With all the changes happening in the crypto world it’s super important to have a way to report taxes on it that’s both accurate and efficient . You wouldn’t want to deal with IRS after all . So there are these two cool platforms called Koinly and TaxBit that help people and businesses deal with the tricky world of crypto taxes . In this comparison we’ll check out the features, pricing and benefits of both platforms so you can make a smart choice based on what you need .
Koinly: Streamlining Crypto Tax Reporting
Koinly is a cool website that helps you with your crypto taxes . It makes it super easy to keep track of all your crypto stuff and report it for taxes . Koinly’s got you covered when it comes to reporting your crypto taxes with its easy-to-use interface and ability to integrate with lots of other stuff .
Features and Benefits of Koinly:
- Multi-Country Support: Koinly is up and running in more than 20 countries all over Europe, Asia, Oceania, and the Americas . It lets you make tax reports for your area with forms like 8949, Schedule D, K4, Rf1159, and Sheet 9A .
- Extensive Service Integration: Koinly can work with more than 6,000 blockchains, 350 exchanges (like Binance, Coinbase and Kraken) and 75 wallets without any issues . This lets you keep tabs on your stuff like trading, mining, staking, and DeFi transactions all in one place .
- Easy Data Import: Koinly’s got a bunch of ways to bring in your data like hooking up APIs uploading CSV files and importing keys with xPub/yPub/zPub . It can even move your crypto history from places like Nexo, BlockFi, Bitmex, Deribit and CoinTracking so you don’t have to worry about a thing .
- Free Account Option: Koinly’s got a free account option that lets you track up to 10,000 transactions and check out previews of your capital gains tax . This choice is great for folks who want to keep an eye on their crypto trades and activities for as long as they want .
- Comprehensive Resources and Support: Koinly has got you covered with a bunch of cool stuff like a Crypto Tax Calculator, Regional Tax Guides, a list of Tax Accountants and a Blog to keep you in the loop . The platform’s got your back with support options like the Support section, FAQ page, email, live chat and social media channels .
TaxBit: A Comprehensive Crypto Tax Solution
TaxBit is a cool crypto tax software that’s got some big names backing it up . It’s like a one-stop shop for people and businesses who need help with cryptocurrency taxes .
Features and Benefits of TaxBit:
- Free for Individuals: TaxBit has got you covered with a free option so you can do as many transactions as you want . Plus you’ll get a super comprehensive 8939 form if you’re in the US . This cool feature makes TaxBit a great option for folks who want to report their crypto stuff accurately without spending extra cash .
- Consumer and Enterprise Support: TaxBit is cool for everyone whether you’re a regular person or a big company . They make everything super easy to use . It’s got different pricing options for businesses and can help out with a bunch of 1099 forms .
- TurboTax Integration and Exporting: TaxBit makes it easy to file your taxes by letting you export your tax data straight into TurboTax and other tax software that you prefer .
- Used by Regulatory Agencies: TaxBit is super professional and accurate, which has totally impressed regulatory agencies . These agencies have been using it to get a better grasp of the crypto world and its tax issues .
- Designed by CPAs and Tax Attorneys: TaxBit’s software is made by some really smart CPAs and tax lawyers who know their stuff . They make sure everything is legal and give you the right numbers for your taxes .
Final Words:
So, Koinly and TaxBit are both great options for reporting your crypto taxes . They each have their own strengths and are good for different people . Koinly is awesome because it can integrate with a lot of stuff, supports multiple countries and has a free account option for regular folks . It’s a great choice if you’ve got a bunch of different cryptocurrencies . TaxBit is pretty cool because they have a free option for regular folks, they help out big businesses, they work with TurboTax and the government thinks they’re legit . When you’re picking between these two platforms make sure to think about what you want and what you need so you can have a chill and on-point crypto tax reporting experience .
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