TaxBit Review
- Features and Tax Forms
- Integrations
- Pricing
- Customer Support
4.7
Summary
TaxBit is a powerful crypto tax software platform and portfolio management tool designed for individuals and corporations. TaxBit offers a number of paid tax plans with enterprise-grade tax reports as well as tools such as tax loss harvesting, a tax optimizer, and more. TaxBit also allows users to combine cryptocurrency data across all of its supported sources and comes with free tax forms, a DeFi, and an NFT tax engine. Learn more about this crypto platform by reading our full TaxBit review.
Pros
- Advanced features for a reasonable price
- Tax-loss harvesting reports
- Tracks portfolio performance, including NFT and DeFi crypto trades
- Includes a free plan with unlimited transactions
- CPA review for top-tier plan
Cons
- Free plan has limited features and tax documents
- No Ethereum gas fee reports
- No mining or staking reports
- Tax-loss harvesting only in $175+ plans
TaxBit is an advanced crypto tax software platform and portfolio tracking service for individuals and businesses that supports over 500+ exchanges, wallets, DeFi protocols, and NFT marketplaces.
TaxBit has several paid tax plans with enterprise-grade tax reports suitable for both individuals and businesses with more professional tax needs.
However, TaxBit also has an excellent free plan that includes free tax forms, a DeFi and NFT tax engine, and allows you to integrate your cryptocurrency data across all its supported sources.
CPAs and cryptocurrency tax attorneys designed the TaxBit platform to be the leading tax and accounting solution for digital assets, so regardless of your crypto tax situation, its full suite of services should be prepared to tackle all your crypto accounting and tax needs.
If you want to learn all about TaxBit’s crypto tax services and whether or not they’re right for you, stick around for this in-depth TaxBit review.
TaxBit Features and Crypto Tax Forms
TaxBit is an incredibly advanced platform that offers a wide range of crypto tax reporting and software solutions accessible via the TaxBit website or the TaxBit mobile app.
Some of the most notable solutions include real-time insights for on-demand gain/loss and cost basis tracking and portfolio optimization through capital gains and tax-loss harvesting data.
In TaxBit’s Plus+ and Pro plans, you can also see the tax impact of each trade before it’s made, meaning it provides you with the data and recommendations on taxable events so you can save even more money when you pay your crypto taxes.
The Plus and Pro plans also give you access to full NFT and DeFi centers where you can see your NFTs, DeFi positions, and a corresponding performance analysis.
Whether you are an individual or a business, TaxBit is an enterprise-grade tax and information reporting platform that provides real-time internal revenue service tax form generation, filing, and reconciliation for every account you have.
Integrations
One feature that makes TaxBit especially appealing is the simplicity and extent of its integrations, which allows users to integrate all their crypto exchanges, DeFi exchange accounts, and so much more.
TaxBit lets you integrate your cryptocurrency data for free across 500+ exchanges, wallets, DeFi protocols, and NFT marketplaces so you can address all your tax liabilities regardless of your tax situation.
With each integration, TaxBit also lets you import your data via API or upload a CSV file for a seamless experience.
TaxBit will even do all the data normalization and tax calculations for you so you can see the real-time implications of your cryptocurrency use.
Moreover, if you are a TurboTax user, TaxBit supports export capabilities to make filing across platforms even easier.
TaxBit Pricing
As alluded to earlier, TaxBit offers a free plan (Network Plan) and three paid plans: the Basics Plan, Plus Plan, and the Pro Plan.
Below is a list of the features included with each plan:
The TaxBit Network Plan (Free):
- Unlimited Transactions
- All TaxBit Network participating exchange and platform forms 8949 for the most recently completed tax year (current year)
- Email Support
- Unlimited Sources of data
The TaxBit Basic Plan ($50 per year):
- All of the features from the Network plan
- All forms 8949
- All Exchanges and Platforms
- All years (historical tax forms)
- Live Chat Support
The TaxBit Plus Plan ($175 per year):
- All of the features included in Basic and Network
- Specialized CSV import Support
- Tax Optimizer
- Tax Loss Harvesting
- Portfolio Performance
- NFT Gallery
The TaxBit Pro Plan ($500 per year):
- All of the features included in Plus, Basic, and Network
- Dedicated Concierge Product Support
- CPA Review
How TaxBit Compares to Competitors
The best cryptocurrency tax software service to compare to TaxBit is TokenTax, a full-service accounting firm providing nearly everything TaxBit offers with striking similarities.
When it comes to TaxBit’s paid plans, it is closer to TokenTax in that it offers more advanced features like tax-loss harvesting and NFT functions, so individuals with more advanced tax needs might want to explore it as an alternative.
TaxBit ostensibly does everything TokenTax does, notwithstanding a few exceptions like gas fee and mining reports, but for a much lower yearly subscription. The most expensive plan, for example, is only $500 compared to TokenTax’s $3,499.
For that reason, TaxBit is a great best-of-both-worlds crypto tax solution, offering a healthy balance of advanced tax tools and affordability.
You can’t go wrong with either crypto tax service, but the TaxBit cost is a major advantage, meaning if you aren’t a person or business with very particular tax report needs or oversight from regulatory agencies, TaxBit will likely be the better choice
Conclusion: TaxBit Review
After carefully walking through all of its services for this TaxBit review, we believe TaxBit is an exceptional crypto tax software for anyone looking for a professional service that is still affordable.
Most crypto traders and investors will be fine using less advanced services such as Koinly, but if you have more complex tax needs requiring advanced tools or tax professionals, TaxBit and TokenTax should be at or near the top of your list.
The latter is arguably the most advanced crypto tax software on the market, but the former (TaxBit) is your slightly less advanced and significantly cheaper alternative.
Overall, the best tax filing software for your cryptocurrency taxes will depend on precisely what you need based on your crypto trading, mining, and staking circ*mstances.
However, once you’ve decided what services or features you need for your specific tax circ*mstance, it will be much easier to gauge whether or not TaxBit is right for you.
Nevertheless, the TaxBit team has put together an exceptional service with very competitive pricing that will ensure you and all your crypto transactions are tax code compliant this and every other tax season.
