CoinLedger is a tax reporting software that allows cryptocurrency users to determine their tax burdens easily. The platform is user-friendly and economical, however it does have its limitations. One problem is that it can become messy when trying to categorize the transaction data. Additionally, it is ironic that a crypto tax platform doesn’t accept payments made via cryptocurrency from customers.
CoinLedger began in 2018 , under it’s name CryptoTrader.Tax. The co-founders of CoinLedger had previous experience with automated trading systems, and created CoinLedger after they found it difficult to find software that could assist them in automating their tax reporting for crypto. The platform is now integrated with various exchanges which allows users to import their transaction history directly. The users can even upload the transactions in an CSV file or input them manually. After that, they can create complete tax reports with the uploaded information and export the data to their preferred tax software.
One of the most distinctive aspects of CoinLedger is that the software 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. Additionally, it has a list of certified crypto tax accountants that users can hire.
CoinLedger is simple to use and can import transactions directly from multiple crypto banks and exchanges. It can automatically generate the tax forms required for tax purposes, which can then be directly sent to TurboTax, TaxACT, TaxSlayer as well as H&R Block.
Customers can sign up for CoinLedger for free , and then import their transaction history, view the 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 however, a paid plan is needed 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 types of users.
CoinLedger is a simple to use and effective software for tax reporting that can help cryptocurrency users calculate taxes with ease. However, it does have its limitations, such as classifying transaction data can become messy , and it isn’t able to accept cryptocurrency payments from customers. The platform also has specific software for accountants, and has integration with various crypto exchanges and tax filing software. This includes the inclusion of Polygon. It also has a directory of crypto tax accountants who are certified that users can hire. With a trial for free and multiple pricing tiers, it’s a great option for anyone who uses crypto.