If you’re reading this then that probably means one of two things. First, you’re an ardent crypto investor looking for an intelligent alternative to filing your crypto taxes this year, or second, you’ve already used a crypto tax software before, you’re just looking for a better one.
Regardless of which category you fall in, this blog is for you. In this blog, we will compare Kryptoskatt with one of the most popular crypto tax software, Taxbit, to reveal how Kryptoskatt is the best crypto tax software out there and every other tax software in the market pales in comparison.
The comparison is divided into utility-centric sub-categories that compare the two tax software metrics that are most important for the users. We top it off by answering the most frequently asked questions regarding crypto taxation and software-based tax reporting.
So buckle up and let’s dive into the comparison.
What are Crypto Tax Tools?
Crypto tax software is a highly efficient tool designed to simplify the complex tax accounting process for individuals engaged in crypto transactions. This software is accessible through different platforms, such as browser extensions, web applications, or mobile apps, and is packed with advanced features that enable automatic retrieval of transaction data from multiple digital wallets and crypto exchanges. By consolidating user activities into a single dashboard, these tools eliminate the need for manual entry and provide a comprehensive view of all cryptocurrency-related transactions.
By leveraging extensive data sets with critical information and adhering to country-specific regulations, these apps can perform accurate income and capital gains calculations. They cross-reference this data with local tax laws, creating reliable tax reports within minutes. Overall, crypto tax tools are intentionally developed to simplify the tax filing process for cryptocurrency investors globally while being cost-effective.
Kryptoskatt vs Taxbit: Supported Countries
Taxbit’s services are exclusively limited to users in the United States, thus barring individuals outside the US from utilising their offerings. In contrast, Kryptoskatt provides full support to three countries, namely Sweden, Norway, and Denmark, with plans to expand its scope to over 10 countries, including Canada, the United Kingdom, and the United States within a few months.
Despite being a major player, Taxbit struggles with accessibility issues, which is where Kryptoskatt steps in to offer its services across multiple countries with regional customer support. We strictly adhere to local tax regulations and ensure that your tax reports are audited by CPAs from your jurisdiction to avoid any mistakes or legal complications.
At Kryptoskatt, we don’t rely on algorithms alone to generate your tax reports. Instead, we verify their accuracy to ensure that you don’t end up paying extra taxes.
Kryptoskatt vs Taxbit: Supported Exchanges and Wallets
Although specific statistics have not been listed on the Taxbit website, however, from our research we found out that Taxbit claims to support 700+ integrations including exchanges, wallets, and De-Fi platforms. Taxbit claims to support 500+ exchanges and wallets from the following blockchains:
- Ethereum
- Bitcoin
- Dash
- Litecoin
- Helium
- Dogecoin
- Binance Smart Chain
- Bitcoin Cash
Any wallets that do not operate on the following chains are not supported on Taxbit, you can upload the CSV file of these transactions directly to accommodate them in your tax report.
Kryptoskatt supports close to 100+ top crypto exchanges and we have listed almost every one of those exchanges on our website so that our users don’t have to guess whether their exchange is supported on the platform or not. Here’s a list of the most popular exchanges supported by Kryptoskatt:
Coinbase, Binance, Kraken, Crypto.com, Coinbase Pro, Phemex, AscendEX, KuCoin, Whitebit, CEX.io, Bitrex, Deribit, Digifinex, Delta Exchange, Cointiger
When we tried to find all the exchanges supported by Taxbit on their website we couldn’t locate such a crucial metric, so at this point, we will have to take their word for it. As far as wallets are concerned Taxbit only supports wallets from 8 major blockchains, and if your wallet doesn’t operate on these 8 blockchains, then you would have to upload your transactions manually on the platform in CSV format. Lucky for you Kryptoskatt supports 100+ wallets from 50+ blockchains, so you don’t have to go through the hassle of manually fetching your transaction list and uploading them.
Kryptoskatt Vs Taxbit: Integrations
Taxbit offers a little over 700 integrations including all the exchanges, wallets, and De-Fi protocols, which looks impressive until you look at the integrations offered by Kryptoskatt. Kryptoskatt offers more than 1,500+ integrations. This makes it easy for people to fetch all their transactions and generate accurate tax reports.
The entire point of using crypto tax software for filing your taxes is to automate manual processes and make the overall task easier. If tax software doesn’t support enough integrations to auto-fetch all your transactions, and makes you go through manually fetching your transactions from your exchange or wallet as a CSV file and then uploading it on the platform, then what’s the point?
A good crypto tax software should be able to fetch transactions from anywhere and everywhere and should automatically identify any duplicate transactions so that you don’t end up paying more taxes than you actually owe. Kryptoskatt with its 1,200+ integrations is the perfect choice for anyone looking to make filing taxes more convenient. It can easily auto-fetch your transactions from across your investment pool and generate legally compliant tax reports within a matter of minutes and all you need to do is add all your accounts on the platform and wait for your tax report.
