CoinLedger is a tax-reporting software that allows cryptocurrency users to determine their tax burdens easily. The platform is user-friendly and cost-efficient, but it is not without its flaws. One of the issues is that it could be messy when trying classify the data from transactions. Furthermore, it’s absurd that a crypto tax platform doesn’t take cryptocurrency payments from clients.
CoinLedger started in 2018 , under it’s name CryptoTrader.Tax. The three co-founders had experience with automated trading systems and came up with CoinLedger after they found it difficult to find software that could assist them in automating their crypto tax reporting. The platform now has integrations with various crypto exchanges, enabling users to import their transactions’ history directly. The users can even upload the transactions in a CSV file or enter them manually. Afterward, they can generate detailed tax reports using the information uploaded and export it to their preferred tax-filing software.
One of the unique features of CoinLedger is the fact that it provides tools for tax professionals to edit and view tax reports on clients’ behalf. Additionally, CoinLedger now has integrations with TaxACT, TaxSlayer, and H&R Block, in addition to TurboTax. Additionally, it has a list of crypto tax accountants who are certified that users can hire.
CoinLedger is easy to use and can import transactions directly from multiple cryptocurrency banks and exchanges. It can automatically generate the required tax formsthat can then be directly sent via TurboTax, TaxACT, TaxSlayer and H&R Block.
Users can sign up for CoinLedger for no cost and download their transaction history, view their loss and capital gain and monitor their cryptocurrency portfolio. Previewing tax forms is also possible when you have a free account however a paid subscription is required for downloading 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 an easy-to- use and effective tax software that assists cryptocurrency users calculate their taxes with ease. But, it is not without some limitations, like the process of classifying transaction data could become messy and it doesn’t accept cryptocurrency payments from customers. The platform also provides unique tools for tax professionals and has integration with various tax filing software, such as the latest addition of Polygon. The platform also offers a list of tax accountants certified by the crypto tax authorities that users can hire. With a trial for free and multiple pricing tiers, it’s a great option for all crypto users.