Bitwave vs. Intuit TurboTax

If you are mainly using Bitcoin, ERC-20 tokens, or any supported chains where they have automatic data retrieval the system is great. The biggest issue, which Bitwave is constantly working on, is not supporting automatic transaction retrieval of specific crypto blockchains. They currently have a workaround by allowing manual uploads of unsupported chains (i.e., layer two chains like Arbitrum or Cosmos-based chains). The Bitwave platform still works excellently with unsupported chains; however, it is just a little more time-consuming b/c transactions are inputted using a CSV file that needs to be correct. But I imagine they will continue to add new supported chains, and since I have been a customer, I have seen the number of blockchains they support at least double.

Incentivized

Intuit TurboTax is well suited for most scenarios ranging from simple filing (i.e., single filing, one employer, limited asset, same state as employer) to complicated filing (i.e., married filing jointly, changing employers, different state as employers or WFH, multiple assets such as real estate and cryptocurrencies, entrepreneurship side-gig). TurboTax does not have wide-range offerings and partnerships with crypto exchanges so crypto owners may use a different service to generate the necessary tax forms for TurboTax to digest.

Incentivized

• Ability to categorize taxable and non-taxable transactions.
• Able to handle DeFi transactions.
• Documentation support to track digital asset balances & locations.
• Can read token transaction activity better than most wallet explorers.

• Ease of use
• Availability
• Cost

Incentivized

• Bitwave can seemingly miss picking up some transactions due to glitches, but if you discover them, they can resolve them.
• Ability to re-sync transactions to ERP if there are changes, without having to delete said transaction in ERP first

• integration with other applications such as Mint
• online and cloud sign-up for multiple Intuit applications is unsmooth
• price point for state tax filing can be made staggered (cheaper for simple form)

Incentivized

Legible was similar service but too high in pricing. Coinpanda was able to support some chains that Bitwave wasn't able to automatically support; however, Coinpanda was a less professionalized operation with less customer support.

Incentivized

Intuit TurboTax is much simpler and easy to use, not to mention affordable.

Incentivized