As 2021 quickly comes to a close, you may be preparing how to file your cryptocurrency taxes. Even the most experienced cryptocurrency accountants use crypto accounting software to help keep track of their transactions to ensure an accurate filing.
Cryptocurrency software is a simple way to keep track of your transaction data, profits, and losses. A quick online search may leave you confused about which software is better than others. We’ve compiled our five favorites to get you started, but first, here are some features to consider.
Features to Look for in Crypto Accounting Software
The best crypto account software options include some sort of portfolio tracking feature, allowing you to easily see the total value of your investments. All wallets, platforms, exchanges, and blockchains are updated in real-time for the most accurate data possible.
In addition to portfolio tracking, look for software that offers tax optimization strategies such as tax-loss harvesting and tax lot ID methods. This helps ensure that you aren’t overpaying your taxes.
Integrations are another important feature of crypto accounting software; integrations with your digital wallets and exchanges make it that much easier to keep tabs on all of your transactions for an accurate filing.
Here are some of our favorite software options that result in timely, accurate filings for our clients.
Our Top 5 Crypto Accounting Softwares
CoinTracking
CoinTracking is a great place to track all of your cryptocurrency transactions in real-time. The software has access to 15,287 coins and assets and over 12 years of historical data. In addition to a straightforward and helpful dashboard, CoinTracking offers features such as reporting, charts and trends, tax reports, and more.
Accointing
Accointing is another popular crypto accounting software that allows users to connect wallets through an API or blockchains. It supports over 300 wallets and exchanges and allows users to track their crypto portfolio both on a desktop and mobile app. Use the data from Accointing to further analyze your cryptocurrency investments.
CoinTracker.io
Another popular crypto software that we know and trust is CoinTracker.io. It includes dynamic features such as a crypto portfolio assistant, crypto tax guidance, an accountant-specific portal, and enterprise-level guidance. It also offers white-labeled solutions for other companies to take advantage of their offerings.
TokenTax
Many of our experts trust TokenTax. It’s a software that doubles as a full-service crypto tax accounting firm. It can help with crypto tax reports, margin trading, and tax loss harvesting. In terms of integrations, it supports every exchange. This makes it easy for those with a diverse portfolio to trust the platform for accurate filings and calculations.
ZenLedger
The features of ZenLedger are comprehensive. The software also offers self-generated crypto tax forms to help calculate your cost basis and capital gains. ZenLedger supports all crypto exchanges and wallets.
Reach Out to a Founder’s CPA Team Member
Our experts will help you understand exactly what you need to know to stay compliant with your crypto tax requirements. Not only do we recommend the above software, but we can help you implement them appropriately to save money on your taxes. To learn more about how we can help, schedule a free consultation with us.
The post What Are the Best Crypto Accounting Software Options? appeared first on Founder’s CPA.
From FoundersCPA.com at https://founderscpa.com/best-crypto-accounting-software/