Bitwave vs. Intuit TurboTax vs. XCMworkflow, from Wolters Kluwer

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.

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TurboTax is well suited for small business owners with relatively straightforward finances who want a guided, step-by-step process for preparing and filing their taxes. It helps users identify common deductions, organize income and expenses, and file accurately without extensive tax expertise. However, it is less appropriate for businesses with more complex tax situations, such as multiple entities, complicated investments, or unique deductions. In those cases, the software can become difficult to navigate, and when errors or issues arise, it doesn't always provide enough guidance to resolve them.

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• 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.

• fill in tables or cells with numbers directly from scanned tax forms (1099s, W2s, etc)
• determine necessary tax forms needed to fill based on users' answers to selected questions
• customization capability for users that are well-versed in their tax situation (i.e., ability to select deductions themselves)

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• 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

• Access forms and data source

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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.

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While both are good products, I prefer the ease of use of TurboTax and the continuity of year to year products

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Independently Invited by TrustRadius

A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info