Much of the media attention is going to the metaverse, all-time highs and DOGE with the future of finance is being pushed on all sides. But perhaps the most archaic part of finance is getting a 21st century makeover as well. That dinosaur is called the tax industry.

Stephan Roth is a London-based financial journalist who has reported on cryptocurrency since 2018. He has previously worked for KPMG, CNNMoney and ACCOINTING. This article is part of CoinDesk’s Tax Week.

In recent times, the tax industry has made strides in its attempt to understand the industry and flesh out the nitty-gritty tax details that come with a brand-new asset class. However, filing crypto-related taxes can still be an arduous task, with a variety of different forms, calculations and recording of transactions exhausting.

That said, a host of young, innovative and ambitious crypto tax companies have risen to the occasion – ready to reduce your tax-related stress before deadline day.

See also: NFTs Are the Latest Crypto Tax Events Nobody Understands

I’ve spent some time going through each company, speaking to key people, analyzing their prices, the number of applications available and using their user interfaces. Here’s a guide to what I found.

The bitcoin bug bit Dennis Wohlfarth in 2014 as he was working in Italy as a mechanical engineer servicing Ferrari. Three years later, a group of founders hailing from Germany, Switzerland and the United States fleshed out the blueprint for Accointing and subsequently launched in 2019.

With a European vibe, Accointing offers crypto tax reporting solutions for Australia, Austria, Germany, and Switzerland, the U.K. and U.S. ranging between $79 and $299 (plus a free tax report) as well as a portfolio tracking app and desktop solution. Included in their offering is a Trading Tax Optimizer, which can help users optimize their taxes through tax-loss harvesting and analytics.

Earlier this year, the startup partnered with Swiss-based audit giant BDO, bolstering its brand reputation as well as cementing a key traditional tax partner in Europe. “We want our team to bring in their personal touch … so we can expand our tax solutions in Europe and then to the APAC. We want to expand our blockchain connections, NFT and decentralized finance (DeFi) tax support [and] our portfolio features,” says Wohlfarth.

Kick-started in 2017, CoinTracker is the brainchild of former Google employees Jon Lerner and Chandan Lodha, who have embraced an “engineering driven culture” and turned CoinTracker into a unicorn this January. In January, CoinTracker announced an exclusive partnership with Coinbase, embedding their software directly within Coinbase’s tax center.

Read More: Crypto Tax Prep Business Booms as Trading Surges and IRS Tightens Screws

According to Shehan Chandrasekara, CoinTracker’s head of tax: “We want to be the layer that helps people interact with crypto and not give them headaches in relation to compliance matters.”

CoinTracker offers four types of tax solutions covering Australia, Canada, the U.K. and U.S. – with tax packages ranging from a free tax report and paid options ranging from $49 to $159 package – they also provide an “Unlimited” solution that is priced individually.

Another strong suit is the company’s enterprise solution, with the “biggest players” in the market looking to do business with CoinTracker.

Rounding up their offering is a portfolio tracker that provides exclusive insights into a user’s holdings and allows them to tax-loss harvest and track NFTs and DeFi transactions. This year is going to be big for CoinTracker “We will continue to hire aggressively and listen to our users. We expect to reach 1 million-plus users on the platform during [this] tax season,” Chandrasekara says.

CoinLedger – formerly CryptoTrader.Tax – was born out of necessity in 2017 because David Kammerer, Mitchel Cookson and Lucas Wyland were looking to report “over 120,000” trades made through arbitrage investing. “We were pretty frantic,” CEO David Kammerer says. There was nowhere to report our taxes, so we had to fix the problem ourselves.”

Tasked with figuring out how to report their own holdings, CoinLedger had to develop the “picks and shovels” for their tax tool, releasing the first version of the tax platform in spring 2018.

Read More: US Crypto Tax Guide 2022

Since then, CoinLedger has built a tax tool offering geared towards the U.S. market, allowing users to tax-loss harvest and benefit from their TaxAct feature – helping users navigate tax season. Prices per tax offering range from $49 to $299, with the most expensive solution allowing for unlimited transaction reporting. It also offers a business-to-business (B2B) solution, helping certified public accountants (CPA) service their personal clients.

