Ledgible offers a 5-Star ranking for institutions, enterprises, and investors in need of a crypto data solution.
As crypto is gaining adoption and attention worldwide, there’s increased focus and scrutiny by regulators. Tax payment for crypto is mandatory in most countries, with no global regulation for cryptocurrency, leaving many investors and institutions to fend for themselves.
Even though the crypto tax rates are different globally, most nations have imposed taxes on crypto. The trading of crypto, its use to pay for goods or services, its holding as an investment, or its usage in other ways, all have potential tax repercussions. Delays in tax payments can also lead to tax penalties, imploring everyone to get on top of their crypto tax obligations as soon as possible.
But how can you calculate your tax liabilities? If you are a day trader, an institution, a business, or a regular investor, it is very difficult to calculate your tax liability with thousands of transactions without help.
That is where Ledgible’s platform comes in to save the day. With Ledgible, the crypto tax calculation process is simplified and done automatically on the application, which can handle taxes for individuals, entire tax firms with hundreds to thousands of clients, and even at the institutional and enterprise level for businesses who deal with crypto.
What is Ledgible?
Legible was established in 2016. The platform was developed by a team of crypto and tax experts with the aim of simplifying crypto taxation. The Ledgible platform works globally for accounting, whereas its tax products focus on the US tax code, but can be adapted to serve other countries’ tax codes as needed.
Ledgible is a cryptocurrency accounting and tax solution platform established in the United States, designed by the specialists at Ledgible with professionals, businesses, and crypto investors in mind. Ledgible offers its clients an industry-leading crypto tax solution.
The platform provides two primary platforms focused on various user areas, tax, and accounting. The Ledgible crypto tax platform easily determines and calculates crypto obligations for users. It automatically gives a basic set of data such as wallet balances, capital gains, losses, and exchange orders.
Moreover, it is one of the only platforms that is SOC 1 & 2 Type 2 audited, meaning it’s one of the most secure tools on the market. To expand its tax and accounting platform with a focus on cryptocurrencies, the company just closed a $20 million Series A financing round in June 2022.
The business will use the fundraising round to strengthen its position as a link between conventional finance and cryptocurrencies and to give cryptocurrency investors and traders a clearer picture of tax reporting and portfolio management.
“Ledgible offers live support for every client, from the smallest investor to the largest institution. Aggregating, normalizing, and ingesting crypto data into your workflows doesn’t have to be difficult – Ledgible is here for you.”
Trevor English, VP, Ledgible
What does Ledgible offer its users?
For both individual investors, tax preparers as well as businesses handling customers, Ledgible Crypto Tax offers a number of reports. Users may also use it for simple record-keeping to keep track of their crypto holdings year-round. These are Ledgible’s three primary products.
- Ledgible Crypto Tax for Individuals
It is a tax product geared for individual filers. This offer is available to everyone who must file taxes on their cryptocurrency holdings. With sophisticated manual entry, file import, and API options, users may add their data sources, making them more capable than many of Ledgible’s rivals.
Ledgible also provides a current year plan and a crypto portfolio dashboard. It allows for the monitoring and tracking of annual crypto activity through the analysis of asset holdings and disposals. What’s even better is that crypto tracking with Ledgible is 100% free. You only pay for the tax reports when tax season.
It allows users to add crypto transactions from any wallet or exchange. Additionally, you can also add your natively supported wallets and exchanges via its API integrations. This allows automatic transaction syncing.
- Ledgible Crypto Tax Pro
This product is intended for use by tax experts, accountants, and law firms. The platform enables tax professionals to gather customer information rapidly, prepare reports, and manage tax filing all in one simple tool.
It effectively provides tax professionals and accounting firms with the option of having direct access to any ledgible crypto tax report used by their clients, a bit of functionality that no other crypto tax product offers. This process is meant to make the crypto tax filing process as easy as possible for CPAs, accountants, and tax professionals.
- Ledgible crypto accounting
Ledgible Accounting makes cryptocurrency bookkeeping and enterprise business management straightforward. It provides a variety of reports to address every situation, from asset balances to gain or loss reporting. These reports include capital gains and losses, transaction downloads, OFX reports, exchange orders, and wallet balances.
It also has integrations with all tax & accounting software (Quickbooks, Xero, TurboTax, UltraTax, CCH Axcess, etc.)
Ledgible Accounting is also in use by some of the nation’s largest institutions and fintech providers, like FIS, Thomson Reuters, and major US banks.
Flexible charges
Ledgible’s products have variable pricing. All three services are priced differently, based on user needs.
Crypto tax
Users can use this product for free throughout the year. Users get free access to all of the product’s features. You are only charged if you need to view or download your reports. Crypto tax starts at $49 for tax-year reporting and up to 200 transactions.
The price is based on the number of transactions. Users can have access to 200-1000 transactions for an extra $50 fee, and an additional $100 fee for every set of 2500 transactions over 1000.
Crypto accounting
Businesses can begin a 30-day free trial of this service. After the trial period, if companies are happy and want to continue, the Ledgible team works to create a custom-tailored plan to meet the demands of users.
Crypto tax pro
This crypto tax platform for professionals provides tax experts with both paid and free plans. It allows accountants and businesses to offer their services for crypto consulting and tax planning in addition to standard crypto tax filing. To get started, tax professionals simply have to fill out this form.
“The Ledgible crypto tax and accounting platform offers best-in-class crypto reporting – which is why it’s trusted by some of the largest institutions in the world. The best part? Whether you’re a retail investor, a tax professional, or a leading institution, we have a solution for you.”
Holly Swirtz, VP of TAP Sales
Final thoughts
Analyzing and assessing each transaction for tax reporting is a nuisance if you are a crypto trader, tax professional, institution, or investor and don’t have support from platforms like Ledgible. Ledgible’s user-friendly platform assists tax experts, taxpayers, and companies in gathering, normalizing, and making crypto data understandable for tax reporting.
Ledgible is also partnered up with leading financial players, including FIS, US Bank, FISERV, Thomson Reuters, and Silvergate. Ledgible ought to be your first choice if you’re searching for a platform that can track your transactions, produce reports, and protect your data.
FAQ
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