Top 8 Crypto Tax Platforms

Making money, spending money, holding money, or just generally being around money, comes with a significant side effect, namely – taxes. The term itself evokes a desire to procrastinate, imagining hours and days of manual calculations and headache. Especially for newbies, it may seem like a gigantic bite to take. Like that’s not enough, even professionals have trouble doing taxes for themselves and their clients when it comes to crypto, particularly due to lack of regulations.

So should you do your taxes? Well, yes. First of all, it’s the law to pay them and not following that law may get you in trouble. But secondly, you also want to know exactly, to the last sat, where you stand with your finances at any point in time – your gains, and your losses. You want to know how much you spend, where, how much you get, from whom, and how much money in fiat should you have ready for the tax time. And it’s far better to do this on a constant basis, than two days before you need it.

Luckily, the times are changing, and this change is the best seen by those connected to digital assets. With the general transfer of numerous businesses to the digital world, new tools are being created to accommodate the individual’s and business’s every need, and make the job at hand easier, in this case producing a tax report. Hence, a professional route is probably the best way to go, given that they will be familiarized with the tax law of your specific country/city. Additionally, contemporary tools and platforms are not only tax software, but portfolio trackers too, as they need the info to produce your report. They will help you import your data, calculate your taxes, and prepare your filing for you, delivering a full set of necessary documents. Additionally, you can often pay for a plan in crypto without giving out your real name anywhere in the signing-up process, which helps protect your identity and privacy.

We’ve used the digital market intelligence platform SimilarWeb to find the most popular crypto tax tools, and we focused on those below the global rank of 2 million. The the two most popular ones, had 364,000 and 70,000 visits in September respectively, while the visit numbers for other platforms were not available. There are also many other platforms out there for you to check out to find your best fit, such as Koinly.io, Cryptio.co, Bittax.com, or Bear.Tax. That said, these are the eight tools we found, presented in the order of their rank, starting with the most popular.

1. CoinTracking.info

(Rank: 146,276)

Currencies supported: All major fiat currencies and 7,016 coins and assets.
Countries supported: Software is flexible enough to adjust to basically all countries.
Exchanges supported: Direct imports from 52 exchanges and 8 wallets; also, legacy support for 16 closed exchanges.
Price / year: Free, Pro – USD 117, Unlimited – USD 249.

CoinTracking is a comprehensive tool from Germany, which offers tax calculators for thousands of cryptocurrencies to people across the globe. It analyzes trades, produces real-time reports on gains and losses, and allows users to keep an eye on the value of their currencies on each exchange. Furthermore, users can calculate historical balances and profits, review realized and unrealized gains, and prepare trading and income data in order to generate tax reports. The dashboard provides an overview of a user’s portfolio, utilizing interactive charts and graphs showing various information, such as balance per day, or trades per month.

2. CoinTracker.io

(401,729)

Currencies supported: 2,500 cryptocurrencies and 157 fiat currencies.
Countries supported: Full support in the U.S., the U.K., Canada, Australia, and partial support for every other country (considered “partial” because it doesn’t apply the nuances of local tax laws for each jurisdiction yet, but users from other countries can still get a transaction history CSV (a simple file format used to store tabular data) and capital gain CSV; more countries are in the plans for the full support).
Exchanges supported: Direct import from 38 exchanges, and more than 300 others via a CSV upload.
Price / tax year: Hobbyist – USD 49, Trader – USD 199, Pro – USD 499, Satoshi – USD 999.

CoinTracker is a crypto portfolio tracker and tax calculator, which offers portfolio management, tax calculation and optimization, trading, and payments. It is wallet and exchange agnostic and enables fee tracking and margin trading, among other things, while allowing users to review their tax summary and download the reports needed to file taxes – all available in a unified interface. Users’ asset balances and transactions from wallets and exchanges are automatically and continuously synced. This is done so that users can always have the latest information on the state of their assets. Additionally, you can use your Coinbase account to log in. CoinTracker is also integrated with TurboTax, a popular tax preparation software.

3. CryptoTrader.Tax

(848.047)

Currencies supported: More than 2,500 cryptocurrencies; capital gains / losses reporting for over 30 different fiat currencies.
Countries supported: Specific tax forms for countries like U.S. and Australia also are supported, with Canada and U.K. tax forms expected to launch by the end of 2019, but anyone from around the world can use the platform to calculate their crypto gains and losses.
Exchanges supported: Direct import from 30 exchanges, and more via a CSV upload.
Price / tax season: Hobbyist – USD 49, Pro Trader – USD 99, High Volume Trader – USD 199, Unlimited – 299.

CryptoTrader.Tax utilizes the methods tax professionals use to calculate your tax liability and minimize it, and to make sure that the results are accurate. After you’ve logged in, you just need to connect your exchanges, import and define transactions (by an offered label) and import your trades from the exchanges/brokers, after which you can review your data. Then, your gains/losses and taxes will be calculated and your tax report ready for download in a short amount of time. Each tax report includes five documents: an income report, short and long term sales report, end of year positions report, IRS form 8949, and a full audit trail. You can file these yourself, send them to your accountant, or import them into TurboTax for e-filing.

