Bitcoin.Tax vs. CoinTracking vs. CryptoTrader.Tax | Cryptowisser Blog
Tax season is here, which means it’s time for you to find the best cryptocurrency tax software for calculating your gains and losses from all of your cryptocurrency trades and investments. In this article, we take a look at the top three providers in the space: Bitcoin.Tax vs. CoinTracking.info vs. CryptoTrader.Tax.
Here are the features we will be analyzing across all three companies:
- Tax reporting capabilities
- User experience
- Price
- Customer support
Mục lục bài viết
Tax Reporting Capabilities
Winner: CoinTracking.info
2nd Place: CryptoTrader.Tax
3rd Place: Bitcoin.Tax
CoinTracking.info offers a deep amount of features which allow you to run various calculations for your taxes in multiple different ways. This includes portfolio tracking capabilities, FIFO, LIFO, and 12 different cost basis tracking methods. The platform also can give you balance reports by each cryptocurrency exchange. There is definitely a steep learning curve to the CoinTracking platform, and it is not for people unfamiliar with tax laws; however, if you have a lot of time to dive in and want to get a variety of reports with different options, CoinTracking’s depth is quite valuable.
CryptoTrader.Tax offers a streamlined way to generate all of your necessary tax reports including Capital gains and losses reports, income reports from mining/staking, and a complete audit trail report that details how every tax calculation was made. You can save this audit trail report for your records. In addition, CryptoTrader.Tax has partnered up with TurboTax and TaxAct and generates reports that can be imported directly into those tax filing platforms.
Similar to the platforms mentioned above, Bitcoin.Tax also offers a wealth of tax reporting capabilities for its users. In addition to FIFO, LIFO, and other typical calculations, Bitcoin.Tax has the capability to allow users to generate reports using Like-Kind tax treatment, which many traders argue that prior to 2018, was an acceptable method for reporting.
User Experience
Winner: CryptoTrader.Tax
2nd place: CoinTracking.info
3rd place: Bitcoin.Tax
CryptoTrader.Tax is extremely user friendly. It breaks down the entire tax reporting process into five simple steps. You just navigate through each step one at a time, and then generate your tax reports based on the historical data that you imported along the way. The company has specific instructions that walk you through each step with pictures, help guides, and guided tours along the way. It’s a great experience for those who are not tax experts and do not want to spend a lot of time figuring out how everything works.
Cointracking has a lot of functionality. This is both good and bad from a user perspective. It can be quite a learning curve to figure out the software at first, but once you have it down, the UI is clean and it really has a lot of capabilities. In addition, Cointracking.info has great experiences built in for portfolio tracking.
Bitcoin.Tax was one of the earliest companies to bring a crypto tax reporting platform to the market. Unfortunately, the user experience is dated and the design is not great. However, many users do not mind the lack of design, and the software does function as promised.
Price
Winner: Bitcoin.Tax
2nd Place: CryptoTrader.Tax
3rd Place: Cointracking.info
Bitcoin.Tax is the least expensive software of the three options. With plans starting at $39.95 and going up to anywhere from $100 – $200 for higher volume trading, it is the most affordable platform.
CryptoTrader.Tax starts at $49 for lower volume traders and goes up to $299 for the “unlimited” tiers. It has various middle tiers in its pricing as well.
Cointracking.info prices itself different from the above two. It is not a “one-time” purchase but actually a monthly subscription that you pay for to use their platform. Starting at $10 per month ($120 annually) and going up to $50 per month for their unlimited tier ($600 annually), it is the more expensive option of the three.
Customer Support
Winner: CryptoTrader.Tax
2nd place: CoinTracking.info
3rd place: Bitcoin.Tax
CryptoTrader.Tax offers live chat customer support that you can chat into just about anytime and get an immediate response from one of the tax specialists on their team. Their live chat feature is designed to assist people as they are navigating the tax reporting process. This is a killer feature that can prove extremely useful in the complicated world of cryptocurrency taxes.
Cointracking.info does not offer live chat support, but they do have FAQ’s and a support ticket system that you can use to ask their team questions with items you need help on. Support usually gets back to within a few days with an answer to your question.
Similar to Cointracking.info, Bitcoin.Tax offers a support ticket email system that you can submit support or help requests to.
Conclusion
Now that you have a sense of how these crypto tax calculators shape up, you can go out and get your crypto taxes done! Using a software program will make things much easier than doing everything by hand.
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