Start planning with our FREE 2024 Crypto Tax Playbook
Crypto tax accountants
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September 3rd, 2024
Running your own business is hard work, so why pay taxes more than you have to? If you're a small business owner, electing S Corporation (S Corp) status could be your best tool for cutting down on taxes. Let’s dive into how this works and why it might be just what you need!
July 1st, 2024
Margin trading allows cryptocurrency traders to open much larger positions with less capital by borrowing funds from an exchange. While this can amplify profits, it also dramatically increases losses if the market moves against you.
May 21st, 2024
As the world of cryptocurrency continues to grow, so does the need for proper tax reporting and compliance. The Internal Revenue Service (IRS) has made it clear that virtual currencies, like Bitcoin and Ethereum, are treated as property for federal tax purposes. This means that any time you sell, exchange, or otherwise dispose of your crypto, it is considered a taxable event, potentially resulting in a capital gain or loss that must be reported on your tax return.
May 21st, 2024
If you’ve dealt with cryptocurrency in the past year, it’s crucial to understand how to file taxes on your crypto transactions. The IRS treats virtual currencies like Bitcoin as property for federal tax purposes, which means you’ll need to report any capital gains or losses from buying, selling, or trading crypto. Failing to do so can lead to penalties and interest charges. This comprehensive guide will walk you through the process of filing crypto taxes, including calculating gains/losses, reporting on tax forms, handling specific situations like DeFi and NFTs, and staying compliant with IRS regulations.
May 21st, 2024
As the world of cryptocurrency continues to evolve, it’s crucial to understand the tax implications of your digital asset transactions. Coinbase, one of the leading cryptocurrency exchanges, provides users with a platform to buy, sell, and trade various cryptocurrencies. However, with the convenience of crypto trading comes the responsibility of accurately reporting your gains, losses, and transactions for tax purposes. In this comprehensive guide, we’ll dive deep into the intricacies of filing crypto taxes for Coinbase ensuring you’re fully prepared and compliant.
May 20th, 2024
The Internal Revenue Service (IRS) treats cryptocurrencies like Bitcoin and Ethereum as property for federal tax purposes, not as currency. This means that any time you exchange or otherwise dispose of a digital asset or a financial interest in a digital asset, it is considered a taxable event, resulting in a capital gain or loss. Whether you sold your crypto for cash, traded it for another cryptocurrency, used it to purchase goods or services, or received it as payment or through mining, you must report it to the IRS. Failing to do so can lead to penalties, interest charges, and potential criminal charges for tax evasion.
May 3rd, 2024
As the adoption of cryptocurrencies continues to rise, so does the need for proper bookkeeping practices to manage these digital assets effectively. Crypto bookkeeping involves recording, classifying, and summarizing transactions related to cryptocurrencies, such as purchases, sales, trades, and income earned from mining or staking activities.
May 3rd, 2024
In the rapidly evolving world of cryptocurrencies, accurate bookkeeping is crucial for individuals and businesses alike. As the popularity of digital assets continues to rise, so does the need for reliable financial management and compliance with relevant tax laws. This comprehensive guide delves into the basics of crypto bookkeeping, providing a deep understanding of its importance, the services involved, and the benefits of partnering with professional bookkeeping providers.
April 26th, 2024
As cryptocurrency continues to gain mainstream adoption, it’s crucial to understand the tax implications associated with buying, selling, and earning crypto. The Internal Revenue Service (IRS) treats virtual currencies as property for tax purposes, which means that various transactions involving crypto can trigger taxable events. In this comprehensive guide, we’ll explore when you need to report cryptocurrency on your taxes, how to calculate gains and losses, and what documentation is required for compliance.
