As of 2022, 21% of American adults have owned cryptocurrency. It’s become so big, you can hear whispers of “Bitcoin” and “mining” from people far removed from the crypto world. Google searches of “crypto CPA near me” have spiked. There’s universal interest in virtual currency. At this point, investors of all kinds are actively entering […]
As the popularity and use of cryptocurrency continue to grow, so do the questions surrounding its taxation. One aspect many crypto owners often overlook is the tax implications of their holdings. Unfortunately, this oversight can have serious consequences. Of course, it’s never intentional to leave a part of your income unreported or make mistakes while […]
Beginners Guide to Cryptocurrencies and Taxes Cryptocurrencies have fundamentally changed the way we operate. They present solutions to problems previously thought of as unsolvable and are offering a more efficient and inclusive financial system. It’s truly remarkable what these digital tokens have been able to accomplish in such a short time frame. However, one area […]
What Is DeFi Crypto? Decentralized Finance (DeFi) Explained for Beginners Decentralized finance, or DeFi for short, is a term that’s starting to pop up in more financial circles. As the name implies, it’s finance that doesn’t rely on a central authority. This means there is no intermediary, such as a bank, between the lender and […]
What Is A Stablecoin? Stablecoins are simple in theory, yet complicated in practice. And understanding the inner workings of how the UST/Luna system operated will be key to making improvements in the future. To better answer the question: What is a stable coin?, we must look at the supply and demand. The supply of stablecoin […]
How To Avoid (Or Reduce) Cryptocurrency Gains Tax… Want to know “How to avoid taxes on Crypto” capital gains? There are a lot of ways you can reduce or cut your Crypto taxes with a little strategy and planning. It all depends on your specific situation, business, or personal financial goals. Some basic ways to […]
The best Crypto tax software has sales and marketing that suggests all you have to do is upload a spreadsheet, push a button and all your transaction will be correctly calculated and reconciled for gains/losses… …Nothing could be further from the truth! That is, unless you have just a few simple Cryptocurrency transactions each year. […]
Crypto tax mistakes occur for a variety of reasons. In my day-to-day work as a Cryptocurrency tax accountant, I see the following issues… Miscalculations of capital gain/loss are common among non-tax professionals when analyzing transactions without the proper methods. A person could end up having a higher tax liability due to complex calculations done incorrectly. […]
How is Crypto taxed? Let’s test your knowledge: Is exchanging crypto for dollars a taxable event? Is exchanging crypto for other virtual currencies a taxable event? Is there a tax when you buy goods and services with cryptocurrency? Does a transfer between wallets create a tax? Do you have to pay taxes when you’re paid […]
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