TokenTax is an automated platform that helps you file your crypto taxes. This crypto tax software enables you to reconcile crypto transactions across multiple exchanges and deduce the associated tax implications.
Crypto Tax Software
AT A GLANCE
- Connect to crypto exchanges
- Track trading activity
- Crypto tax reports
- Tax loss harvesting
Best for DeFi Accounting
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Pros & Cons
It’s undeniable that cryptocurrencies are now a treasured asset in many people’s financial portfolios. That’s why tax authorities across various jurisdictions treat these digital assets like property.
If you’re a cryptocurrency investor or trader, you must be aware of the tax liabilities involved.
The process of filing crypto taxes isn’t straightforward. There are so many complexities that might overwhelm even seasoned traders. Fortunately, platforms like TokenTax can ease this process.
But, is TokenTax worth the hype?
This Tokentax review details vital aspects of this bitcoin tax software. We examine its pricing, major features, supported countries, and the tax reports it can generate.
Service: Crypto Tax Software
Pricing: $65 to$799 /year
Promotion: No current promotions
The TokenTax software enables you to calculate taxes based on your crypto gains and losses. This tool automates the entire crypto filing process. You can automatically import data from any crypto exchange and generate forms, like Form 8949, for your return.
If you get stuck at any stage, you can get help from a dedicated team of crypto-accountants. TokenTax works in many countries, meaning you can file crypto taxes in any jurisdiction.
Apart from filing your bitcoin taxes, TokenTax can help you track your capital gains and losses.
TokenTax has several functionalities and tools to meet your tax needs. This TokenTax review takes a closer look at some of these unique features.
Crypto Margin Trading Taxes
Most traders will agree with us that filing taxes on margin trades isn’t always easy. The most challenging part is getting the correct data from exchanges. You can directly contact exchanges, but sometimes they provide information in a different format.
With TokenTax, you can automatically import data from margin trading platforms like Deribit and BitMEX. You only need to connect an API key to the tax software, and it will import your entire trading history.
You can then incorporate this data into your crypto tax calculation.
This feature isn’t available for basic plan users, while premium subscribers only upload transactions from Bybit, Deribit, and BitMEX.
VIP and Pro plan users can upload transactions from any margin trading exchange, including Poloniex.
Below are some of the digital tax reports that you can automatically generate using TokenTax.
IRS Form 8949
TokenTax automatically generates Form 8949 from your cryptocurrency transactions. You can use this form to file your returns or for TurboTax import.
International Gain / Loss Report
This software can generate crypto tax reports from any country.
Audit Trail Reports
Track all your transactions across multiple exchanges using this report.
Cryptocurrency Mining & Income Tax Report
With this report, you can view taxable income from crypto mining, airdrops, and staking.
Tax Loss Harvesting
TokenTax’s tax-loss harvesting feature allows users to sell off digital assets that they hold at a loss. Disposing of such assets reduces your capital gains liabilities, meaning you save money on your taxes.
Tax Professional Suite
The professional suite benefits crypto accountants and accounting firms. As an accountant, you can import your client’s data and calculate their digital assets taxes.
Pricing & Plans
TokenTax has several pricing tiers to suit different investors and traders. Unfortunately, this tax software doesn’t offer free trials.
Before picking a plan, you have to decide whether you want to perform crypto tax calculations or your entire tax filing. Here are the available tiers.
Price (per year)
Basic Account - $65 Per Tax Year
The cheapest TokenTax plan costs $65 per year. The main features of this account include:
- Up to 500 annual transactions
- TurboTax integration
- Unlimited tax form revisions
- Can generate international tax reports and Form 8949 (IRS)
- Live chat support
Premium Account - $199 Per Tax Year
Unlike the basic plan, the premium account supports every crypto exchanger. You have to pay $199 to use this account.
All the basic account features are available to premium users.
Other key features are:
- Up to 5000 annual transactions
- Tax-loss harvesting tool
- DeFi integration
- Supports margin trading (Bybit, BitMEX, and Deribit)
Pro Account - $799 Per Tax Year
The pro account is ideal for margin traders and advanced investors. You’ll have to fork out $799 per year to access this account.
Its key features include:
- Up to 20,000 transactions
- FBAR support
- DeFi automated integration
- Supports all margin exchanges
The pro account also offers all features available in the premium plan.
VIP Account - $2599 Per Tax Year
The VIP plan suits high net worth investors who trade heavily. This plan gives users access to all TokenTax functionalities.
Some of its essential features include:
- Up to 30000 annual transactions
- Dedicated sessions with tax experts
- Advanced cryptocurrency reconciliation
- IRS audit assistance
Full Tax Filing
TokenTax also offers a full-fledged tax filing service. You can opt for this service if you want TokenTax to handle all your tax responsibilities.
The pricing is as follows.
- Bronze - $699 per year
- Silver - $999 per year
- Gold - $3000 per year
You don’t need to provide personal information when using TokenTax. During registration, you only provide your name and email address.
You can generate crypto tax reports for any country using TokenTax. You can use any currency to generate these reports.
TokenTax isn’t a suitable crypto tax software for beginners. Its entry-level plan is too limited to benefit crypto greenhorns. Any beginner who doesn’t use Coinbase or Binance won’t generate tax reports using the basic plan.
Beginners can benefit from this platform if they upgrade to higher tiers. These plans support all crypto exchanges, automatically generate bitcoin tax reports, and offer tax assistance.
TokenTax can help you generate tax reports like IRS Form 8949, International Gain / Loss Report, Audit Trail Report, Cryptocurrency Mining, and Income Tax Report.
Who Should Use TokenTax?
According to our TokenTax review, this crypto tax software is ideal for intermediate and professional crypto traders/investors. It may suit crypto miners, DeFI users, accountants, and crypto organizations.
If you trade or hold currencies across multiple exchangers, TokenTax is the perfect tool to help you file your bitcoin tax.
Users who need an expert opinion on crypto taxes might also benefit from TokenTax. The company has a knowledgeable CPA counsel that can help you.
TokenTax is among the best crypto tax software for experienced cryptocurrency traders and investors.
It works with multiple exchanges, is available worldwide, provides CPA assistance, and automates your bitcoin tax filing.
If you have a complex mix of digital assets in your portfolio, you should consider using this tool to file your taxes. Sign up today at TokenTax and ease your crypto tax preparation.
TokenTax is the only cryptocurrency tax calculator that connects to every crypto exchange.
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I’m Donny. I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.