The potential gains of digital coins are clear. However, investors often find it hard to keep track of their holdings, especially since they’re mostly scattered across multiple wallets and exchanges. This ultimately makes it hard for crypto users to compute their earnings and file their taxes—a process that is altogether tedious. Fortunately, crypto tax calculators are here to help you navigate the economy of digital currency. Aside from making crypto taxes more digestible for users, they also automate and optimize the accounting process and make sure that you comply with their country’s tax regulations.
11 Best Crypto Tax Calculators for 2022:
What Is a Crypto Tax Calculator?
A crypto tax calculator is a software solution that helps you calculate your crypto profits, losses, income, and tax liabilities. The resulting numbers are based on your investing activity, data, and information, which crypto tax calculators retrieve from your exchanges, wallets, and other crypto platforms. To reduce the hassle of filing taxes, crypto tax calculators compute your gains and losses in your home fiat currency. Unlike crypto profit calculators, crypto tax calculators do more than tracking your profits. Aside from automating the tax reporting process, it can also help you optimize your portfolio all year round.
Why Should You Use a Crypto Tax Calculator?
For most governments around the world, cryptocurrencies are an asset. Just like with any other asset, you must track and report every transaction, as well as any income that you incur from investing in crypto. However, crypto exchanges can’t generate your tax documents for you, and keeping an eye on all your trades and activities can be a chore. This is why many investors fail to file their crypto tax reports. The Internal Revenue Service (IRS) is very serious about penalizing crypto holders who evade taxes though, whether they do it on purpose or not. Failure to file your taxes may result in fees, audits, and even jail time. Crypto tax software solutions help streamline the process by retrieving your data across all your cryptocurrency platforms, auto-generating your tax reports, and ensuring total compliance with tax laws within your country.
How to Use a Crypto Tax Calculator
You can generate a tax report with a crypto tax calculator in four steps:
Connect your wallets and exchanges
First, import your data from your crypto exchanges to your crypto tax platform. You can import your data automatically via Application Programming Interface (API), or you can manually upload a Comma Separated Values (CSV) report of all your trades.
Review your transactions
Verify whether your transaction history is correct. In some cases, you will need to manually correct or edit some information to ensure accuracy.
Generate your tax report
Gain insights on your portfolio, optimize your cost basis accounting method, and save thousands on your taxes through tax-loss harvesting.
Share your report
Some crypto tax calculators support TurboTax, the leading platform for filing taxes in the US. This enables you to conveniently send your report directly to TurboTax. On the other hand, you can also hire a certified public accountant (CPA) to file your report for you.
What to Look for in a Crypto Tax Calculator
Available integrations
Choose a crypto tax software that can integrate with all the major exchanges such as Coinbase, Binance, Kraken, and eToro. This allows you to seamlessly pull in your data and transactions instead of manually keying them in. Aside from calculating your earnings, your tax calculator should also be able to track the number of coins you traded, your hold duration, and dates of transaction. Aside from exchanges, you should also check available integrations and support for blockchains, Decentralized Finance (DeFi) protocols, and crypto coins, including futures, non-fungible tokens (NFT), and mining swap. With more integrations, you’ll be able to generate a more complete view of all your crypto transactions across different platforms.
Supported countries
Some crypto tax calculators provide full support for select countries and only partial support for others. Find software that can address the requirements in your country. More supported countries can also reduce the likelihood of switching to a different calculator or manually uploading your spreadsheet once you’re outside your region. Other crypto tax tools provide downloadable tax forms, even for country-specific tax reports. Others also support countries that use exclusive accounting methods, namely First-In First-Out (FIFO), Last-In First-Out (LIFO), Highest-In First-Out (HIFO), and Adjusted Cost Base (ACB).
Reputation and security
A good reputation makes crypto tax calculators reliable and trustworthy. Partnerships with reputable financial technology and accounting companies are indicators of trust. For example, you can rely on a software program partnered with TurboTax. There’s also more trust for software solutions built by CPAs and crypto veterans. In addition, make sure that your crypto tax calculator has a reputation for keeping your information secure. A transparency policy is often enough to ensure that nobody is selling the information that you provide. To protect your funds, your cryptocurrency calculator should use a read-only access to your exchange accounts when importing data.
