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Confused about calculating cryptocurrency tax? Here is a list of the best cryptocurrency tax calculator apps that calculate taxes on your bitcoin trading along with portfolio management. Let’s discuss how to calculate tax on your bitcoin earnings?
It doesn’t matter how much crypto assets you own; At the end of the day, you have to pay your taxes. Cryptocurrency investors need to report every penny they hold in their crypto accounts to the state’s tax authorities.
Calculating taxes on cryptocurrency assets can be time consuming and stressful at the same time. The amount of crypto taxes depends on the number of crypto assets you own, the number of trades, and the number of exchanges you have traded on. One needs to calculate each trade in detail and record it individually which can be very cumbersome. This is where cryptocurrency tax software comes in.
There are many cryptocurrency tax software available in the market that will do your job, calculate your taxes efficiently, and file taxes for you. This software has connections with all major cryptocurrency exchanges and will import your transaction data from the exchanges and help you fill out forms for your tax obligations.
Best Cryptocurrency Tax Calculator
Let’s take a look at some of the best cryptocurrency tax calculator apps and software available in the market. Currently it supports over 2,500 cryptocurrencies and automatically syncs your transaction details to manage your tax information.
CoinTracker
Cointracker is one of the best platforms that displays your cryptocurrency portfolio and automatically generates your tax calculations based on your portfolio. It allows subscribers to use any of five different available tax form generation methods including HIFO (Highest In, First Out), FIFO (First In, First Out), LIFO (Last In, First Out), ACB (Adjusted Cost Base) and Share compilation. Users are required to connect their wallets for the purpose of calculating taxes and the Cointracker account supports over 300+ crypto exchanges so that users can sync their wallets. Cointracker is integrated with TurboTax and user account software and they offer full support in the US, UK, Canada and Australia and partial support for other countries. The Cointracker mobile app is also available for iOS and Android platforms. Click and join the link below to get 10% off your first tax plan.
Visit the Cointracker website
Quinley
Quinley It’s free to use and will help you calculate your crypto taxes in no time. A fee is only charged when you need to submit a report. Supports more than 100 countries. After registration, there is a choice. You can either choose to take profit every time you trade, and if you choose no, Koinly will simply track your portfolio. You must link all your exchanges and wallets to Koinly. You can do this manually or through an API program.
Koinly currently supports 33 exchanges and 6 blockchains such as BCH, LTC, BTC, etc. Koinly reviews all your transactions, airdrops, forks, lost or earned coins. Koinly has tools to track your trading habits, costs, and mining expenses, too.
There are three plans available on Koinly:
- Hodler’s plan charges $79 per year. It covers about 300 transactions per year.
- The merchant plan costs about $179 per year and covers 3,000 transactions.
- The Oracle plan will cost $399 and covers 10,000 transactions with additional features and import assistance.
Blocks
Blocks It serves individual crypto traders as well as cryptocurrency trading firms. Blox uses CPA tools and creates cryptographic, auditable tax records that you can upload via a CSV file or import directly through an accounting software. Blox displays your account details, transactions and a daily overview of your portfolio in your dashboard.
Blox supports the majority of cryptocurrencies and guides you through your tax process. There are cloud hosting tools designed specifically for crypto miners.
Blox Plans:
- The Blox free Pro plan costs $50,000 and covers 100 transactions.
- The business plan comes in at $99 per month and covers $10k in taxes and $20m in assets.
- The Enterprise plan will cost you $249 and covers $60 million in assets under management.
crushing
crushing It is a portfolio tracker that is especially useful for active traders to keep track of their daily transactions. Timeline tools provide insight into your daily trade balance, number of trades per month, per exchange and also the buying price of cryptocurrencies.
If you have been holding a coin for more than a year, Cointracking will help you evade taxes by selling it tax-free on the market. US citizens can generate an FBAR report for the $10,000 in assets in their foreign financial accounts. Cointracking supports the majority of wallets and trade exchanges.
Cointracking supports FIFO, LIFO, HIFO, and LOFO methods in which FIFO is commonly used. You can pay for your subscriptions with BTC coins and there is also a lifetime license option available in the software. There is a free plan that covers 200tx and the pro version covers 3500tx.
CryptoTaxCalculator.io
CryptoTaxCalculator It is another automated platform to get all the information depending on your capital gains on all your cryptocurrency investments. It automatically categorizes user transaction history and supports pools, Airdrops, mining rewards, ICOs, OTC and lost or stolen funds crypto payments. Although it is associated with exchanges, users can easily upload their data manually through API or CSV, review their transactions and easily generate their crypto taxes. Subscription plans start at $99 per year for beginners to $1,899 per year for the accountant plan. They allow users to cancel the subscription at any time with a 30-day money-back guarantee. At present, it supports more than 60 exchanges.
CryptoTrader tax
CryptoTrader tax It is the easiest and most intuitive crypto tax calculation software. It serves as a “one-stop-shop” for handling cryptocurrency tax reports for all kinds of cryptocurrency use cases whether you’re mining, betting, lending, buying or simply trading, CryptoTrader. Taxes will automate your tax reporting. Registration and testing of the platform is completely free. You can import all your data and make sure everything looks good before you have to pay.
This is much different than any of the other tax platforms out there that make you pay up front. Once you’ve entered all of your data and everything looks in order, you can pay for and download your tax report. CryptoTrader: Tax has also partnered with companies like Intuit TurboTax so you can connect your reports to this filing software.
blockbit
blockbit Manages all your trade details, portfolios and exchange transactions through a single platform. It also manages your income generated from mining, ICO and airdrops. View all your transactions in real time and download your complete tax report on your mobile app. Blockpit supports the majority of cryptocurrencies in the market.
Bitax
Bitax It will track your encrypted transactions, import exchange data, wallet address, and calculate your taxes while keeping all your private information intact. Bittax uses an algorithmic mechanism for tax planning and helps you organize and manage all your tax liabilities and earnings while observing the standard protocols of the IRS.
BearTax
BearTax Integrated with over 25 crypto exchanges and like any other tax software it counts all your assets, gains, losses, import data and files of your tax document. Our Smart Match algorithm matches all your expenses and income and helps you avoid negative balances.
The platform is integrated with both centralized and decentralized exchanges and gives you a clear idea of your assets and losses. BearTax plan packages are available at $99 to $199.99 per year and are backed by full-time customer support.
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