consists of:
- Unlimited report revisions
- IRS Form 8949
- FIFO, LIFO, and specific identification
- Capital gains report
- TaxAct integration
- TurboTax integration
- Tax-loss harvesting
Day Trader plan
The Day Trader plan includes up to 1,500 trades, live chat assistance, free report previews, and additional services found in the Hobbyist plan for $99 every tax season.
High Volume Trader plan
The High Volume Trader plan includes a limit of 5,000 trades, priority customer service, free report previews, and all additional features found in the Hobbyist and Day Trader plans for $199 per tax season.
The $299 per tax season CryptoTrader.Tax Unlimited plan includes unlimited transactions, free report previews, priority assistance, and all of the features found in the other pricing plans.
- Easy to sign up
- Integration with TurboTax
- Competitive price with multiple tiers
- Tax-loss harvesting
- Auto-fills the IRS Form 8949
- Live chat customer support
- You cannot file the tax return directly
8. Cryptotax Calculator: Best For Precise Crypto Tax Calculations
CryptoTax Calculator may be a godsend if you need ultimate precision computing your crypto taxes. This software smoothly integrates with several popular exchanges and uses your data to provide highly detailed computations.
It considers airdrops, Defi staking rewards, mining, and ICO participation and will streamline the tax calculation process by connecting directly to your exchange information, classifying transaction history, and processing the data to generate tax reports based on the assessment.
Its algorithm will do all the computations for you and provide tax reports that show you your actual capital gains and income in detail. You may then easily input the information into your tax program or send it to your accountant. Another good feature is that it provides the complete list of exchanges it supports.
- Supports over 400 platforms
- Optimized for Defi and NFT transactions
- Supports tax rules in 21 countries
- It can generate tax reports for all fiscal years
- You can keep track of your crypto holdings as well as your taxes
There are four pricing tiers to choose from, each with a 30-day money-back guarantee if you are unhappy with the platform’s performance.
The Rookie plan starts at $49, allows for up to 100 transactions, and is perfect for crypto enthusiasts or holders.
The features this tier tags along are:
- Unlimited exchanges
- Exchange API Sync
- Capital gains tax report
- Inventory report
- Income tax report
- Online chat support
The hobbyist plan starts at $99, offers up to 1000 transactions, all features included in the rookie plan, and supports storing assets in wallets.
The Investor plan starts at $189, allows for up to 10,000 transactions, and covers Defi, derivatives, DEXs, staking. It also offers all the features of the two plans discussed above.
The Traders plan starts at $299, allows for up to 100,000 transactions, and offers all the features of the Investor plan. You can also analyze different tax strategies with the Traders plan.
Note that all these four plans belong to the Personal pricing segment; there’s also an Accountant pricing segment. Get a custom quote here.
- Automated data import
- Exchange integration
- Supports tax filing software exports
- Excellent online chat support
- Money-back guarantee
- Crypto payments are not accepted
9. Accointing: One-stop Solution For All Your Crypto Tax Needs
Accointing is a one-stop shop for all of your crypto filing needs. This ground-breaking crypto platform provides a comprehensive set of tools to help you track and manage your crypto taxes in a user-friendly and straightforward manner!
Accointing supports over 300 exchanges and seamlessly connects your wallets through API or CSV. The tool also serves as a dashboard for tracking bitcoin portfolios.
You can also check your past performance, assess your portfolio gains and losses, and import all transactions automatically via API Connect, Wallet address, and manual input.
- Personalized dashboard with simple yet insightful visualizations to extract the actual value of your data.
- Flexible features allow you to develop custom tax schemes.
- Holding Period Assistance provides guided tax options
- Comprehensive and simple to understand tax reports
- Supports European and American tax reports.
Accointing offers four pricing plans, namely:
Free Tax Plan
Cryptocurrency newbies can try out Accointing’s free plan that allows them to curate a tax form for up to 25 transactions.
The Hobbyist plan costs $79 and allows up to 500 transactions for each taxation. It also includes email support, a tax-loss harvesting tool, and a crypto tracker app.
