Ah, the tax season, not quite the season of love and understanding. Nobody likes that time of the year, but thanks to these crypto tax software, this year is gonna be bearable for crypto traders.
In this article, we reviewed the three best cryptocurrency tax software platforms, to make your tax return as easy as it can be. You will find out the strengths and weaknesses of every tool and choose the one that fits your needs best. In this article, we compared the platforms to see how fast and reliable they do what they are supposed to do: our taxes.
What you'll learn 👉
How to tax cryptocurrencies
The cryptocurrency trading is taxable in most of the countries across the globe. However, different countries have a different approach to taxation, and when in doubt, seek information from your official government websites and services. The taxable events regarding crypto are:
- Trading crypto
- Buying crypto with crypto
- Selling crypto for fiat currency
- Paying for items or services rendered with crypto
As you see, this can be quite a complex process, given the potentially humungous number of transactions during one tax year, along with ecosystem diversity (lots of different coins, pairs, exchanges, etc.). Choosing the right crypto tax software will save you days of manual work, but could also save you a pretty amount of money.
Bitcoin.Tax, CoinTracking, and CryptoTrader.Tax are three of the market leaders in this sphere of business, and we will compare their offers, using 4 main factors: tax reporting options, user experience, price, and customer support.
If you want to read more about their individual reviews – click here for CryptoTrader.Tax review and here for CoinTracking.info review.
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Tax reporting options
✅ Winner: CoinTracking
CoinTracking has the most complex interface filled with a lot of useful options. A dozen different tax methods ( FIFO, LIFO, AVCO…), adjustable parameters for all countries, chart history for over 7000 coins, are just some of the options this platform has to offer. With more than $4.3B total value of all portfolios and almost 600k active users, CoinTracking deserved the first place in this category.
Second place: CryptoTrader.Tax
CryptoTrader.Tax has simplicity on its side. It takes only minutes to connect your exchanges, import trades, and start downloading your tax report. Partnership with the popular tax filing software TaxAct and largest tax preparation platform TurboTax just adds to the easiness of using this platform. The platform easily integrates with all the major exchanges and even offers a Generic CSV Import template, for less-known exchanges.
Third place: Bitcoin.Tax
Bitcoin.Tax has almost the same number of options for taxpayers as the platforms mentioned above, including tax preparation services (TurboTax and TaxAct). They have just recently added swaps in their trading tab options, as well as the support for the Kraken margin trades.
User Experience
✅ Winner: CryptoTrader.Tax
CryptoTrader.Tax is the simplest crypto tax platform you will probably ever use, yet still so powerful. Filling up the tax return is divided into five simple steps, with all the possible help you can imagine along the way. Even a first-time user could easily manage the process on this platform.
Second place: CoinTracking
To be honest, CoinTracking sometimes can be too complex, if you are not the tax expert. New users can easily get lost in the plethora of platform options, but more experienced ones can get most out of this platform, once they learn their way through.
Third place: Bitcoin.Tax
Bitcoin.Tax was one of the pioneers in the crypto tax platform industry, but it eventually lost the touch a bit. Don’t get me wrong, the platform is quick, totally reliable, and still a favorite pick for many taxpayers. The thing is the UI looks a bit rustic, and the user experience can be somewhat limited when compared to the competition.
Price
✅ Winner: Bitcoin.Tax
Bitcoin.Tax has a price range from $39.95 to $59.95 per tax year for individual users. More serious traders have their packages offered from $129 to $499, depending on the taxable income. Subscription for tax professionals is $249 per year, and for smaller tax firms (2-10 users) price range is $199 per user. This platform also offers Data Processing Services, with a price of $100/hr. The versatility of the offer, along with the affordable price range, makes Bitcoin.Tax a winner in this category.
Second place: CryptoTrader.Tax
CryptoTrader.Tax offers 4 options for the tax years, with the annual prices varying from $49 to $299 per year, with live chat supported on every package. Quite limited, yet quite functional subscription offer, with tons of features included.
Third place: CoinTracking
CoinTracking offers the users Pro, Expert, and Unlimited monthly subscriptions billed annually. The monthly subscription range is from $9.99 to $49.99, with a discount if you choose the 2-year subscription. This platform also offers a Lifetime Licence purchase, going from $385 to $4799 one-time payment.
Customer Support
✅ Winner: CryptoTrader.Tax
CryptoTrader has live chat support, and that is the one thing that tipped the balance to this platform’s favor. The response is almost immediate, and they will walk you through the whole process of filing your tax reports. They also have a Help Center decently filled with articles, how-tos, and user guides.
Second place: CoinTracking
CoinTracking recently introduced its new Chatbot feature, and although helpful, it just can’t replace the “human” support yet. Their FAQ & Support section is certainly advanced, with new features like the list of third-party crypto tax professionals available, along with the standard articles. CoinTracking is on the run, and will probably take the first place in the future.
Third place: Bitcoin.Tax
Bitcoin.Tax has a support center with the FAQ section, along with the Knowledge Base full of useful articles, and Video Library section with the tutorials. Contact with their support is limited to the ticket system, with the response time of 2 days in theory, and much more in the peak of the tax season.
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Conclusion
So there you have it. A complete guide on all three main crypto tax platforms, with their main features, compared. Pick the one that will make your tax registration effortless, following your trading volume, country law regulations, and easiness of use. Manual tax reports belong to the past, and these 3 platforms are the future.
