Best Crypto Tax Software and Calculators of December 2023
Discovering the ideal tax tool for cryptocurrencies in 2023 is a game-changer for simplifying your tax journey, especially if you’re navigating the dynamic world of crypto as a trader or investor.
These clever tools, also known as tax calculators, are more than just number crunchers. They act as your financial sidekick, meticulously recording capital gains and losses across various crypto exchanges. In this crypto-premium guide, we aim to make your tax journey effortless.
Picture these tools as personal financial gurus at your fingertips, guiding you through the twists and turns of crypto taxation. On the other side, a pay-tax service empowers you to manage your portfolio effectively, providing insights for smart decisions in the unpredictable crypto market.
Amidst the plethora of choices, our role as your trusted crypto-premier guide is to simplify the decision-making process. We’ll help you explore and compare features, user-friendliness, supported currencies and exchanges, pricing plans of the best tax solutions, and more.
Our goal in this guide is to provide a concise roadmap in the world of calculators, ensuring you navigate the complexities of cryptocurrency taxation effortlessly. Buckle up for a tax adventure like no other!
Note: Below, you can find a software comparison for your convenience.
Top Cryptocurrency Tax Calculator Compared
| Tool Name | Free Trial | Pricing/Yearly | USP |
|---|---|---|---|
| CoinLedger | Yes | Basic: Free Paid: $49 onwards |
Effortless importing of your past crypto transactions |
| Koinly | Yes | Basic: Free
Paid: $49 onwards |
User-friendliness and available customer support choices |
| Cointracker | Yes | Basic: Free
Paid: $59 onwards |
Available customer support choices and professional pay taxes |
| TokenTax | No | Basic: Free
Paid: $65 onwards |
Calculate the unrealized losses for each token. |
| ZenLedger | Yes | Basic: Free Paid: $49 Onwards |
Offers compatibility with hardware wallets like Trezor! |
| Accointing | Yes | Basic- Free
Paid: $49 Onwards |
User-friendly cryptocurrency tax platform |
| CoinTracking | Yes | Basic: Free
Paid: $12.99 Onwards |
Professional tax guidance. |
| Coinpanda | Yes | Basic: Free
Paid: $49 Onwards |
Calculate a crypto tax report for free. |
| TaxBit | Yes | Free | No-cost cryptocurrency tax reporting |
| Bear.Tax | No | Basic: Free
Paid $49 |
Use your existing pay-tax reporting software, like TurboTax. |
| BitcoinTaxes | Yes | Basic: Free
Paid: $49.95 Onwards |
Offer flash loans, enabling users to access instant, unverified, and small loans. |
Now, before we dive into the details, a question comes up.
Why do you need tax software?
Crypto trading can earn you money, but keeping track of taxes can be tricky. It does the math and generates reports for you. Just like with regular money, you must file taxes when selling crypto, and rates vary by location. choosing software for taxation that aligns with your local rules. It’s a time- and money-saver compared to hiring tax accountants.
Now, you can explore the best software and calculators available in the crypto market in 2023.
CoinLedger
CoinLedger Features
CoinLedger is your DeFi tax ally, with top-rated features. Simple design for all users, even beginners. Track all crypto transactions in minutes and get detailed reports for free. Need advanced features? CoinLedger offers plans from $49 to $199, tailored to your crypto needs. It’s your shortcut to hassle-free and personalized crypto tax management!
- Base Price: A Free or Paid account starts at $49
- Popular for: Easy design, free tax software, and over 20,000 crypto-supported
Pros
- Frequent traders can use the paid Unlimited CoinLedger plan.
- Preview tax reports with a free plan.
- Generate short- and long-term tax reports, crypto income reports, and tax loss harvesting reports to minimize tax obligations.
- Get easy access to tax experts and accountants.
- Several crypto exchanges and wallet integrations
Cons
- Unpaid users cannot use the software to generate reports.
- You cannot use crypto to pay taxes
Koinly
Koinly Features
Koinly stands out as the leading software for investors aiming to streamline their financial reporting. It simplifies calculations and enables easy result export compared to other options. The free plan covers up to 10,000 transactions, and beginners can access it for Rs. 490 per year. Koinly supports 23,000+ cryptocurrencies, 170+ blockchains, 400+ exchanges, and 100+ wallets, offering tools to address trader challenges.
- Base Price: A free or paid account starts at $490 per tax year.
- Popular for: TurboTax and TaxAct, free crypto tax report to preview
Pros
- Generates localized tax reports for more than 20 countries
- Integrates with 400 crypto exchanges and 100 wallets
- Automated data exporting, extraction, portfolio tracking, and export to other software
- Accountants and experts to handle tax filing
- The free plan supports more than 10,000 transactions.
Cons
- Costly for high-volume investors and traders
- Slow syncing after API integration
CoinTracker
CoinTracker Features
CoinTracker, a top-notch financial reporting software, instantly connects to 500+ exchanges and wallets. Trusted by over 1 million users, it swiftly generates accurate crypto and NFT financial data. The free version allows 25 transactions, with a $59 paid plan for up to 100 transactions. Unlimited transactions for the tax year can be accessed with a one-time payment of $599. The platform features a leading crypto financial tracker for fair market value, portfolio allocation, and investment performance.