This plan costs $199 and allows 5,000 transactions per tax form. All of the features available in the Hobbyist plan are also included in this package.
Professional traders should go with the Pro plan costing $299 since it’ll fetch them 50,000 transactions per tax report.
- Easy-to-use interface
- Supports over 300 wallets and exchanges
- Compatible with over 7,500 currencies
- Available for both desktop and mobile
- Money-back guarantee
- Tracks your cryptocurrency portfolio
- No Schedule D or other IRS forms
10. Turbotax: Most Easy-to-use Crypto Tax Software
TurboTax is one of the most widely used tax software applications, and not just for crypto. It was founded in the mid-1980s and quickly became one of the most commonly used tax preparation tools.
TurboTax will be a convenient choice since it offers a variety of online tax planning choices, is compatible with various devices, and allows you to save your filing process.
A standout feature of TurboTax is its ability to upgrade to a greater degree of tax assistance. There are also online resources to assist you with the procedure, such as a document checklist and a tax refund estimate calculator.
- If you upgrade to TurboTax Live, you’ll be able to speak with a tax expert
- Simple options for uploading and importing data
- You can easily import previous returns into TurboTax via PDF
- The asset depreciation function in TurboTax keeps track of how much your significant purchases have depreciated over time
- TurboTax guarantees 100% accurate calculations
TurboTax’s pricing is a simple two-plan scheme:
The TurboTax free forever plan is suitable for those with simple tax returns.
The self-employed plan costs around $199 and is best for those with more complicated tax filing requirements who wish to speak directly with a tax expert to clarify any doubts.
- Impeccable user experience
- Personalized explanations of tax calculations
- Friendly interview Q&A
- Provides virtual support options and help resources
- Covers tax topics in exceptional depth
- Sound security measures
How is Cryptocurrency Taxed?
Cryptocurrency has gained impressive momentum during 2021 and 2022, with a sharp rise in the number of people investing in crypto. Different countries have their own laws regarding cryptocurrencies and their taxes.
If you plan to start investing in cryptocurrency, you might wonder how cryptocurrency is taxed in your country. To help you out, here is a brief guide on the different cryptocurrency tax procedures in various countries:
1. The United States
The Internal Revenue Service (IRS) considers cryptocurrency as a property rather than a currency for taxation purposes in the US. This indicates that the taxes on your cryptocurrency would work in a way similar to the taxation on your gold, stocks, and other assets.
You’ll have to pay taxes when you:
- Receive mined cryptocurrencies
- Sell crypto for cash
- Receive any crypto as a reward
- Receive your earnings in the form of crypto from your employer
- Use tokens to buy a different cryptocurrency
- Pay for any goods and services using crypto
For cryptocurrency transactions in the US, the IRS usually charges a tax of around 10% to 20%. However, do note that you do not need to pay taxes when transferring crypto between wallets, donating crypto to a tax-exempt charity, or simply holding crypto after buying it with cash.
2. The United Kingdom
The UK treats cryptocurrency as a capital asset. Hence, the crypto tax rates here are similar to the taxes on other capital assets, i.e., 10% for basic rate taxpayers and 20% for additional rate taxpayers. Ultimately, the amount you have to pay as tax will depend on the gain, your total taxable income, and deducted allowances. The taxation applies to:
- Selling cryptocurrency tokens for money
- Cryptocurrency disposal
- Payments made for goods and services using tokens
- Exchanging one token for another
- Gifting cryptocurrency to another person
Concerning the last point, note that you do not have to pay a tax upon giving away crypto tokens to your spouse or a civil partner. The capital gains tax in the UK also has a tax-free allowance of £12,300.
In Canada, you need not pay any taxes on buying and holding tokens. The taxation mainly applies to the sale of cryptocurrencies. This includes any capital gain that you make from:
- Gifting cryptocurrency tokens to another individual
- Exchanging one cryptocurrency for another
- The conversion of cryptocurrency into Canadian dollars
- Purchasing goods and services with crypto
While all these capital gains would add to your annual income, only 50% of it will be taxed.
