10 Best Crypto Tax Software Applications for 2023

Top 10 cryptocurrency tax software applications that give the audit assistance

The increased use of cryptocurrencies conforms with unsettling taxes. Taxes must be paid anywhere there is money, and cryptocurrency is no exception. However, calculating taxes is laborious for many people, whether using traditional banking or digital currency. These days, technology is the only answer that can save us. Numerous businesses have developed software tools that make it simple and hassle-free to calculate cryptocurrency taxes. The best 10 cryptocurrency tax software applications are included in this post, as the tax software applications deliver automatic solutions. You'll have more time to devote to trading and won't have to spend hours miscalculating your cryptocurrency taxes.

1. CoinTracker– One of the better crypto tax software applications is CoinTracker, which offers a free tier for new users. That can be used for up to 25 transactions without cost. But it is not limited to cryptographic accounting. Additionally, this platform monitors the performance of your portfolio and supports you in managing it to maximize your gains.

2. Koinly– Koinly offers a generous free subscription for up to 10,000 transactions and includes many extra features. It supports standard tax accounting methods such as FIFO, LIFO, average cost basis, etc.

3. BitcoinTaxes– One may compute cryptocurrency taxes using FIFO and particular identifying accounting methods with BitcoinTaxes. You can import your trades from well-known cryptocurrency exchange platforms like Binance, Coinbase, Exodus, Kraken, and many others.

4. CoinLedger– CoinLedger was first created only for the American market. Australian users were eventually added, and now anyone who lives in a country that accepts the FIFO, HIFO, or LIFO reporting techniques can utilize this portal.

5. Accointing– Using Accointing, you can track assets and calculate cryptocurrency taxes. Additionally, its free tier enables up to 25 transactions to calculate cryptocurrency taxes.

6. TaxBit– Over 500 cryptocurrency exchanges, wallets, and DeFi systems are integrated with TaxBit. Only American taxpayers have native support for this cryptocurrency. But according to the platform, anyone with comparable tax structures can utilize it.

7. Fyn– The reporting systems used by Fyn (formerly BearTax) are FIFO and LIFO. Uploading entries and viewing the capital gain or loss is free of charge.

8. Coinpanda– If you want to start trading cryptocurrency without paying anything, Coinpanda should be your first choice. Its free option has many features and needs to include a few from the premium subscription.

9. Cryptio– Cryptio is highly similar to the prior choice, as you will discover. There is first a free trial to make up for the lack of a free tier. And second, there are lots of features that require a subscription.

10. TokenTax– TokenTax is tax software designed to calculate complex taxes for your cryptocurrency trades so that you can file your taxes. The software's automation capabilities make tax reporting incredibly straightforward and hassle-free.