CoinLedger is a tax reporting software that allows cryptocurrency users to determine their tax burdens with ease. It is a user-friendly platform and affordable, but it is not without its flaws. One issue is that it can be messy when trying categorize transaction data. It is also odd that a tax platform doesn’t take cryptocurrency payments from clients.
CoinLedger was founded in the year 2018 , under the name CryptoTrader.Tax. The three co-founders had experience with automated trading systems, and created CoinLedger after they were unable to find the right tools to assist them in automating their crypto tax reporting. The platform now has integrations with various crypto exchanges, that allow users to import transaction history directly. Customers can upload transactions in a CSV file or enter them manually. After that, they can create complete tax reports with the data uploaded, and export data to their tax software.
One of the most distinctive aspects of CoinLedger is that the software has tools for tax professionals to review and edit tax returns on their clients’ behalf. Additionally, CoinLedger now has integrations with TaxACT, TaxSlayer, and H&R Block, in addition to TurboTax. Additionally, it has a list of certified crypto tax accountants which users can employ.
CoinLedger is easy to use and it can import transactions from multiple crypto exchanges and wallets. It can automatically generate the required tax formsthat can be then directly sent to TurboTax, TaxACT, TaxSlayer, or H&R Block.
Users can sign up for CoinLedger for free and import their transaction logs, track the profits and losses, and monitor their cryptocurrency portfolio. The ability to preview tax forms is accessible using a free account but a paid plan is required to download any reports. CoinLedger has four pricing tiers: Hobbyist, Day Trader, High Volume, and Unlimited. Each plan has its own transaction limit and is suitable for different types of users.
CoinLedger is a simple to use and effective software for tax reporting that can help cryptocurrency users calculate taxes with ease. But, it is not without limitations, for instance, the classification of transaction data can be messy and it doesn’t accept cryptocurrency payments from customers. It also offers unique instruments for professionals in tax, and integrates with a variety of crypto exchanges and tax filing software. This includes the latest inclusion of Polygon. It also has a directory of crypto tax accountants who are certified which users can employ. With a free trial and multiple pricing tiers, it’s a great option for anyone who uses crypto.