CoinLedger is a tax-reporting software that helps cryptocurrency users determine their tax burdens easily. The platform is user-friendly and cost-efficient, but it has its own limitations. One of the issues is that it could be messy when trying classify the transaction data. Furthermore, it’s absurd that a crypto tax platform is not able to take cryptocurrency payments from clients.
CoinLedger was founded in the year 2018 , under the name CryptoTrader.Tax. The co-founders of CoinLedger had previous experiences with automated trading systems and came up with CoinLedger after finding it difficult to find the right tools to aid them in automating their tax reporting for crypto. CoinLedger now integrates with a variety of crypto exchanges, that allow users to import transaction history directly. The users can even upload the transactions as CSV files CSV file or enter them manually. Afterward, they can generate detailed tax reports using the uploaded information and export the data to their preferred tax-filing software.
One of the most distinctive aspects in CoinLedger is that the software offers tax professionals with tools 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. The site also has a directory of crypto tax accountants who are certified which users can employ.
CoinLedger is simple to use and it can import transactions from multiple crypto exchanges and wallets. It is able to automatically generate tax forms required for tax purposes, which can be then delivered directly to TurboTax, TaxACT, TaxSlayer, and H&R Block.
Users can sign up to CoinLedger for free and import their transaction history, see the capital gains 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 needed to download any reports. CoinLedger has four pricing plans: Hobbyist Day Trader, High Volume and Unlimited. Each plan comes with a distinct amount of transactions and is appropriate for various types of users.
CoinLedger is an easy to utilize and efficient tax reporting software that helps cryptocurrency users calculate their taxes easily. But, it is not without some limitations, like classifying transaction data can become complicated and it does not accept payments made via cryptocurrency from customers. The platform also provides specific tools for tax professionals, and integrates with a variety of cryptocurrency exchanges as well as tax filing software, such as the recent addition of Polygon. The platform also offers a list of certified crypto tax accountants that users can hire. With a free trial and a variety of pricing levels It’s an excellent choice for all crypto users.