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Cryptocurrency trading has become increasingly popular in recent years, and with it comes the need to report taxes on these investments. However, calculating taxes on crypto transactions can be complex and time-consuming. This is where crypto tax software comes in handy. This article will discuss the 9 best crypto tax software services of 2023. Doing taxes is tricky. This is why you need the best crypto tax software. Cryptocurrency trading is complicated enough before considering tax implications. The crypto regulatory landscape seems in a constant state of flux, and tax liability is confusing. It’s important to know how to approach crypto taxes in a sensible way that also keeps the IRS from wanting to sniff around. Crypto tax software can help. Why Use Crypto Tax Software? Tax filing is a tedious task, and with crypto investment, it can be hard to keep track of all transactions. You would also have to manually calculate tax for applicable crypto transactions and activities, which can quickly become burdensome. For many investors, this can be arduous, time-intensive, and risky. Crypto tax software can automate the tracking of every transaction, from mining to trading, and generate reports ready for your accountant or directly to the IRS. These tools can save time and effort in preparing tax reports and ensure that your crypto investing activities are fool-proof from tax errors. Crypto tax software tools can also help tax professionals manage crypto tax specifics for their respective clients. Here are the 9 Best Cryptocurrency Tax Software Services of 2023: How to Choose the Best Crypto Tax Software It’s important to research a range of crypto tax software to compare the pros and cons of each option. The best crypto tax software for you depends on what you’re looking for, so consider the following: Features: Look for software that offers the features you need, such as portfolio tracking, tax reporting, and integration with exchanges. User Interface: Choose software with a user-friendly interface that is easy to navigate. Customer Support: Look for software that offers excellent customer support, especially if you’re new to crypto taxes. Price: Consider the cost of the software and whether it fits within your budget. How to Complete Crypto Taxes Once you’ve chosen the best crypto tax software that suits your needs, you should gather all the necessary information to complete your taxes including records of all crypto transactions, purchases, sales, and trades. The fair market value of each transaction at the time the transaction occurred. Any fees associated with each transaction. Any losses or gains from each transaction. For more information, you can take a look at our detailed crypto tax write-up, however, we also recommend consulting a licensed tax professional if you have specific questions or concerns about your personal crypto tax liability. You must report your crypto taxes on your tax return and use the appropriate tax forms. The IRS treats cryptocurrency as property, so you should report any gains or losses on your tax return. You may also need to pay estimated taxes over the course of the year if you have significant crypto investments. Conclusion Crypto tax software should help you simplify keeping records and submitting tax forms for your crypto investments. With the help of these 9 best crypto tax software services of 2023, you can maximize tax savings and ensure optimal cryptocurrency tax reporting. Remember to choose software that offers the features you need, has a user-friendly interface, and has excellent customer support. The right software and good information can help you complete your crypto taxes quickly and accurately.