- Base Price: The Free/Paid plan starts at $59
- Popular for: free tax reports, automated portfolio tracking, and tax apps
Pros
- Free tax reporting for up to 100 transactions
- Generates 25 personalized reports, including realized and unrealized profits and losses and more
- Offers quick customer response via mail and live chat
- It supports over 500 crypto exchanges and wallets instantly
- A free portfolio tracker with regular updates
Cons
- Expensive tax-loss harvesting analysis
- Lacks a user-friendly interface
TokenTax
TokenTax Features
TokenTax, introduced in 2017, is a leading cryptocurrency financial software that directly imports data from the popular exchange Coinbase. Utilizing its free US-based software, it calculates the financial liabilities for users. TokenTax uniquely blends human expertise with the taxes of crypto to manage complex cases. Unlike some competitors, TokenTax doesn’t offer a free plan. The Basic plan, priced at $65 per tax year, caters to casual users with up to 500 transactions.
- Base Price: No free plan. Paid plan starts at $65
- Popular for: seamless data syncing, tax bill previewing, an effective crypto tax calculator, or software.
Pros
- Supports over 120 crypto exchanges and wallets
- Supports NFT and DeFi protocols and marketplaces
- Tax loss harvesting for Premium and Pro plans
- Advanced reconciliation services with complex accounting requirements
- Eliminates manual data entry by syncing all accounts and wallets in one place
Cons
- It is more expensive than other tax software
- It focuses more on in-house accountants than the tax platform
Zenledger
ZenLedger Features
ZenLedger is a top financial tool for simplifying accounting in decentralized finance. Designed for DeFi, it integrates with multiple crypto networks and exchanges, serving over 100,000 customers across 400 exchanges, 185 protocols, and 10 NFT platforms. Its pricing, starting at $49 per year, offers free reports for up to 25 transactions, covering capital gains, profits, and losses.
Base Price: The free/paid plan starts at $49 per year.
Popular for: seamless and free crypto tax report, easily downloadable tax documents, tax tracking, and loss-analysis tools
Pros
- Tax-loss harvesting helps save money
- DeFi, NFT, and staking support
- Allows users to import tax reports into TurboTax
- Paid tax filing consultations and support are available
- Supports over 400 exchanges, 185 protocols, and 10 NFT platforms
Cons
- The free plan offers only 25 transactions
- DeFi support is available only in Premium plans
Accointing
Accointing Features
Accointing stands out as a premier crypto tracking and tax tool, enabling users to monitor their net worth and file taxes seamlessly. Supporting transactions from 300 exchanges, it offers real-time insights into crypto portfolios. The platform is free for up to 25 transactions, with traders having the option to choose a HODLER account for $49 per year thereafter.
- Base Price: The Free/Paid plan starts at $49 per year
- Popular for: no credit card required, free tax report
Pros
- Gives full refund within 30 days on certain conditions
- Customized tax report for filing form 8949
- Free crypto portfolio tracking
- Easy-to-use and quick user interface with desktop and mobile versions
- Multiple options for importing and exporting data using API keys, manual import, or CSV files
Cons
- Lacks Schedule D and other IRS forms
- Very few API integrations
CoinTracking
CoinTracking Features
CoinTracking is a top DeFi software for tracking crypto investments, providing reports for over 1.4 million users worldwide. Users access personal analysis, tax declarations, professional assistance, and relevant coin charts. The free trial covers 200 transactions for new investors, with an option to switch to the PRO account, which supports 3,500 transactions.
- Base Price: The free/paid plan starts at $12.99 per month, billed yearly.
- Popular for: best free plan, diversified traders and investors
Pros
- Free reports for up to 100 transactions
- A wide variety of tax forms, including tax forms 8949 and 1099.
- Provides important tools to study trends and patterns in crypto trading
- Supports data import from more than 110 exchanges
- A free tax calculator determines unrealized capital gains and losses
Cons
- Complicated, confusing, and cluttered user interface
- No automatic imports for free account users
Coinpanda
Coinpanda Features
- Coinpanda is an excellent tax solution, offering a tax calculator and guidance on calculating tax. Available in over 65 countries, it provides free tax reports for DeFi and NFT users. The platform includes a robust portfolio tracker for insights into capital gains and trades. Beginners can explore CoinPanda for free with up to 25 transactions and later opt for the paid plan at $49.
Base Price: The free/paid plan starts at $49.
Popular for: Many integrated crypto exchanges and wallets; quick and accurate tax reporting
Pros
- Warns traders about the negative impact of tax returns
- Calculate taxes for airdrops, DeFi, staking in, NFTs, and more
- Support more than 350 exchanges and wallets
- Professional professionals and CPAs
- User-friendly and easily navigable user interface
Cons
- No dedicated mobile app
- Expensive for regular traders
TaxBit
Taxbit Features
- Taxbit is a user-friendly financial software offering real-time profit tracking and helpful tax reports for individual and enterprise-level traders in the cryptocurrency space. It efficiently generates IRS Form 1099 or IRS Form 8949 for cryptocurrency traders. Users can seamlessly import IRS forms into mainstream financial software programs like TaxAct and TurboTax.