Kryptoskatt Vs Taxbit: Features and Services
Both Kryptoskatt and Taxbit are loaded with features like a centralised dashboard, live tracking, automated accounting, and De-Fi support. However, the features and services offered by Taxbit are entirely designed to accommodate the needs of US citizens, and even the accounting methods and tax-saving strategies comply with US tax laws.
So regardless of how good the feature list of Taxbit appears to be, it is only accessible to those living in the US. Kryptoskatt on the hand offers its services to people across 3 countries and we will soon expand to 10+ countries. The auto-sync feature that we offer to our premium members is a cut above the rest, reflecting any new transactions within seconds of being executed, and we do that for NFT transactions as well.
Kryptoskatt has almost all the features that Zenledger has, plus some extra ones that make it even better for people all around the world.
Here’s a list of some of the other unique features offered by Kryptoskatt:
- Direct APIs and CSV support
- Automated Tagging for different transaction types
- Supports all time zones and currencies
- Supports 1000+ De-Fi transactions
- Easy-to-use UI for users
- Supports 22,000+ cryptocurrencies across 100+ exchanges
- Inbuilt tax-saving strategies like Tax Loss Harvesting
- De-Fi and NFT profile overview
- CFA audits on tax reports
- Supports multiple cost-basis methods
Kryptoskatt vs Taxbit- Other Supported Services(Mining, Staking, Defi, Liquidity Provisioning, NFTs, etc)
Both Kryptoskatt and Taxbit offer De-Fi support, however, the extent of support differs vastly. Where Taxbit supports less than 10 De-Fi exchanges, Krytoskatt supports more than 1,000. Apart from this both tax software support NFT transactions, but Kryptoskatt takes that support one step further by offering auto-sync for NFT transactions making the overall experience better and more convenient for the user.
Mining, staking, lending, liquidity provisioning, you name it. Kryptoskatt supports all kinds of transactions and also has automated tagging to segregate transactions based on categories.
Kryptoskatt makes it easy for you to keep track of all your NFT transactions, no matter which blockchain they’re on. It even generates your NFT tax report in just a few minutes! We also support over 1,000 De-Fi protocols, top DAOs, and more than 30 EVM chains. Whether you’re staking, LP’ing, or lending, Kryptoskatt sorts all your DeFi transactions automatically. With over 50 labels to work with, we can deal with even the most complicated DeFi and NFT transactions accurately. When it comes to mapping transactions, Kryptoskatt is the best in the business.
Comparison of Kryptoskatt vs Taxbit
Best Crypto Tax Software: Kryptoskatt vs Taxbit
Kryptoskatt is a better choice for you if you want your tax filing experience to be hassle-free. Moreover, Taxbit is only accessible to residents of the US, so if you live outside of the US, Kryptoskatt is the obvious choice. And if you’re still not convinced why Kryptoskatt is the best choice for you, here are a few more reasons to convince you:
- International Tax Reports
- Secured by advanced encryption algorithms to ensure data security
- 1,000+ De-FI integrations
- Auto Sync available for both crypto and NFT transactions
- Easier to use
- Faster than Taxbit
- Costs 74% less than Taxbit
- Offers features like Tax loss harvesting(not offered by Taxbit)
Frequently Asked Questions(FAQs)
- Why Should I Use Kryptoskatt over Taxbit?
Simply because Kryptoskatt is better than Taxbit, offers more utility than Taxbit, and costs significantly less than Taxbit. And if that’s not enough to convince you, here are a few additional reasons why:
- International Tax Reports
- Secured by advanced encryption algorithms to ensure data security
- 1,000+ De-FI integrations
- Auto Sync available for both crypto and NFT transactions
- Easier to use
- Faster than Taxbit
- Costs 74% less than Taxbit
- Offers features like Tax loss harvesting(not offered by Taxbit)
2. Kryptoskatt vs Taxbit: Which Crypto Tax Software is Better?
Kryptoskatt offers way more integrations than Taxbit. It is more affordable and is also much easier to use. Moreover, Taxbit is only available for people in the US, while Kryptoskatt is available in three countries, with that list expected to grow to 10 countries within the next few months. Kryptoskatt is better because it offers way more features than Taxbit for a fraction of the price. Also, the customer support at Kryproskatt is impeccable.
3. Can Kryptoskatt Help Minimise Your Crypto Tax Liabilities?
Kryptsokatt’s algorithm can more than suggest tax reduction strategies based on the nature of your transactions, the overall structure of your transactions, and your location. It optimises your capital gain calculations by choosing the best-suited accounting methods, helping you save a ton of money on your tax bill. The algorithm also employs strategies like tax-loss harvesting to lower your tax bill while ensuring you pay the right amount of taxes, not more.
