8 Best Tax Platforms For Crypto – ALTCOIN MAGAZINE
Taxes are inevitable — even in crypto. Here are some instruments that can help you to calculate taxes.
The list of the most useful platforms for crypto tax calculations.
People associate taxes with headaches and hours of tedious calculations of the amount that must be paid to the state. It is very difficult for inexperienced taxpayers to figure out what to do, so they often turn to professionals. But what about cryptocurrencies? Is it possible to calculate taxes on cryptocurrencies independently and without any difficulties?
Fortunately, there are many tools in the industry to calculate taxes on cryptocurrencies. Many of them are oriented on the laws of different countries, so you should definitely find something suitable in the list below. If you suddenly win our Ethex.bet jackpot, which currently amounts to about $230,000, and you don’t know how to pay your tax, then today we will tell you about the platforms that will help you cope with it without unnecessary paperwork.
Price/year: Free, Pro — USD 117, Unlimited — USD 249.
This platform was developed by a German startup. CoinTracking supports almost all cryptocurrencies, the official specification of the platform includes more than 7000 digital assets and all the main fiat currencies. After registration, the service automatically tracks trades of the user on the connected exchanges. Based on the data obtained, it is easy to calculate the amount of tax for a citizen of a particular country.
Price/tax year: Hobbyist — USD 49, Trader — USD 199, Pro — USD 499, Satoshi — USD 999.
Cointracker has a much shorter list of supported digital assets — about 2500 cryptocurrencies and 157 fiat currencies. The platform is aimed at users from the USA, Great Britain, Canada, and Australia, where Cointracker has the full support of local tax laws. In all other parts of the world, full support for local tax laws is not guaranteed.
The service manages a crypto portfolio and calculates taxes according to trading volume service. The user can download an automatically generated report on the estimated amount of taxes according to his activity on the crypto exchanges. The user’s balance on the exchange and in Cointracker is automatically synchronized in real-time, so he always receives the latest information about his coins.
Price/tax season: Hobbyist — USD 49, Pro Trader — USD 99, High Volume Trader — USD 199, Unlimited — 299
CryptoTrader has full support for tax forms in large countries like the USA or Australia. For citizens from other countries, the automatic tax calculation is not guaranteed, but the service can still be used as a convenient portfolio manager. For the U.S. 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. The tax report can be submitted by oneself, given to an accountant or imported into the TurboTax software.
Price/year: Basic — USD 65, Premium — USD 199, VIP — USD 1,499.
TokenTax developers claim that their product supports modern tax laws of all countries of the world. They promise to achieve accurate accounting and taxation services for $1499 per year with a VIP-account. The process of calculating and compiling the tax statement is fully automated, the client only needs to connect his exchange accounts to the service. The synchronization with margin trades is supported.
Price/tax year: Free, Pro — USD 199.99, Unlimited — 599.99.
CryptoTax is the brainchild of a Bavarian startup and 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. The platform supports more than 8000 cryptocurrencies and 20 most popular fiat currencies.
Price/tax year: Starter — USD 149, Premium USD — 399, Executive — USD 799, Unlimited — USD 999.
ZenLedger offers an interface for miners, traders, and holders alike to calculate their taxes, and pay only what they have to. In order to compile a tax report, the client must import the history of trade transactions from the exchange he needs. The developers state that they support the most popular exchanges for digital assets trading.
Price/tax year: Individual — USD 29.95–49.95, Trader — USD 99–399 + accounts for tax professionals and accountants.
The platform supports the import of data from cryptocurrency exchanges and user wallets. It automatically calculates the amount of taxes to be paid according to the volume of transactions. 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.
Price/month: Free, Business — USD 99, Enterprise — USD 249 + a custom plan.
The service supports an automatic audit of the trading activity of each user. If necessary, the system can make a full report on the trader’s activity and form a CSV form.
Blox also provides specific tools for mining operations, including cloud-hosted mining solutions.
Published at Sun, 03 Nov 2019 10:48:56 +0000
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