Back in December CoinLedger partnered with crypto broker and portfolio tracker Voyager, and in 2022 it is looking to launch their NFT tracking for their portfolio as well as releasing more portfolio tools for their free portfolio tracking solution. “We want to reduce the friction for participating in crypto, so we’re focusing on our analytics reporting and making sure we get the data right,” said Kammerer.

Starting out in their parents’ basement, TaxBit is the baby of Austin Woodward and his brother Justin Woodward, who quickly picked up on the tax burden crypto traders could face following the crash in 2017. “They realized that there was no way this industry [crypto taxes] could go mainstream and be compliant unless people could accurately track their investment,” said Michelle O’Connor, the company’s vice president of marketing.

From humble beginnings, TaxBit launched in 2018 and has since won an exclusive partnership with Internal Revenue Service (in May 2021) and achieved unicorn status three months later in August.

Currently, TaxBit offers tax services for individuals ranging from a free offering to paid offerings ranging between $50 and $500. They also provide enterprise and government solutions, helping both companies and regulatory bodies remain tax compliant, assisting them to better understand the crypto space. To add to that, it offers a portfolio tracker app, providing key insights into user’s holdings as well as the TaxBit network, where users of member companies can access free tax forms. And it looks to “gamify” crypto taxes through its tax optimization feature as well as their one-of-a-kind NFT dashboard and tracking service.

“[In 2022] we’re going to continue to iterate on DeFi and NFTs, we’ve had a tranche of partnerships that are ready to launch, and we will also focus on our public sector,” said O’Connor.

TokenTax CEO Zac McClure’s life is pretty “eclectic.” Starting off at JPMorgan, he found himself teaching math with Teach for America before embarking on a journey to Zimbabwe to help locals learn more about personal finance. Following a stint at Imprint Capital where he wrote their investment thesis for Ripple, McClure said: “I fell in love with crypto and I had a finance and accounting background, then markets exploded [in 2017] and friends everywhere asked for my help to figure out their taxes.”

Come 2017, TokenTax was operational for retail investors. At present, they offer four crypto tax report plans, covering Australia, Canada and the U.S. with prices ranging from $65 to a $3500 VIP package offering IRS audit assistance. They also offer specific services for margin trading and tax-loss harvesting.

See also: Crypto Tax Compliance Remains IRS Minefield

“We are expensive, but we solve the most difficult problems. If the other software doesn’t work for you, you go to TokenTax”, said McClure. TokenTax have also been active in their collaborations, joining forces with eToro, Binance and Crypto.com. Staying true to his teaching roots McClure said: “[In 2022] we want to expand our wallet integrations, teach people about taxes, and take some of the tax stress off people’s shoulders.”

Pat Larsen, ZenLedger’s CEO might be as stars-and-stripes as it gets. Serving the military as a helicopter pilot and with two tours under his belt, Larsen got an MBA from the University of Chicago before becoming an investment banker. Noting that the nascent crypto industry would require traders to pay taxes Larsen believes that: “The point of tax services is to take you from a state of stress to a state of calm. It’s to get the numbers right.” Hence the name ZenLedger.

Current America-focused tax offerings include a free tax reporter for up to 25 transactions and range from $49 to $399. It also provides specific NFT and DeFi support with professionally prepared tax plans that range from $195 to a $6500 two-year tax plan. Additionally, a tax-loss harvesting tool is available for users as well as a direct Turbo Tax integration. Partnerships include digital asset management company Valkyrie investments and eToro.

When asked why people should pay crypto taxes Larsen said: “If you are a U.S. citizen you should avoid being a felon. The sheriff will come and have a gun on his hip.” In terms of ZenLedger’s outlook for 2022, Larsen said: “We want all hands on-deck and what we built is a powerful offering. The pace of development will also accelerate.”

Aiming to turn the lethargic traditional tax industry on its head, these young guns have taken it into their hands to do the hard thinking for you. Whether that be figuring out how to track coin transactions across DeFi platforms, understanding how to tax NFTs or how to automate tax reporting – the crypto tax tool industry has had to wrap its head around some of the biggest challenges that have come with the rise of crypto.

At the end of the day, hate them or love them, you’re going to have to pay your taxes. No matter if you’re coding solidity at Ethereum or playing with that 100x leverage on Binance’s margin trading platform – government regulators will be looking to tax your crypto. So, give these tax companies a few minutes of your time and avoid a sticky situation on tax deadline day!

See also: Coinbase Users Can Now Receive Tax Refunds in Crypto

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