TOP 5 BEST Crypto Tax Tools For 2022!

Why Use A Tax Tool? Once you have made those mad crypto gains, you have two options. 1. Stash that crypto away and pretend those gains never happened. 2. Run the numbers and work out how much tax you owe. Those that want to legally pay their taxes and enjoy those gains are probably going to want to get that done in the easiest way possible. However, it can be hard to find a crypto accountant and they can be super expensive. Sure you could spend weeks with a load of spreadsheets or you could use a crypto tax tool to save you a lot of time and stress.

CryptoTrader.Tax: This tool is mainly geared towards US residents and is trusted by over 100,000 traders for filing their taxes. Data imports are made a breeze with integrations with major wallets, major Defi platforms, and most crypto exchanges. Once all that data is imported, the tool will then automatically work out the cost basis of your trades by using historical price data. You’ll then get your tax reports within seconds! Those based in the US will probably be relieved to know that the tool also spits out a TurboTax direct import too. So you can upload that to TurboTax and you are done! Next, you have tax-loss harvesting reports which are super useful for planning future trades and potentially reducing that capital gains tax bill. Some people may want to get that automated tax report checked out by a proper accountant and CryptoTrader.Tax offers you that option too.

Accointing: Accointing helps you track that portfolio and file those crypto taxes too. It works very similarly to CryptoTrader.Tax but it has even more integrations – sitting at 300+. Data imports here are done by CSV uploads, API connections and just providing your public address. Another neat thing is that when you import those transactions, their classifications are heavily automated. As Accointing takes into account all the strange tax rules in the US, Australia, the UK, Germany, Switzerland, and Austria, it makes filing taxes in those countries simple.

Bear.Tax: This tax solution generates reports on the FIFO and LIFO methodologies – which turn out to be widely used accounting methods. Data is imported using CSV and APIs, with over 50 exchanges supported. On top of that, Bear.

Tokentax.co: This is a similar tax tool to the others I have mentioned. However, it supports a plethora of different DeFi platforms, major wallets and is the only tool I have found that will do those tax reports for NFTs.

Koinly: Koinly generates tax reports for over 20 countries and also any country that uses FIFO, LIFO, highest cost, lowest cost, average cost basis, or shared pool accountancy methods. So yes, that’s most of the world!

Useful Crypto Tax Links
► CryptoTrader.Tax integrations: https://cryptotrader.tax/integrations
► CryptoTrader.Tax accountants: https://cryptotrader.tax/crypto-tax-a…
► Accointing integrations: https://www.accointing.com/en-GB/inte…
► Bear.Tax integrations: https://bear.tax/exchanges.html
► TokenTax integrations: https://tokentax.co/integrations/
► Koinly supported countries: https://help.koinly.io/en/articles/36…
► Koinly integrations: https://koinly.io/integrations/