About 8% of the American population own cryptocurrency. The most popular option out there is Bitcoin.
While this innovative method of currency could change the world, it does have one thing in common with traditional types of money.
You need cryptocurrency accounting software to manage your flow of currency in and out of your account.
Here are some of the best account software specifically meant for managing cryptocurrency.
If you want one of the best, consider CoinTracking. You can get real-time tracking of trading. This lets you know the coin value at any minute. Then you can create tax reports to make it easier to file.
They offer different levels of accounts from free to lifetime and corporate.
It may have a similar name, but CoinTracker is not the same as the previous software. You’ll get comprehensive tax reporting software with this option.
It’s partnered with CoinBase and TurboTax to sync all of your wallets and accounts, which makes things much easier on you when tax season rolls around.
This software comes from Coin Ledger. It allows you to import all of your trades, track your income, and download custom reports.
Plus, you’ll find a directory of crypto-friendly accountants.
When you use this crypto tax software, you can maximize your tax refund. You can sync all of your transactions from all of the top exchanges. Then, create and download your completed Form-8948.
You can then hand the form over to your accountant or upload it to your tax filing software.
This app will provide you with the comprehensive currency and transaction tracking that you need to know precisely where your currency is at any given time. This app works exceptionally well for ICO startups and mining companies.
Some of the features included in the app are an income report, capital gains report, and transfer detection. Take advantage of the portfolio tracking abilities that’ll help you to analyze your trade and gain insight into your portfolio.
If you trade on international exchanges, then you’ll want to look at TokanTax. They can provide reporting for multiple accounts on all of the international exchanges.
They can help you with tax-loss harvesting, payroll, and invoicing. Their services tend to focus on ICOs and mining companies.
This is another cryptocurrency that has chosen to pair with TurboTax. This makes them very IRS friendly. It works with all of the major exchanges plus fiat and cryptocurrencies.
It’ll be easy to create statements to help your CPA and ensure you don’t overpay on your taxes. Some tasks are automatic, such as generating reports for income, capital gains, closing, and donations.
Try Cryptocurrency Accounting Software Today
If you actively trade cryptocurrency, then you need cryptocurrency accounting software to track your income and losses. The best thing to do is look for one that syncs with the exchanges that you actively trade on.
Then look for features such as reporting and tax forms to automate your accounting tasks.
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