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TaxBit Review

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1 Minute Review

A software program that streamlines the tax experience for enterprises and individuals alike, TaxBit strives to simplify and unify the entire process by making every file, document and report easily accessible through an electronic platform.

Available with tailored access for both companies and consumers, TaxBit makes it easy to upload and view cryptocurrency data in real-time and enables seamless connection to over 100 cryptocurrency exchanges. Offering additional functionality such as tracking analytics, audit trail analysis and capital loss deduction claims, TaxBit is designed by industry insiders (CPAs and tax attorneys), which makes the software that much more accurate and reputable.

TaxBit is used by some of the largest regulatory agencies around the world and is considered to be one of the most trustworthy programs in the industry.

Best For

  • Crypto advocates
  • Anyone buying or selling cryptocurrencies on any platform
  • Those interested in an electronic tax-processing platform
  • Beginners and tax professionals
  • Tax compliance

Pros

  • Has responsive and supportive customer service agents
  • Offers a free trial available
  • Makes the crypto tax-filing process much easier
  • Gives you an immutable audit trail
  • Eases the issuance of 1099s for exchanges
  • Supports most crypto exchanges
  • Partners with the world’s best in cryptocurrency and fintech

Cons

  • CSV file parsing that could improve (manual formatting only)
  • Limited options for Auto-Sync and reporting functionality
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According to IRS rules, every cryptocurrency sale or trade is now a taxable event. And while you’re required to report taxes on cryptos, the process of doing so is probably taxing — you’ve traded on lots of exchanges and coins spread across multiple wallets. But you can have some respite. TaxBit cryptocurrency software is here to streamline your crypto tax-reporting process while saving you big on crypto taxes.

TaxBit Product Offerings

TaxBit offers versatile and highly-responsive customer support features — reps may be contacted via live chat or email for fast assistance, with some tickets escalated to CPAs and attorneys.

Each of TaxBit’s packages includes live chat support and tax forms, though the basic plan only offers tax forms for the current fiscal year (other plans offer all years). Moreover, each package offers a free trial version, so users can confirm that the tier is right for their needs.

TaxBit also offers IRS-compliant outputs, including IRS 8949 tax forms, an IRS audit trail and immutable data records, all on a highly secure platform. The software’s real-time reporting features normalize data across all mediums and exports transaction reports more efficiently. TaxBit auto populates data for tax forms and it syncs data in real time throughout the year.

TaxBit’s innovative tax optimizer enables you to navigate trades in real time so you optimize before executing a trade — an industry first!

With TaxBit, access all-important tax documentation from one streamlined platform and enjoy the help of industry experts to guide you along the way.

TaxBit Pricing

The breakdown for annual TaxBit packages are as follows:

  • $50/year for the Basic plan – 250 transactions: Includes live chat and tax forms for the current fiscal year.
  • $175/year for Plus(+) plan – 2,500 transactions: Includes live chat, tax forms for all fiscal years, tax optimizer, loss harvesting, portfolio performance and DeFi Beta.
  • $500/year for Pro plan – 25,000 transactions: Includes live chat, tax forms for all fiscal years, tax optimizer, loss harvesting, portfolio performance, DeFi Beta and CPA Review.

*Note that consumer vs. enterprise plans are not differentiated on the TaxBit website.

TaxBit Ease of Use

Those who used TaxBit reported that the software was extremely easy to learn and navigate. From the signup process through tax document creation — even connecting with multiple exchanges — TaxBit enables a straightforward tax process for its customers. Feedback speaks to a clean and simple interface and an overall user-friendly program.

Since TaxBit is an automated system all you have to do is integrate its API to the exchanges you’re using for your crypto activities. Once that’s done, the software scans and retrieves all the transaction details from the trades you’ve completed on the exchanges. The system analyzes the data and outputs the tax information in detailed reports ready for filing with the IRS. All this is done automatically while you wait. From there, you may decide to download the reports for use in filing your taxes.

TaxBit Mobile App

You won’t find a mobile app for TaxBit, nor are there any updates regarding future developments for a mobile app.

As a software, TaxBit is still accessible via the internet on mobile and other electronic devices. No complaints have been reported regarding the program’s compatibility with non-desktop devices.

TaxBit Mobile Customer Service

Of all the services that TaxBit offers, some of the most common praise from users surrounded its strong customer service support. Available any time over live web chat or by email, TaxBit’s service team was highly praised for responsiveness and helpfulness and received consistently positive feedback from those who used the software.

Technicians were also commended as highly knowledgeable in their field and were lauded for excellent support.

Its website features an information base where users can get immediate answers to their issues that don’t need direct customer support engagement. The information includes how to connect the software with the APIs on various crypto exchanges, ready answers to frequently asked questions, how to manage TaxBit accounts and how to request technical support from the service desk team.

One small complaint was that TaxBit doesn’t have a direct line to call for phone support. Because its other support mediums are so well managed, however, TaxBit’s support rating remains a stellar 5 stars.

TaxBit Overall Rating

Ultimately, TaxBit is a high-performing software that excels in what it does: streamlining the tax process. Despite its lack of a mobile app presence, the software more than makes up for this small inconvenience with its comprehensive functionality, as well as service and support availability.

You can contact TaxBit today to schedule a free demo that’s tailored to your platform or start your 14-day free trial. Start the signup process here