Hello, crypto lovers! When it comes to keeping tracks and managing crypto transactions for tax purposes can be a complex and time consuming task . It requires explaining every one of the crypto transaction to the IRS, from mining cryptos to trading them , and that can be overwhelming considering the deal of information involved in the process . Thankfully , there are crypto tax software solutions available to by-pass this process and provide you with fully prepared documentation . For example one of these software is CoinTracker that streamlines the task of tracking your crypto portfolio and simplifies the process of filing your crypto taxes . So the software does all the work !
Let’s look at the CoinTracker . It is founded in 2017 and headquartered in San Francisco, California, it has proved itself as a reliable crypto tax manager for both crypto accountants and investors . It provieds features like automatic transaction sync, a whole dashboard to track your progress, and a user friendly interface that handles tax filing . CoinTracker is one of the best options for those searching an all-inclusive tax solution .
On the other hand; if you find that the features that are offered by CoinTracker are not matching with your specific needs, there is another alternative available : ZenLedger . It is founded in 2017 and based in Bellevue, Washington, ZenLedger was built with the only purpose of making the crypto tax accounting process in the era of decentralized finance (DeFi) .
ZenLedger, just like different crypto tracking platforms, integrates with a wide range of exchanges and crypto channels, fully coverage for traders playing on these unpredictable markets . This makes it a perfect option for cryptocurrency traders and tax experts alike .
So, what sets ZenLedger apart? Let’s take a look at some of its key features:
a . Crypto tax-loss harvesting: ZenLedger provides tools to help users strategically collect tax losses while optimizing their overall tax situation .
b . Grand unified accounting: ZenLedger’s platform allows for the seamless integration of different crypto exchanges and blockchains, which ensures on point and consolidated accounting .
c . Direct integration with TurboTax: ZenLedger simplifies the tax filing process by directly integrating with TurboTax, a widely used tax preparation software .
d . Prompt customer service : ZenLedger prioritizes customer support and offers business hours, 24/7 live support, and online tech support to address any problems or concerns users may have .
e . Automated data import: ZenLedger automates the import of data from over 400 exchanges, 40 blockchains, and 20 DeFi protocols, minimizing data entry by hand and saving time .
f . Yearly pricing options: ZenLedger offers a different range of annual pricing plans that starts from free trials and going up to $399 per year, providing flexibility to choose a plan that encounter with your needs .
g . Dedicated tax professional suite: ZenLedger offers a suite especially designed for tax professionals, which enables them to efficiently manage their clients’ crypto tax requirements .
h . Rich resources: ZenLedger provides a great deal of resources such as blogs, guides, and webinars, making sure users have access to educational materials to navigate the complexities of crypto taxes .
i . Generating tax forms: ZenLedger creates essential tax forms such as IRS Schedule 1, IRS Schedule D, and IRS Form 8949, making the tax filing process easier .
While comparing CoinTracker and ZenLedger, it is all right to say that both platforms serve to different segments of crypto users . CoinTracker mainly targets crypto accountants and investors seeking a detailed tax solution . However; ZenLedger focuses on the needs of cryptocurrency traders and tax experts .
If we look at categorizing, CoinTracker offers a crypto portfolio and tax management solution, but ZenLedger stands out as a user-friendly and simplified crypto tax accounting software . If you are looking for a quick and easy-to-use solution, ZenLedger is the perfect software for you .
In terms of support, CoinTracker provides only online support, while ZenLedger takes the lead by offering business hours, 24/7 live support, and online tech support . This ensures that users have access to timely assistance whenever they need it .
Considering pricing, CoinTracker offers plans ranging from $0 to $2,999+ . In contrast, ZenLedger offers five different software plan options which starting from $0 per year and going up to $999 per year . Additionally, ZenLedger provides tax professional prepared plans, priced somewhere between $3,500 and $6,500 . With reasonable prices, tailored solutions, and detailed reports, ZenLedger offers a wide package for your crypto tax needs .
ZenLedger also pass on CoinTracker considering integrations . However; coinTracker lets you import CSV files from over 300 exchanges, ZenLedger gives access to more than 400 exchanges, 40 blockchains, and 20 DeFi protocols . This huge integration coverage ensures that users can easily import data from different sources, providing a more complete and accurate picture of their crypto transactions .
Let’s get this sorted guys, if you’re looking for an all-around tax solution, CoinTracker is a fine choice . But if you want a user-friendly software that simplifies the crypto tax accounting process, ZenLedger is the way to go . Both have their own unique features, but at the end of the day, it’s all about finding the one that makes your life easier . So say bye-bye to the all stress of managing your crypto taxes and embrace the convenience and power of this softwares . You will thank us later !