Base Price: Free
Popular for: free services, suitable for beginners with unlimited free tier, upfront tax preparation and planning
Pros
- Integrated with more than 500 exchanges
- Suitable for both individual and institutional traders
- Comprehensive tax calculation are available on Plus and Pro plans
- It does not charge fees for processing tax forms for unlimited transactions
- Support for NFT and DeFi transactions
Cons
- Crypto Tax USA is unavailable
- Does not have data mutability
BitcoinTaxes
Bitcoin Taxes Features
Bitcoin Taxes is top-notch financial software for tax reporting, providing cost-effective solutions and swiftly generating Form 8949 and Schedule D. While it lacks fancy features such as a comprehensive crypto portfolio dashboard or tax-loss harvesting tools, it offers one of the best packages for filing taxes, accommodating up to 100,000 transactions.
Base Price: The free/paid plan starts at $49.95 per tax year.
Popular for: up to 100,000 transactions, comprehensive tax filing, and reporting.
Pros
- A competitive pricing structure
- Offers professional services for crypto taxes
- Offers reports on tax, free of charge.
- Suitable for both beginners and professional traders
- Calculates capital gains and losses
Cons
- Limited features for non-premium users
- The free version allows only 20 transactions
Bear.Tax
Bear.tax Features
BearTax is a straightforward financial software designed for individuals worldwide and CPAs, offering real-time calculation of capital gains tax for cryptocurrencies. It employs a smart matching algorithm to pair deposits and withdrawals across supported exchanges. Utilizing an innovative API algorithm, BearTax assists traders in completing their annual tax returns and seamlessly connecting with their preferred cryptocurrency exchanges.
Base Price: Free up to 500,000 transactions
Popular for: free software for taxing crypto
Pros
- Provides a smart matching algorithm
- Intuitive and beginner-friendly user interface
- Integrated with TaxAct and TurboTax
- Excellent customer support is available 24×7
- Generates IRS tax form 8949, following IRS rules
Cons
- It does not offer a dedicated mobile app
- No portfolio tracker
How do you choose the right software for taxes?
Before venturing into the world of crypto, it’s crucial to grasp cryptocurrency tax brackets. When selecting software, consider the following factors:
- Available Integrations: Opt for apps that seamlessly integrate with major crypto exchanges and wallets, enabling automatic data input for easy tracking of transactions.
- Automatic Import: Save time by choosing software that automatically imports transactions from preferred exchanges and wallets, eliminating the need for manual entry.
- Calculators: Choose a platform with efficient calculators to streamline the process of determining tax liabilities, minimize efforts, and maximize profitability.
- Security: Prioritize platforms with robust security measures, including employee vetting, two-factor authentication, and 256-bit encryption protocols, ensuring the safety of your financial information.
Let’s talk about the cryptocurrency Calculator
What is a cryptocurrency tax calculator?
It enables accurate tax calculations for taxpayers by applying current income tax regulations and rules to determine amounts. These crypto tools incorporate the latest tax provisions for precise assessments of crypto transactions. Streamlining the process, they generate detailed tax reports using sale prices and acquisition costs. Traders can quickly calculate their tax obligations, gaining clarity on their crypto-related taxes. This aids in understanding government tax liabilities when dealing with cryptocurrency tokens.
Key Features of Crypto Tax Calculator
Here are some important features you should remember while choosing a tax calculator:
Ease of Use: Tax seasons are pretty stressful. You should choose platforms that help simplify tax calculations and give you peace of mind.
Easy tracking: You can view your total holdings, crypto portfolio growth across all accounts and wallets, and tax responsibilities.
Automatic Import: Crypto transactions can be imported from crypto wallets and exchange integrations.
Free tax calculation: It evaluates crypto profits for various investments, from staking to sales and margin trades to mining.
Conclusion
Trading cryptocurrencies demands attention to your tax obligations, and it’s essential to ensure you accurately calculate your capital gains or losses.
To make this process more efficient, consider using cryptocurrency tax software. It syncs data from various exchanges and wallets, allowing you to generate tax reports with ease.
Among the top options available, CoinLedger and Koinly stand out. They offer features for portfolio management, ensuring your reporting is accurate and tailored to your needs.
These platforms are designed for traders like you, whether you’re just starting out or are an experienced professional.
You can explore these solutions in our Crypto Tax Tool: Crypto Premier Guide to decide which one best suits your requirements.
Methodology
This guide aims to provide readers with a comprehensive understanding of reliable calculators and empower investors with the knowledge they need for well-informed decisions.
In a market filled with options, we’ve evaluated calculator solutions, considering factors like cost, asset coverage, security, speed, user interface, synchronization, and integration.