Pricing per year and transaction limit
With most crypto tax calculators, prices depend on the transaction limit. Many platforms offer free services for calculating and previewing your tax report and charge only when you want to download those reports. This is a great way to gauge whether the software’s features are right for your needs before shelling out any amount. Most calculators also start with a free plan for less than 30 transactions. If you’re a frequent trader, aim for a high number of transactions for just the right price. Review the included features too. Lower tier plans seldom include more advanced crypto transactions like mining and staking. If possible, try the free trial, keep your eyes open for hidden charges, and review the refund policy.
Ease of use and customer support
The main objective of crypto tax platforms is to simplify the tax accounting process. For this reason, a highly intuitive interface is important to allow beginners and experts alike to navigate through the platform. A crypto tax software should be able to import your data and generate your tax report within only a couple of minutes and with minimal error or manual adjustments. A responsive customer support team will also be helpful. You should be able to connect with knowledgeable live chat support that can address your issues and provide you with more information about the software. Many crypto tax platforms also publish educational resources to help users learn more about digital currency taxes.
Top Crypto Tax Calculators
With those factors in mind, here are 11 of the best crypto tax calculators that you should try in 2022. CoinTracker keeps you tax compliant, generates your tax report within minutes, and automatically files your taxes for you. Its app feature also makes it easier to view your investment performance and filter your transaction history wherever you are. Full support is currently available in the US, India, and the United Kingdom (UK), while partial support is available to other countries. Features
Integration with over 300 exchanges, 8,000 cryptocurrencies, and 300 wallets Portfolio tracking across wallets and exchanges Automatic tax filing with TurboTax Forum support Multiple crypto tax forms and cost basis methods Tax-loss harvesting Read-only API integrations
Pricing per year
Free: $0 for 25 transactions Hobbyist: $59 for 100 transactions Premium: $199 for 1,000 transactions Unlimited: Custom process for unlimited transactions
Koinly can help you check your total holdings and trading activity across crypto platforms, generate a summary of your income, and even reduce your taxes for the following year. Its double-entry ledger system can also help you easily find issues and fix them. Koinly is available in more than 20 countries, including Canada, Germany, Sweden, the US, and UK. Features
Integrations with 350 exchanges, 50 wallets, 50 blockchains, and 11 services Cross-account tracking of crypto assets and taxes Free report preview Integrations with TurboTax and TaxAct Imports via API and CSV files Supports DeFi, margin trades, and futures
Pricing per year
Free: $0 for 10,000 transactions (limited features) Newbie: $49 for 100 transactions HODLer: $99 for 1,000 transactions Trader: $179 for over 10,000 transactions
Even if you’re a beginner, you’ll find it easy to navigate Crypto.com Tax and generate your tax report in five easy steps. It is available in 11 countries, including Australia, Canada, New Zealand, the UK, and the US. Features
API and CSV support Full integration with four wallets and 25 exchanges Supports over 10,000 cryptocurrencies FIFO, LIFO, HIFO, ACB, and Sharing Pool Capital gain/loss calculation Multiple tax reports
Pricing per year
$0 for unlimited transactions
CoinLedger can help you closely track your holdings, report your transactions within minutes, and learn more about crypto taxes through educational posts and content. Features
International support Library of educational crypto content Integrations with 55 exchanges, one blockchain, and three DeFi protocols Supports more than 10,000 cryptocurrencies Live chat customer support Multiple tax reports API and CSV support
Pricing per year
Hobbyist: $49 for 100 transactions Day Trader: $99 for 1,500 transactions High volume: $199 for 5,000 transactions Unlimited: $299 for unlimited transactions
Sign up with TaxBit to automate your cryptocurrency tax forms, track your portfolio in one place, and optimize your investments. It currently offers support to individuals, enterprises, and the government. At this time, it’s available only to users in the US. Features
Integrations with more than 500 exchanges Free downloadable cryptocurrency tax forms Tax impact preview for every trade you make Real-time monitoring TaxBit Network
Pricing per year All TaxBit plans include unlimited transactions while differing in terms of available core features.
