For those of you looking for a Bitcoin tax calculator, read our comprehensive guide covering what are considered to be the 5 top crypto calculators available today!
With cryptocurrencies gaining popularity over the last few years, many suggested that it would not be too long before governments made increased efforts to tax them. The USA, Japan, Australia, Canada, Belgium, and Switzerland are just a few of the countries that now tax digital currencies. We expect many nations to follow suit too, so there is going to be a long line of people who are going to have to cough up for the trading that they have done in the past.
For those of you that are subject to tax on your cryptocurrency portfolios, it might be difficult to figure out exactly how much you owe. For that reason, many cryptocurrency platforms now include a crypto tax calculator that you can use to discover just that.
Below are just five of the popular cryptocurrency platforms that offer users a crypto tax calculator:
One of the more popular and intuitive crypto tax calculators is Crypto Trader. This can be integrated with most major crypto exchanges and also allows you to manually import any data from those that are not supported. Once the calculator has worked out what you owe, you can then generate and download tax reports.
While the calculator is free to use, you will need to sign up for one of four different pricing levels if trade cryptocurrencies regularly. The cheapest level is $49 per tax season and this allows you to import as many as 100 trades. As for the most expensive level, this will set you back $299 per tax season for an unlimited number of trades.
In our opinion, Zenledger is easily one of the best crypto calculators on the market. It supports all major crypto exchanges, comes with a bunch of useful features, and a great variety of pricing plans. Plus, users can generate reports such as audit reports and completed tax forms.
Zenledger is also cheaper than most with its lowest plan of $69 allowing as many as 1,000 transactions. That is 10x the number of transactions offered by Crypto Trader albeit at a slightly higher price.
Right now Zenledger offers 10% discounts to its new customers according to the Tweet below.
ZenLedger welcomes its new users with a 10% discount on their first purchase before April 15. Use coupon code FIRST10 and get your #tax reports filed quickly and accurately this season. #cryptotaxtool #taxreturns #taxserviceshttps://t.co/SpdSnLx8ii pic.twitter.com/i057UI24ej— ZenLedger (@ZenLedgerIO) February 18, 2020
Another good option for serious traders is Tokentax. Just like most of the others on this list, it can supports pretty much all of the exchanges of note, has Turbotax integration, and will generate a whole host of different tax reports and forms.
The catch with Turbotax is that there is no free version that will allow you to calculate your tax returns. Instead, you have no choice but to play for one of the three pricing plans. Additionally, even when you use the cheapest plan of $65, you are limited to 500 transactions and only from the Coinbase and Binance exchanges.
Koinly is another good platform that offers its users access to a crypto tax calculator. This works in the same way as most whereby you need to import all of your data from the exchanges and wallets that you use. Once ready, you just generate the reports that you need and can then just export them to tax tools such as Turbotax.
It is also similar in that you only need to pay once you want to start generating your reports. There are three price plans that you can choose from with the cheapest of $79 per tax season allowing you to import up to 300 transactions.
This crypto calculator can be connected to 25 of the biggest and most popular crypto exchanges. Even if your exchange is not one of those 25, you can still just import the data manually. Users can then generate reports, download tax forms and take advantage of some onsite support that will be able to assist them every step of the way.
The great thing about the pricing of BearTax is that you can get plans for as little and as much as $0.99 and $199 per tax year. This is some of the cheapest prices around with the lowest plan allowing for 20 transactions and the largest offering unlimited transactions.
The final cryptocurrency tax calculator that we suggest looking at is Cointracker. This calculator is great for those of you that do not trade all that much as it is free to use for up to 200 transactions. Of course, if you trade far more frequently, you can sign up for the heavy-duty plan. This costs $170 per tax season and will allow you to import up to 3,000 transactions. That paid plan also comes with a number of additional features.
The above are the five best crypto tax calculators in our opinion but there are plenty of others that you can try out as well. Whichever one that you choose, you should never be in a position again whereby you have little idea of how much tax you need to pay on your crypto trading and portfolio. Paying tax in all currencies is a pain in the behind but with calculators such as these, that process should at least involve a lot less hassle and time.
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