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The post Summ Review – The Global Crypto Tax Platform with Thousands of Integrations appeared first on Coinpedia Fintech News
Managing your crypto portfolio is no longer only about finding the best trades, it’s also about staying tax compliant. That’s where using a crypto tax calculator comes in. The difficult part? Choosing which platform to use.
You may have heard of Summ (formerly Crypto Tax Calculator), a platform that helps you easily figure out what crypto taxes you owe, all while making sure you pay the least amount of tax possible.
In this article, we’re diving deeper into Summ: who it’s for, key features, and pricing, so you can figure out if it’s the right choice for you.
What is Summ?
Summ was started in 2018 by brothers Shane and Tim Brunette in Sydney, Australia. What began as a relatively simple crypto tax calculator has since expanded into an advanced crypto tax machine with extensive capabilities that span across smart transaction categorization, complex DeFi activity, and producing audit-ready tax reports.
Who is Summ for?
Summ is designed for crypto investors at all levels. Whether you’re a beginner who trades a couple of times a month, or a seasoned investor who has thousands of transactions across multiple wallets and exchanges, Summ is for you.
If you’re wondering if Summ supports your location, chances are it does, with support for over 180 countries. This is also helpful if you’re conducting transactions or managing portfolios across multiple jurisdictions and need to match local tax rules.
And if saving dollars is important to you, Summ’s got you covered. With its exclusive Least Tax First Out accounting method, Summ uses the asset with the highest cost basis whenever a disposal is triggered to help you pay the least amount of tax possible.
Summ’s Key Features
Security
With enterprise-level security including SOC 2 Type 2 certification, multi-factor authentication, zero-trust architecture, and 24/7 threat detection, you can trade in comfort knowing that your data is secured.
Customer support
Summ offers 24/7 live chat support, no matter what tier you have. Yes, that means talking to real humans.
DeFi & NFT Support
With support for over 2,300 protocols, Summ is built for complex DeFi activity. It automatically categorizes cross-chain swaps, liquidity pool transactions, and yield farm activities, in addition to supporting staking, lending and borrowing, airdrops, wrapped tokens, and NFT mints and trades.
Thousands of integrations
Summ offers a whopping 3500 integrations (and counting) to cover a wide network of platforms to import data from. It also integrates directly with TurboTax, TaxAct, and other major tax preparation software to make filing your taxes just that much easier.
Tax-compliant reports
Once you’ve imported your data, you can get IRS-compliant reports – including Form 8949 and Schedule D – ready to send to your accountant or file with your preferred online platform.
How much does Summ Cost?
Summ has one free plan and four paid plans that offer a range of features:
| Transactions | Features | |
| Free plan | Portfolio tracking for up to 100,000 transactions. | Unlimited integrationsDeFi & NFT supportAuto-categorizationIf you want to download tax reports you’ll need to upgrade to a paid plan. |
| Rookie: $49/year | Up to 100 transactions | Portfolio tracking Tax reports for all prior years |
| Hobbyist: $99/year | Up to 1,000 transactions | All the features from Rookie as well as: Automated on-chain activity Smart contract integrations |
| Investor: $249/year | Up to 10,000 transactions | All the features from Hobbyist as well as:Tax minimization algorithmTax loss harvestingAudit report |
| Trader: $499/year | Up to 100,000 transactions | All the features from Investor as well as priority email and chat support. |
Summ also offers customized pricing for clients with up to 10 million transactions.
Another thing to keep in mind is that Summ’s plans are priced on an annual subscription basis, so one plan covers historical years back to 2013. This means you can pay once and can generate reports for any previous year, which is amazing if you need to access old data.
Should You Choose Summ?
If you’re looking for a crypto tax platform that doesn’t need a 50-page document to figure out, Summ is the way to go. Not only does it have one of the most extensive integration networks on offer, but it also provides extensive DeFi and cross-chain support so you can leave most of the manual work behind.
With the tax deadline around the corner, it’s built to support IRS tax guidelines. So you can rest easy knowing your capital gains, losses, and income are all being tracked (and reported) for you.
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