Free: $0 for three core features Basic: $50 for five core features Plus+: $175 for eight core features Pro: $500 for all core features
Use CryptoTaxCalculator to easily organize your crypto activity across wallets, blockchains, and exchanges. You can complete your tax filings in three easy steps. The software’s transparency policy not only secures your records but also makes your taxes easy to understand. Features
NFT, DeFi, and DEX transactions Integrations with over 500 exchanges, including major international exchanges Provides a full breakdown of every calculation API and CSV support Categorization of your transactions Blog articles and guides to help users comply with tax rules
Pricing per year
Rookie: $49 for 100 transactions Hobbyist: $99 for 1,000 transactions Investor: 189 for 10,000 transactions Trader: $299 for 100,000 transactions
If you want a seamless tax filing process to save you money while staying compliant with the IRS, then ZenLedger is the perfect software. Its downloadable documents are exclusive to US users, but other countries can still use it to compute their taxes. Features
Tax-loss harvesting tool Grand unified accounting TurboTax support Free advice from tax professionals Integrations with over 400 exchanges, 40 blockchains, and 20 DeFi protocols
Pricing per year
Free: $0 for 25 transactions Starter: $49 for 100 transactions Premium: $149 for 5,000 transactions Executive: $399 for 15,000 transactions Platinum: $999 for unlimited transactions Tax Professional Prepared Plans: $3,500
Cointelli is best for a stress-free accounting. You can compile your transactions and get your tax report in four simple steps. With the software’s specialized security team, you can also be sure that your data are in good hands. The software is currently available to US taxpayers. Features
Integrations with more than 100 crypto platforms, exchanges, and wallets Free tax guides and insights from CPAs Multiple types of tax reports API coverage DeFi, NFTs, and staking Required tax forms for TurboTax and other tax software 24/7 customer service Blog on crypto tax resources
Pricing per year
For everyone: $49 for 100,000 transactions For enterprise: Prices are subject to the customer’s needs For free: $0 for import and review online
Coinpanda is highly compatible with Web 3.0. You can seamlessly track your performance, calculate your taxes in under 20 minutes, and even reduce your taxes for the following year. It’s currently available to more than 65 countries and supports those that use FIFO, LIFO, HIFO, and ACB cost basis, as well as country-specific calculation methods for the UK, Canada, Japan, and France. Features
Integrations with 75 wallets, 500 exchanges, 125 blockchains, and 38 crypto-related services API and CSV support Mining, staking, and income reports NFT and DeFi transactions Custom tax reports and forms for specific countries Live chat support Articles and guides on crypto tax rules
Pricing per year
Free: $0 for 25 transactions Hodler: $49 for 100 transactions Trader: $99 for 1,000 transactions Pro: $189 for over 3,000 transactions Satoshi: Prices available upon request for more than 20,000 transactions
CoinTracking is for a diverse set of audiences, from individuals and companies to pros and beginners. It can help you understand your transaction history, calculate your gains and losses, and plan and manage your crypto portfolio. Best of all, it covers crypto tax laws in all of its supported countries. Features
Real-time transaction tracking Detailed guides and tutorials on crypto taxes Integrations with more than 110 exchanges API support Data and API encryption Chart history and latest prices of all cryptocurrencies 25 customizable crypto reports and 13 tax methods Total backup of your portfolio, which you can retrieve any time
Pricing per year
Free: $0 for 200 transactions Pro: $10.99 for 3,500 transactions Expert: $16.99 for 20,000 transactions, $21.99 for 50,000 transactions, $27.49 to 100,000 transactions Unlimited: $54.99 for unlimited transactions Corporate: Customized pricing for 10 Unlimited accounts
TokenTax helps you with your taxes from beginning to end. Whether you’re dealing with HODLers or hedge funds or simply want to convert your DeFi activity into transactions, you can find support for any crypto tax-related issue. Features
Full-service tax filing In-house team of CPAs and other tax professionals Live chat support DeFi and NFTs Real-time tax liability preview Multiple tax forms, including internal forms TurboTax integration Tax loss harvesting tool
Pricing per year
Basic: $65 for 500 transactions Premium: $199 for 5,000 transactions Pro: $799 for 20,000 transactions VIP: $3,499 for 30,000 centralized exchange transactions
