The Best Crypto Tax Software In 2022
Doing your taxes yourself is a difficult task in and of itself, and hiring a professional can quickly become ridiculously expensive. With the goal of resolving this issue, we spotlighted the best crypto tax software here.
Never pay another dime to a tax preparer again
In this prominent day and age of crypto trading and investing, filing your taxes has become more and more difficult as more and more people, an estimated 1 out of 10 people, become involved in cryptocurrency.
Doing your taxes yourself is already a difficult task and hiring a professional can quickly become quite expensive.
Crypto tax software programs have come into the spotlight with the aim to solve this problem.
What Is Crypto Tax Software?
A crypto tax software is a program that can be used to help you calculate everything you need to file your taxes hassle-free with no errors.
These crypto tax software programs are designed to keep track of everything you need, from the dates you bought or sold crypto, anything you transfer in or out.
It monitors your portfolio, keeps track of your returns and investments, and even keep track of a variety of statistics to show you just how much you are earning, or losing, and help generate reports on how you can save as much money as possible.
Complete Solutions for Crypto Tax Reporting
A best crypto tax software can save you time and money by automatically importing your trades.
Why Is It Difficult To Calculate Your Taxes For Your Crypto Earnings?
Calculating your own taxes correctly can be difficult enough as it is, and when you add in the ins and outs of cryptocurrency earnings, things get even more complicated.
You are now required to fill out and include a 1099 form, either form 1099-MISC (Miscellaneous Income) or the form 1099-NEC (Nonemployee Compensation).
These forms allow you to report your earnings for other forms of work-type earnings and miscellaneous earnings.
Tax filing is not easy for crypto investors
Complicated forms need to be to filled out which leaves room for more errors. From keeping track of your investments to properly locating and identifying, and inputting your various trading fees involved in your transactions.
Things like this can be difficult to properly account for with every transaction you have and can be just as difficult to make sure you properly include all of these fees correctly that you have acquired over the past fiscal year.
Why Is It Better To Use A Crypto Tax Software?
When it comes to doing your taxes and making sure you properly file your cryptocurrency earnings, it is better to use a crypto tax software rather than leave it up to human error. Using a crypto tax software takes the guesswork and error while making your taxes much simpler.
When you use a crypto tax software, it gathers all of the information you need from every wallet you have and all various cryptocurrencies you use with no effort or hassle on your part. It will work with you, rather than against you, to make everything as simple as possible and do almost all of the work for you by filling out the necessary information needed for your 1099-MISC form or your 1099-NEC form without any guesswork needed.
Top Crypto Tax Software 2022 has to Offer
When it comes to finding the best cryptocurrency tax software to use, it can be difficult to determine which one is the best, especially now in 2022 with more software programs available than ever before.
There are an insane amount of variables to consider when choosing which crypto tax software to use, such as price, integration, which cryptocurrencies are supported, which countries they work with, the security of the software, and so much more.
Here is the best crypto tax tracker comparison available in 2022, featuring software which offers free services with the option to pay for additional benefits.
CoinLedger Review: The Most Comprehensive Cryptocurrency Tax Solution?
Tired of figuring out how to report your cryptocurrency on your taxes?
CoinLedger is the ideal solution for anyone looking for a simple way to generate tax forms. They work with a large number of integrations, so you can rest assured that your taxes will be completed correctly.
You'll appreciate how easy it is to use Coin Ledger - simply import your transactions and CoinLedger will handle the rest.
Furthermore, if you have any questions, the customer service team is always available to assist you. That's one of the reasons CoinLedger is the best cryptocurrency tax software and in our picks.
Sign up for a free trial today to see how simple Coin Ledger is to use!
Read our in-depth Coin Ledger review here.
Coin Tracker is a great crypto tax software that partners with other trusted tax software such as Intuit TurboTax and H & R Block and can generate tax forms quickly and easily, making managing your crypto earnings and taxes very simple.
Coin Tracker is also partnered with Coinbase and OpenSea, two extremely reputable software programs when it comes to cryptocurrency and NFTs.
Koinly is one of the best cryptocurrency tax software. It is perfect for those who find themselves trading across multiple wallets and platforms without keeping any records of their purchases or sales.
It will gather the information for you from 74 different wallets, over 350 different cryptocurrency exchanges, and 14 different blockchain addresses.
Blockpit is the best free crypto tax software available for use centered out of Germany which works with over 40 different cryptocurrency exchanges to simplify your tax season when the time comes to work out what you owe in taxes for all your crypto sales and purchases.
We've listed the best cryptocurrency tax software to help you do the taxes.
Are you wondering if CoinLedger Review is the best cryptocurrency tax software? Read the detailed review.