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TaxBit Review in 2025: A Comprehensive Overview
TaxBit provides institutional-grade software that helps enterprises and government entities automate their information and financial reporting. We’ll look at how the platform performs and recommend a viable alternative for individuals.
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How TaxBit Became the Gold Standard in Reporting
The platform rose to prominence because it provided users with solutions to their complex crypto accounting, which is necessary since every transaction on a cryptocurrency exchange is subject to taxation.
To ensure tax compliance, the platform automatically records transaction data, then calculates tax obligations by sorting massive piles of profit and loss information.
It’s worth noting that the company was founded by certified public accountants and tax attorneys, who paid significant attention to integrating tax law directly into the software. This attention to detail led the IRS to select TaxBit as its partner for its own crypto-auditing platform.
This vote of confidence from the IRS was a major signal to banks and major corporations that the platform was not just another tax tool. It provides reports that meet global standards and that the United States of America’s revenue service trusts.
Here's Why TaxBit Has Restricted Access
In 2023, the software company decided to stop serving individuals and focus on providing tax solutions to major institutions and government clients. The decision to redirect their expertise and resources toward enterprise tax and accounting compliance, as well as the public sector, is more profitable.
Fortunately, a well-established platform offers comprehensive tax tracking tools to individual crypto investors.
Why TokenTax Is Perfect For Individual Crypto Taxpayers
If you are an individual searching for an alternative, then we recommend TokenTax. The software supports complex transactions for staking, DeFi, and NFTs while working with CPAs.
This makes it the ideal solution for traders seeking automation along with expert guidance for regional tax information.
- Global crypto tax software endorsed by many figures in the industry
- Full host of features including tax loss harvesting, margin trading and more
- Can work as standalone tax software
- Full team of accountants to assist you
How using TokenTax swiftly simplifies tax filing
The software simplifies crypto tax filing by automatically importing transactions from all major exchanges and wallets. This gives users a unified and accurate view of their taxable activity.
The platform supports a wide range of cryptocurrencies and DeFi protocols, helping investors stay compliant regardless of their portfolio’s diversity.
All fees are transparent, and their prices are competitive. The platform protects user data using bank-level encryption and complies with global KYC standards, which ensures safe and legitimate reporting.
The platform provides expert tax support and professional filing services, which allow users to save time, reduce errors, and maximize potential tax savings.
What truly distinguishes the platform is its delivery of tax solutions tailored to specific countries. Since cryptocurrency regulations and user tax obligations vary significantly by geographic location, this feature proves essential.
Similar Tax Tools Worth Considering
As taxation on digital assets becomes increasingly common, reliable crypto tax tools are essential for all traders. Here are our top picks to help you file your taxes.
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Final Thoughts: Is TokenTax Worth It?
TaxBit is exclusively available for institutional entities and government agencies. Fortunately, TokenTax offers comprehensive benefits that are tailored to the geographical tax needs of their users.
Their fees are competitive and transparent, they have industry-grade security, and they are suitable for all crypto traders. Visit the platform now to quickly and accurately ensure you are tax compliant with your digital assets.
FAQs
Yes, it is fully IRS-compliant. It generates tax forms like Form 8949 and supports 1099 reporting. The platform is even used by government agencies, ensuring it meets the highest regulatory standards.
No, the platform has not been available to individual traders since 2023.
Yes, TaxBit supports DeFi and NFT tracking by connecting to wallets like MetaMask and platforms such as Uniswap, Aave, and OpenSea.
They generate key crypto tax documents, including Form 8949, Schedule D, and 1099s. These forms can be used directly for filing or integrated with platforms like TurboTax.
