CoinLedger is a tax reporting software that helps cryptocurrency users determine their tax burdens without difficulty. The platform is user-friendly and affordable, but it is not without its flaws. One problem is that it can be messy when trying identify transaction data. It is also ironic that a crypto tax platform doesn’t accept cryptocurrency payments from customers.
CoinLedger was founded in the year 2018 under its name CryptoTrader.Tax. The three co-founders had prior experience using automated trading systems and came up with CoinLedger after they found it difficult to find software that could aid them in automating their crypto tax reporting. The platform now has integrations with various crypto exchanges, which allows users to import their transactions directly. Customers can upload transactions as an CSV file or input them manually. Then, they can produce comprehensive tax reports using the uploaded information and export it to their tax filing software.
One of the most distinctive aspects of CoinLedger is that the software offers tax professionals with tools to review and edit tax reports on their client’s behalf. In addition, CoinLedger now has integrations with TaxACT, TaxSlayer, and H&R Block, in addition to TurboTax. It also provides a directory of crypto tax accountants who are certified that users can hire.
CoinLedger is easy to use and allows you to import transactions directly from a variety of crypto exchanges and wallets. It is able to automatically generate tax forms required for tax purposes, which can then be directly sent into TurboTax, TaxACT, TaxSlayer as well as H&R Block.
Users can sign up to CoinLedger for no cost and download their transaction history, see the loss and capital gain, and keep track of their cryptocurrency portfolio. Previewing tax forms is also possible with a free account, however, a paid plan is required to download any reports. CoinLedger has four different pricing tiers: Hobbyist, Day Trader, High Volume, and Unlimited. Each plan has its own transaction limit and is suitable for different kinds of users.
CoinLedger is an easy to use and efficient tax reporting software that helps cryptocurrency users calculate taxes with ease. But, it is not without its limitations, such as classifying transaction data can become messy and it doesn’t accept cryptocurrency payments from customers. The platform also has unique software for accountants, and integrates with a variety of tax filing software. This includes the recent inclusion of Polygon. The platform also offers a list of crypto tax accountants who are certified who users can contract. With a trial for free and various pricing tiers, it’s a great option for anyone who uses crypto.