CoinLedger is a tax-reporting software that helps cryptocurrency users make tax calculations with ease. The platform is user-friendly and economical, however it has its own limitations. One of the issues is that it may be messy when trying identify transaction data. Additionally, it is ironic that a crypto tax platform is not able to take cryptocurrency payments from clients.
CoinLedger started in 2018 under its name CryptoTrader.Tax. Three co-founders have experience with automated trading systems, and created CoinLedger after finding it difficult to find tools to aid them in automating their tax reporting for crypto. CoinLedger now integrates with various exchanges enabling users to import their transactions directly. Users can also upload their transactions as an CSV file or enter them manually. After that, they can create complete tax reports with the uploaded information and export the data to their tax software.
One of the distinctive features that is unique to CoinLedger is that the software provides tools for tax professionals to view and edit tax reports on their client’s 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 simple to use and it can import transactions from a variety of crypto marketplaces as well as wallets. It is able to automatically generate required tax formsthat can then be delivered directly via TurboTax, TaxACT, TaxSlayer and H&R Block.
Customers can sign up for CoinLedger for no cost and download their transaction history, see the profits and losses, and track their crypto portfolio. The ability to preview tax forms is accessible with a free account, however a paid subscription is needed to download any reports. CoinLedger offers four pricing levels: Hobbyist, Day Trader, High Volume, and Unlimited. Each plan comes with a distinct amount of transactions and is appropriate for different kinds of users.
CoinLedger is an easy to use and effective tax reporting software that helps cryptocurrency users calculate taxes quickly and easily. However, it has its limitations, such as the classification of transaction data can be messy , and it isn’t able to accept payments made via cryptocurrency from customers. The platform also has specific tools for tax professionals and integrates with a variety of tax filing software, such as the latest addition of Polygon. It also has a directory of crypto tax accountants who are certified that users can hire. With a no-cost trial and various pricing tiers It’s an excellent choice for all crypto users.