CoinLedger is a tax reporting software that helps cryptocurrency users determine their tax burdens without difficulty. The platform is relatively user-friendly and affordable, but it is not without its flaws. One problem is that it could be messy when trying identify the data from transactions. It is also ironic that a crypto tax platform does not accept cryptocurrency payments from customers.
CoinLedger started in 2017 under it’s name CryptoTrader.Tax. Three co-founders have prior experience using automated trading systems and built CoinLedger after they found it difficult to find software that could help them automate their tax reporting for crypto. The platform is now integrated with a variety of crypto exchanges, which allows users to import their transaction history directly. The users can even upload the transactions in CSV files CSV file or input them manually. After that, they can create complete tax reports with the data uploaded, and export it to their preferred tax-filing software.
One of the most distinctive aspects of CoinLedger is that it offers tools for tax professionals to review and edit tax returns on their clients’ behalf. In addition, CoinLedger now has integrations with TaxACT, TaxSlayer, and H&R Block, in addition to TurboTax. It also provides a directory of certified crypto tax accountants which users can employ.
CoinLedger is simple to use and can import transactions directly from multiple crypto banks and exchanges. It is able to automatically generate tax forms required for tax purposes, which can then be sent directly into TurboTax, TaxACT, TaxSlayer and H&R Block.
Customers can sign up for CoinLedger for free , and then import their transaction history, view their profits and losses and monitor their cryptocurrency portfolio. Tax forms can be viewed in a preview. This is accessible when you have a free account but a paid plan is required for downloading any reports. CoinLedger has four different pricing tiers: Hobbyist, Day Trader, High Volume, and Unlimited. Each plan comes with a distinct amount of transactions and is appropriate for different types of users.
CoinLedger is an easy to utilize and efficient tax reporting software that helps cryptocurrency users calculate their taxes easily. However, it has some limitations, like the process of classifying transaction data could become complicated and it does not accept payments in cryptocurrency from customers. It also offers special tools for tax professionals, and integrates with a variety of crypto exchanges and tax filing software. This includes the addition of Polygon. It also includes a directory of crypto tax accountants who are certified who users can contract. With a free trial and a variety of pricing levels It’s an excellent choice for everyone who is a crypto user.