In the market for a cryptocurrency wallet? We’ve compiled a list of seven top crypto wallets for 2023. Disclaimer: This post may contain affiliate links, and we may receive a commission if you choose to purchase any products listed in this post. However, we aim to provide you with the best and most accurate information we can while being as objective as possible. With so many options on the market today, finding the right wallet can be difficult, so we researched the best crypto wallets to help make the best choice for your specific needs and budget. A hardware wallet is basically a safe for your private key. So, which wallet is the best crypto wallet? If you have ever bought, mined, or received cryptocurrency, the safety of your assets should always be top of mind. Hardware wallets provide a fortress for your cryptographic keys, keeping them out of the reach of online thieves. For those looking to secure their digital currencies, we composed a rundown of the seven best cryptocurrency hardware wallets, comparing their pros, cons, ease of use, and price. Finding the right wallet can be challenging, but the peace of mind offered by the security of your assets makes the time and financial investment in a hardware wallet worthwhile.   What is a Hardware Wallet and Why Do I Need One? A hardware wallet is a device that stores your cryptocurrency wallet’s private keys. The most secure hardware wallets are disconnected from the internet so those keys are never vulnerable to an online attack. There are many different types of hardware wallets, and if you become more than a casual user or trader of cryptocurrency, it will make sense to get one for added security and peace of mind. Not using a hardware wallet can leave you more vulnerable and susceptible to getting hacked, scammed, or drained. If you’ve spent a lot of time trading up, or if you have invested more than a few dollars of your personal money into cryptocurrency, losing it all because of poor security can feel like an insult added to injury. If you’re new to cryptocurrency wallets and private key storage, click here to learn more. There are many ways to keep your private keys safe and a hardware wallet is just one of them, how you choose to secure your keys is ultimately up to you, but if you’re in the market for a hardware wallet, we’ve researched the best crypto wallets to help you make a better-informed decision. 1. Ledger Nano X – Best Overall Ledger Nano X Bluetooth Wallet This highly rated crypto hardware wallet often comes out ahead of the competition as the best crypto wallet overall due to its blend of security, features, and support for most cryptocurrencies. Its integration with the Ledger Live software enables easy portfolio management; the hardware is secure and relatively user-friendly. The Nano X separates itself from others with the addition of Bluetooth for mobile management (although this feature may be a con for those with heightened security concerns). Pros: Cons: Ease of Use: With an intuitive interface and a larger screen than the Nano S, it is very user-friendly. Price: $149   Shop Ledger Nano X 2. Trezor Model T Trezor Model T The Trezor Model T is a premium hardware wallet that offers a high level of security and ease of use. It features a touchscreen for intuitive operation, eliminating the need for physical buttons and simplifying the verification and approval of transactions. Supporting over 1,600 cryptocurrencies, the Model T is for the discerning user. Its notable features include a built-in password manager and U2F two-factor authentication. Its open-source firmware bolsters security by allowing for community review, though its higher price point reflects its advanced features. Pros: Cons: Ease of Use: The touchscreen makes it easier to use and review transactions. Price: $219   Shop Trezor Model T 3. Ledger Nano S Plus Ledger Nano S Plus from shop.ledger.com The Ledger Nano S Plus is one of the most popular hardware wallets in the market, acclaimed for its affordability and security. It supports over 1,100 cryptocurrencies and is built with robust security features to protect digital assets. Despite lacking Bluetooth connectivity, which the Nano X offers, the Nano S provides a straightforward and effective solution for investors seeking a reliable and cost-effective hardware wallet. Its smaller screen size demands more precise navigation. However, it remains a top choice for those new to hardware wallets or with less complex portfolios. As part of the Ledger ecosystem, this hardware wallet is a great, cost-effective alternative to the more feature-rich Ledger Nano X. Pros: Cons: Ease of Use: Good for beginners for its simplicity, but the small screen requires precise navigation. Price: $79   Shop Ledger Nano S Plus 4. Bitbox02 BitBox02 The BitBox02 is a sleek and user-friendly hardware wallet designed by Swiss-based Shift Crypto. It differentiates itself from its competitors by using open-source firmware and software, providing transparency, and allowing the community to contribute to its security. The device features touch sensors and an easy backup and recovery process utilizing a microSD card, catering to users who value simplicity and ease of use. While its coin support is less robust than other hardware wallets, the BitBox02 offers a good balance between security and convenience for users primarily dealing with Bitcoin and a selection of other major cryptocurrencies. Pros: Cons: Ease of Use: The BitBoxApp interface is simple and beginner-friendly. Price: $149   Shop BitBox02 5. Trezor Model One – Best Budget Option Trezor Model One The Trezor Model One is where simplicity and security meet, making it an ideal starting point for those new to hardware wallets. As the original hardware wallet, it has withstood the test of time and proven its reliability and ease of use. Pros: Cons: Ease of Use: The Trezor Model One offers uncomplicated functionality with a simple two-button interface that makes it incredibly easy for users to navigate and confirm transactions. Price: $69