TokenTax Review
-
Features
-
Integrations
-
Pricing
-
Customer Support
Summary
TokenTax is a crypto tax software, calculator, and full-service accounting firm that provides everything crypto traders and investors need to file their transaction data. This platform includes standard tax reports like an audit trail report that lists all taxable trades, a capital gains and losses report, and more. Learn more about this crypto tax service by reading our complete TokenTax review.
Pros
- Supports every crypto exchange and wallet
- TurboTax integration
- Tax loss harvesting tool
- Mining and staking reports
- Ethereum gas fee report
Cons
- Basic plan only supports Coinbase
- Plans are very expensive relative to competitors
- No plan supports unlimited transactions
About TokenTax
TokenTax is a crypto tax software, calculator, and full-service accounting firm that provides everything crypto traders and investors need to file their transaction data completely and correctly.
TokenTax will sync with all your crypto wallets and crypto exchange accounts, largely eliminating manual data entries, and allowing you to analyze all of your crypto tax data and tax reports in one place.
The TokenTax platform will also automatically generate tax calculations with every tax form you need to complete your filings, whether you file with them or a different provider, such as TurboTax.
If you want to learn all about TokenTax’s crypto tax software and whether or not it’s right for you and your crypto taxes, stick around for this in-depth TokenTax review.
TokenTax Features and Crypto Tax Forms
The beauty of TokenTax’s crypto tax software is it makes sure to include features that apply to all varieties of crypto traders and investors.
In addition to supporting spot crypto transactions, TokenTax supports margin and futures trading, DeFi exchanges, and even NFTs.
The TokenTax software is even equipped to handle any missing cost basis, high transaction volumes, and cross-chain transactions.
And like most tax services, TokenTax includes standard tax reports like an audit trail report that lists all taxable trades and a capital gains and losses report.
TokenTax also has a tax loss harvesting tool to strategically offset your capital gains.
TokenTax includes several crypto tax reports like a mining and staking income report, which accrues in real-time, and an Ethereum gas fee report that will be added to your cost basis to reduce your capital gains.
Another important feature to keep in mind is that TokenTax can generate a capital gains and losses report for US, UK, and Canadian filers.
Integrations
TokenTax supports trade data from every crypto exchange, protocol, blockchain, and wallet, so you can rest assured its services will apply to wherever your crypto was purchased, transferred, or sold.
You also have the option to sync your transactions via API or by uploading them in CSV file format.
Another incredibly useful integration TokenTax supports is with TurboTax.
If you are already a TurboTax user but have a complicated string of crypto transactions or investments you need to report, that integration will prove to be extremely handy.
TokenTax Crypto Tax Software Pricing
TokenTax offers four plans that cater to crypto traders and investors with a wide range of tax filing needs.
The more exchanges and transactions you have, the higher the tier you’ll need, but higher tier plans also offer additional services like tax loss harvesting, Ethereum gas fee reports, and DeFi and NFT support.
The Basic Plan ($65/tax year)
- Up to 500 transactions
- Coinbase & Coinbase Pro API only
- IRS audit trail transaction report
- Income report
- IRS Form 8949 or relevant international report
- TurboTax online integration
- FIFO, LIFO, specific ID accounting
- Average cost basis for UK/CA filers
- Live chat support
The Premium Plan ($199/tax year)
- Up to 5,000 transactions
- Support for every centralized exchange
- DeFi and NFT supportview
- Tax loss harvesting dashboard
- Automatic CSV imports for all exchanges
- Manual imports for ICOs & OTC trades
- Ethereum gas fee report
- IRS audit trail transaction report
- Income report
- IRS Form 8949 or relevant international report
- TurboTax online integration
- FIFO, LIFO, specific ID accounting
- Average cost basis for UK/CA filers
- Live chat support
The Pro Plan ($799/tax year)
- Up to 20,000 transactions
- Margin/options PnL calculations
- FBAR
- Support for every centralized exchange
- DeFi and NFT supportview
- Tax loss harvesting dashboard
- Automatic CSV imports for all exchanges
- Manual imports for ICOs & OTC trades
- Ethereum gas fee report
- IRS audit trail transaction report
- Income report
- IRS Form 8949 or relevant international report
- Live chat support
- TurboTax online integration
- FIFO, LIFO, specific ID accounting
- Average cost basis for UK/CA filers
The VIP Plan ($3,499/tax year)
- Up to 30,000 CEX transactions
- Advanced crypto reconciliation
- Support for every DeFi & NFT platform
- Two 30 min. consultations with a tax professional
- IRS audit assistance
- See full VIP details view
- FBAR
- Priority chat support
- Support for every centralized exchange
- DeFi and NFT supportview
- Tax loss harvesting dashboard
- Automatic CSV imports for all exchanges
- Manual imports for ICOs & OTC trades
- Ethereum gas fee report
- IRS audit trail transaction report
- Income report
- IRS Form 8949 or relevant international report
- TurboTax online integration
- FIFO, LIFO, specific ID accounting
- Average cost basis for UK/CA filers
How TokenTax Compares to Competitors
If you’re in the market for a crypto tax filing service, the top competitor to measure against TokenTax is likely TaxBit and its crypto tax software.
TaxBit is another cryptocurrency tax accounting firm that offers just about everything TokenTax does, including a wide array of crypto tax forms, but it’s significantly less expensive.
In fact, TaxBit has a free tax filing plan that includes unlimited transactions, current-year tax forms for all 500+ supported platforms, and a DeFi and NFT tax engine.
However, TaxBit doesn’t include mining and staking tax filing services or an Ethereum gas fee report in any of its plans, so that could be a deal breaker, depending on your tax needs.
For the average crypto trader/investor, TaxBit will probably be a better option.
That said, traders and investors with more unique and extensive tax needs might require some of the advanced features TokenTax has that other crypto tax software is missing.
Still, TaxBit likely does everything you need a crypto tax service to do for a much lower yearly subscription. The most expensive plan, for example, is only $500 compared to TokenTax’s $3,499.
Overall, the best tax filing software for your crypto taxes will depend on precisely what you need based on your crypto trading, mining, and staking circumstances.
Still, most crypto traders and investors will find TaxBit a better (cheaper) alternative to most crypto tax software on the market.
Conclusion: TokenTax Review
After carefully walking through all of its services for this TokenTax review, we believe TokenTax is an exceptional crypto tax service, but it’s quite expensive compared to alternatives.
While it has some unique features around mining, staking, and gas fees that will undoubtedly appeal to many people, most probably won’t need those services or at least won’t want to pay extra for them.
If you are a financial institution or high net worth individual deeply involved in crypto staking/mining and have a highly complex crypto tax situation, it might be better to choose TokenTax.
That said, most people do not fall in that camp and can get everything they need from the TaxBit free plan or one of their relatively cheaper paid plans.
As always, we encourage everyone to look at both (all) services to weigh them against their individual tax needs, but it’s hard to make a case for using TokenTax if you don’t have a very unique crypto tax situation.
