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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

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 a crypto 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 software comparison of the programs available in 2022, featuring software which offers free services with the option to pay for additional benefits.

Coin Tracker cryptotax software

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.

PROS
Automatically tracks and evaluates your crypto portfolio in real-time while creating and managing all needed records for your taxes
Is integrated with over 10,000 different cryptocurrencies
Is integrated with over 300 different wallets

Automatically optimizes cost-basis accounting methods, allowing you to save thousands every year
Fast response from support

Mobile app available for on-the-go tracking
CONS
Only 25 transactions for free
Does not support NFT or Defi Taxes
Only offers full support for the Us, the UK, Australia, and Canada
koinly tax software

Koinly is a popular crypto tax software 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.

PROS
Can integrate with other tax software such as Inuit Turbo Tax
Available in 20+ different countries
Ready-to-go tax reports in 20 minutes or less

Supports over 6,000 cryptocurrencies

Supports NFTs and Defi taxes

10,000 transactions available for free
CONS
UI more suitable for experienced traders
Can become expensive for experienced traders

Does not accept cryptocurrency as a payment for its services

Several features are locked behind a paywall

Paid features offer fewer transactions, starting with 100 transactions for $49

blockpit review

Blockpit is a 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.

PROS
 Information is shown in real-time
You can import unlimited data

Easy-to-view full portfolio tracking
NFT and Defi support
Simplified tax optimization
25 free transactions
CONS
Doesn't integrate with popular tax software, such as Intuit TurboTax
Fewer supported exchanges than the average crypto tax software
Centered around Germany, Austria, and Switzerland
Support is not available in the free plan
CVS export is not an option available in the free plan

The Complete Solution For Your Crypto Taxes

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. 


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