What To Look For In A Crypto Tax Software?
Figuring out all your crypto taxes can prove to be a complex and tiresome task. You’ll have to keep track of all your crypto transactions, find out the applicable tax rates, and calculate the taxes on every transaction. However, this need not be a hassle, as you can instead use a software.
With cryptocurrencies becoming more popular and an increasing number of people starting to trade in crypto, several software solutions have come up. If you are trying to find the best crypto tax software to help you keep track of your taxes, check for the following aspects among your options:
As of now, a wide variety of cryptocurrencies are available for purchase. The crypto tax software you should be able to integrate with all the popular tokens. This way, in case you are investing in multiple cryptocurrencies, you can still use the same app to calculate all the taxes.
Switching between apps and manually adding up the taxation on different tokens isn’t going to sit well with you if you’re big on user experience. Even if you invest in only one crypto at the moment, such flexible tax software will allow you to switch to other tokens later without any complexities of tax calculations.
2. Automated Data Input
The whole point of using crypto tax software is to avoid dealing with all your data manually. The data includes the dates, the price of the tokens at the time of transactions, the number of tokens, how long you held the tokens, etc.
Not only does it take a lot of time and effort but it might be an arduous task if you are a professional trader making a lot of transactions every day. Moreover, manual input of data also opens up the chances of errors.
So, you must look for a cryptocurrency tax software that can automatically input data from your wallet every time you make a transaction. Also, make sure that the software is compatible with all major crypto wallets.
Mistakes made while calculating your taxes can be quite expensive, leading to hefty penalties. In case the IRS notices any discrepancies in the reports you submit, you could even face tax evasion charges. Hence, it is extremely important to pick a reliable crypto tax software with a good reputation.
Check user reviews of a software before you decide to use it; getting insights into the experiences of other users would help you understand how reliable a software is.
4. Accurate Ready-to-use Paperwork
Working with just the IRS Form 8949 can be a complex task. To help users, most crypto tax softwares offer pre-filled paperwork that you can easily download and file.
However, make sure that the crypto tax calculator in the software offers 100% accuracy so that you can fully rely on the pre-filled forms. A good tax software will provide you with comprehensive paperwork that includes your audit track, international taxes, gains and losses, etc.
It’s understandable that different crypto tax softwares would have their own range of features. But here are a few key features that you must look for while trying to identify the best software to manage your crypto tax:
- The software should be capable of identifying the transactions made between your own wallets. Accidentally counting these transactions can cause you to pay more taxes.
- In case there are any duplicate transactions, the software should be able to identify and remove them from your forms. This will save you the hassle of checking for such transactions yourself.
- A good tax software will have a comprehensive dashboard that provides all the relevant information in one place. A well-designed dashboard can significantly simplify the whole process of handling the taxes.
- Some of the top crypto tax software also enables users to hire a team of tax professionals to double-check the reports and handle other tasks. If you are too busy with your crypto trade, this feature may prove helpful.
A crypto tax software offering all these features can ensure a hassle-free experience.
Last but not the least, consider how much it will cost you to use a particular software to calculate and manage your crypto taxes. Different software charges different prices based on factors like the range of integrations, bandwidth, the number of transactions you make, etc.
While you shouldn’t spend on overpriced software, sometimes paying a higher premium for a better tax software is indeed worth it. Some of our recommendations would be Koinly (which includes a forever free plan) and Cointracking (costs only $10.99 per year to begin with).
Conclusion: What is the best crypto tax software for 2022?
It’s easy to get confused with so many options on the table, especially if they’re all adept tools promising the best crytpo tax filing services. All promises aside, if you were to go by our expert advice, we would point you in the direction of our #1 tool on the list, Taxbit.
It’s a well-known software that employs human experts to look after your crypto and other digital assets, provides impeccable data security and a smart tax calculator, and is extremely affordable — all that you could possibly want in the best crypto tax software in 2022.