Many integrations
Global fiat support
It gets expensive with volume
Poor usability
Slow response to customer support
Highest Rated Crypto Tax Software
Paid plans from £39 per year.
Paid plans from $10.99 per month
Paid plans from £49 per year.
BitcoinTax Review
When users trade, spend or move cryptocurrencies, they need to report capital gains and other income on their tax return. Bitcoin.Tax is a well established crypto tax calculation service that can work out your capital gains and losses and produce the data and forms you need to file your tax reports.
You need to upload or add transactions from your exchanges/wallets and the crypto tax software will calculate your capital gains. You can get started on their free plan (but that particular plan is limited to just 20 trades) or you can upgrade to paid plans that can process many more transactions (up to several million)
Services Offered by Bitcoin.Tax –
Full Tax Preparation Service
Bitcoin.Tax offers a comprehensive tax preparation service in collaboration with tax attorneys, CPAs, and enrolled agents in both the United States and Canada. Users of the bitcoin.tax platform can consult with a crypto tax professional for tax preparation, advice, and planning in order to complete and file their tax returns.
Audit Defence Service
In collaboration with tax attorneys, Bitcoin.Tax offers its users audit defence services in the event of an open IRS audit for one or more tax years:
- Act as your representative before the IRS in order to resolve your case.
- Respond to IRS letters, such as CP2000, by providing additional information.
- Answer IRS audits for one or more tax years and reconciles any transactions that are missing or have not been reported.
- Respond to an interview or subpoena from Criminal Investigation (CI).
- Provide protection against potential federal crimes, such as tax evasion or money laundering. In your defense, represent and coordinate with federal law enforcement agents.
Online Tax Preparation Services
Bitcoin Taxes have integrated and teamed up with online tax preparation services to help import your crypto activity into your tax forms.
Consultation with a tax attorney
If you need a tax attorney, CPA, or tax accountant or Someone who is knowledgeable about Bitcoin and other digital currencies, cryptocta.tax has launched a new Crypto Tax Directory, which is a list of tax professionals who describe themselves as knowledgeable about digital currencies and offer tax preparation, planning, or advice.
Tax Consultation or Tax Return Preparation
Bitcoin.Tax collaborates with industry-leading cryptocurrency tax professionals in the United States and Canada to provide tax advice, tax preparation, and tax returns.
A one-size-fits-all strategy is not always appropriate. A crypto tax professional with years of experience servicing and preparing tax returns will work with you to understand your situation and prepare the necessary tax forms.
A tax specialist can:
- Understand cryptocurrency and be able to converse about it with you
- Assist in the conversion of cryptocurrency trades into bitcoin.tax
- Assist in the recovery and reporting of missing or lost records.
- Reconcile missing transactions
- Provide complete tax preparation services for all tax forms.
- Tax planning and strategies for identifying crypto and non-crypto savings are provided.
- Give advice on wash sales, airdrops, staking, and margins.
Data Processing and consultancy services
They offer custom data processing and consulting services to assist with:
- Data Importing
- Transaction reconciliation
- Capital Gains Calculation
- Large data sets must be processed.
Informative Blogs
It’s certainly one feature of the bitcoin.tax that has made it stand out. The amount of information that they give is really helpful especially given that there could be a lot of people learning. It gives an introduction to crypto taxation, providing details of the exchanges and the various wallet the system supports. It helps clarify the user’s basic details like the taxable events, mining, NFTs, and even podcasts which certainly is extremely helpful.
Cryptocurrency taxation Podcast
You can listen to podcast made by Bitcoin.tax related to cryptocurrency taxation, which includes a series talking with accountants, tax attorneys and companies about issues around Bitcoin and crypto taxation. There is some great information on filing your taxes and how the new tax laws might affect you in your country of residence.
How Bitcoin.tax Works
- It will display your Capital Gains Report, which will detail the cost basis, sale proceeds, and gain for each transaction.
- An Income Report containing all calculated mined values.
- A Donation Report that includes the cost basis for gifts and tips.
- A Margin Report that details the gross profits made from margin trading (Kraken only).
- And your Closing Report, which includes your net profit and loss and future cost basis.
Your Capital Gains are also ready to be imported directly into tax software like TurboTax® and TaxACT®, attached as a statement to your tax return, or printed as a PDF.
Features
- Imports trade histories from:
Coinbase, Gemini, Binance, Bitstamp, Kraken, Bitfinex, KuCoin, Crypto.com, and more - Import spending from Coinbase, Wallets, and CSV
- Import income from Coinbase, BitPay, CEX.IO, or CSV
- Import mining income directly from addresses or CSV
- Import margin trading from Kraken
- Add swaps of 1:n crypto
- Review and monitor individual lessons *
- Calculate capital gains
- FIFO, LIFO, average costing, or specific identification
- Optional like-kind treatment (1031 exchange in the US)
- Download IRS Form 8949 PDF or 8949 attachable statement
- Import into tax preparation services such as TurboTax and TaxACT
- Multi-year support
- Global fiat currencies
- Bitcoin, Ripple, Ethereum, and other cryptocurrencies
- Reports balances and remaining cost basis
- Calculate tax years for the US, Canada, Australia, Germany, and United Kingdom starting on 1st Jan.
Pricing
Prices of the plans for the users vary from plan to plan opted by the user.
Free
- Up to 20 trading transactions
- All standard features
- Email support
Premium
- Up to 1,000 trading transactions 1
- All standard features
- Email support
Premium Extra
- Up to 5,000 trading transactions 2
- All standard features
- Email support
Deluxe
- Up to 10,000 trading transactions
- All standard features
- Email support
Conclusion
This crypto tax software is one of the most straightforward tax calculation tools for cryptocurrency that we’ve come across. If you only have a small number of transactions to report on, for a fraction of the cost of other providers on this website, Bitcoin Taxes can import your trades from almost every popular exchange, calculate your capital gains, and export the reports in the format you need to file your taxes. The website does seem a little bit dated and the UX not the greatest, however, it offers multi-year support, covers many currencies, and has useful packages for tax accountants and professionals.
