CoinLedger is a tax-reporting software that assists cryptocurrency users determine their tax burdens with ease. The platform is relatively user-friendly and cost-efficient, but it has its own limitations. One of the issues is that it could become messy when trying to categorize transaction data. Furthermore, it’s absurd that a crypto tax platform doesn’t accept cryptocurrency payments from customers.
CoinLedger began in 2018 , under it’s name CryptoTrader.Tax. Three co-founders have experience with automated trading systems, and created CoinLedger after they were unable to find the right tools to aid them in automating their tax reporting on crypto assets. The platform is now integrated with various exchanges which allows users to import their transactions directly. Users can also upload their transactions as a CSV file or input them manually. Afterward, they can generate detailed tax reports using the data uploaded, and export it to their preferred tax-filing software.
One of the most distinctive aspects that is unique to CoinLedger is the fact that it provides tools for tax professionals to review and edit tax reports on clients’ behalf. Furthermore, CoinLedger now has integrations with TaxACT, TaxSlayer, and H&R Block, in addition to TurboTax. The site also has a directory of crypto tax accountants who are certified which users can employ.
CoinLedger is user-friendly and it can import transactions from multiple cryptocurrency exchanges and wallets. It is able to automatically generate required tax formsthat can then be directly sent to TurboTax, TaxACT, TaxSlayer as well as H&R Block.
Users can sign up for CoinLedger for no cost and download their transaction logs, track their profits and losses and track their crypto portfolio. Previewing tax forms is also accessible with a free account, however, a paid plan is needed to download any reports. CoinLedger offers four pricing plans: Hobbyist Day Trader, High Volume and Unlimited. Each plan comes with a distinct transaction limit and is suitable for various types of users.
CoinLedger is a simple to utilize and efficient tax software that assists cryptocurrency users calculate their taxes with ease. But, it is not without its limitations, such as the classification of transaction data can be complicated and it does not accept payments in cryptocurrency from customers. The platform also provides specific instruments for professionals in tax, and integrates with a variety of tax filing software, including the recent addition of Polygon. The platform also offers a list of tax accountants certified by the crypto tax authorities who users can contract. With a no-cost trial and multiple pricing tiers, it’s a great option for everyone who is a crypto user.