CoinLedger is a tax-reporting software that helps cryptocurrency users make tax calculations easily. It is a user-friendly platform and cost-efficient, but it has its own limitations. One problem is that it may be messy when trying identify the transaction data. Furthermore, it’s odd that a 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 crypto tax reporting. The platform is now integrated with various exchanges enabling users to import their transaction history directly. Customers can upload transactions as CSV files CSV file or input them manually. Afterward, they can generate detailed tax reports using the uploaded information and export the data to their tax software.
One of the unique features that is unique to CoinLedger is that the software provides 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. It also provides a directory of certified crypto tax accountants that users can hire.
CoinLedger is easy to use and it can import transactions from multiple cryptocurrency exchanges and wallets. It can automatically generate the required tax formsthat can be then sent directly via TurboTax, TaxACT, TaxSlayer and H&R Block.
Customers can sign up for CoinLedger for free , and then import their transaction history, view their profits and losses and monitor their cryptocurrency portfolio. Previewing tax forms is also available with a free account, however, a paid plan is required to download any reports. CoinLedger has four different pricing levels: Hobbyist, Day Trader, High Volume and Unlimited. Each plan comes with a distinct transaction limit , and is suitable for different kinds of users.
CoinLedger is an easy-to- use and effective software for tax reporting that can help cryptocurrency users calculate taxes quickly and easily. But, it is not without some limitations, like classifying transaction data can become messy and it doesn’t accept cryptocurrency payments from customers. It also offers special tools for tax professionals and has integration with various cryptocurrency exchanges as well as tax filing software, including the latest addition of Polygon. The platform also offers a list of tax accountants certified by the crypto tax authorities which users can employ. With a free trial and various pricing tiers it’s a good choice for all crypto users.