4. TokenTax.co

(1.14 million)

Currencies supported: Major crypto and fiat currencies; for wallet imports: Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, and Stellar.
Countries supported: The platform claims they support all countries.
Exchanges supported: Over 50 exchanges directly, others via a CSV upload.
Price / year: Basic – USD 65, Premium USD – 199, VIP – USD 1,499.

This winner of the 2017 Product Hunt Hackathon helps you calculate your crypto taxes, generate all the necessary tax forms, export all tax forms, and file your full return. It provides tools for strategic tax planning, as well as a summary of your crypto taxes, with an easy view of each of your trades. TokenTax calculates tax liability using multiple accounting methods, but also utilizing their minimization method to show you the lowest possible tax liability. They enable users to see the change in their tax liabilities over time by switching between tax years. TokenTax also handles margin trades from a number of exchanges.

5. CryptoTax.io

(1.19 million)

Currencies supported: More than 8,000 cryptocurrencies and more than 20 local currencies.
Countries supported: Offers country-specific tax frameworks and reports, which can be generated in over 30 local currencies.
Exchanges supported: More than 20; CSV and XLS import supported for all other sources.
Price / tax year: Free, Pro – USD 199.99, Unlimited – 599.99.

The Bavarian start-up with headquarters in Ingolstadt is a brand and product of the company 21 Consulting GmbH. CryptoTax is a web application for tax returns, created with a goal to offer tax reporting solutions for private and institutional investors. It assists users in declaring to the tax authorities the types of profits that are more difficult or confusing to declare in a usual tax return.

6. ZenLedger.io

(1.2 million)

Currencies supported: All major crypto and fiat currencies.
Countries supported: The platform claims they support all countries.
Exchanges supported: All major exchanges.
Price / tax year: Starter – USD 149, Premium USD – 399, Executive – USD 799, Unlimited – USD 999.

ZenLedger offers an interface for miners, traders, and hodlers alike to calculate their taxes, and pay only what they have to. You can import cryptocurrency transactions, after which the platform will calculate your gains and income and automatically generate necessary tax documents, including income reports, donation reports, and audit reports. ZenLedger will produce profit/loss statements, whether it’s for you or your certified public accountant (CPA). All of the documents generated through ZenLedger are IRS-friendly, says their website, which means that you can file them directly into your tax returns as soon as they are generated. ZenLedger is also an official partner of TurboTax, so you can automatically import your data into it with TurboTax Desktop or Online.

7. Bitcoin.tax

(1.3 million)

Currencies supported: Major crypto and fiat currencies (to enable everyone to calculate capital gains, fiat and crypto values are automatically converted to the monetary currency of a user’s country).
Countries supported: The platform claims they support all countries.
Exchanges supported: A number of exchanges, and others via CSV.
Price / tax year: Individual – USD 29.95-49.95, Trader – USD 99-399 + accounts for tax professionals and accountants.

Bitcoin.tax allows you to import data on the bought and/or sold crypto from the supported exchanges, on the spent or donated crypto from your wallets, as well as the mined coins or received income. Once you input the data, Bitcoin.tax will work your tax position, showing you your capital gains report, income Report, donation report, and closing report. There are additional options as well, such as importing the capital gains directly into tax software like TurboTax and TaxACT, attaching as a statement to your tax return, or printing it as a PDF. You can also visit the Directory of Bitcoin Tax Professionals to find a crypto-knowledgeable tax accountants and attorneys for tax advice and other tax services. The platform is targeting professionals too, offering a way to import clients’ transactions, calculate capital gains and income from mining or crypto payment processors, and download the forms.

8. Blox.io

(1.9 million)

Currencies supported: Major cryptocurrencies and all manual fiat entries.
Countries supported: The platform claims they support all countries.
Exchanges supported: Major exchanges and wallets; CSV upload by available by demand; also all other exchanges/wallets can be supported by demand from the clients, which comes with an implementation cost).
Price / month: Free, Business – USD 99, Enterprise – USD 249 + a custom plan.

Last, but certainly not the least, Blox.io offers cryptocurrency tracking, accounting and management tools to both individuals and crypto businesses, serving all types of clients from crypto traders to blockchain protocols. It comes with auto-sync for exchanges, blockchains, wallets and account balances, as well as detailed daily snapshots of account balances and transaction activity. Users can also see their complete crypto portfolios in real-time in one dashboard, including account balances, analytics, transactions and reports, with a filtering option at hand. Blox also provides specific tools for mining operations, including cloud-hosted mining solutions. You can prepare an auditable record of all your crypto activities and export it as a CSV, if you’d like, or import it directly into accountancy software that Blox has integrated with. This means that you can file your taxes, or send the data to a professional to take care of.
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Have you tried any of these tax tools? Will you be trying out any of these? Which one is your favourite tax platform? Let us and your fellow readers know in the comments.