With the onset of the tax season in the U.S., the Internal Revenue Service (IRS) is emphasizing the importance of declaring cryptocurrency holdings, asking filers about their crypto ownership right after personal information such as name, address, SSN, and marriage status. Tax professionals outline strategies to manage crypto taxes effectively, including holding investments for over a year to benefit from lower tax rates, reducing them from 37% to 15%. The IRS's keen interest in crypto is attributed to its potential role in widening the tax gap, the difference between expected and actual tax receipts.
Only two things certain in life: death and taxes. With the kick-off of tax season in the U.S., crypto investors now have to deal with the complex and convoluted task of declaring their holdings. Cheers to @TheCryptoCPA for giving me a deeper dive. My latest for The Defiant:
Sometimes, saving taxes on crypto is very easy. Step 1: Buy crypto. Step 2: Wait at least 1 year. Step 3: Sell. The tax rate goes from 37% to 15%.
Use this tip to increase the amount of money you can invest in crypto tremendously. You can even start renting if you're good. https://t.co/lOohEfc5Kz
When you file taxes in the U.S. here’s the first 5 things they ask you: 1) Name 2) address 3) ssn 4) marriage status and 5) DO YOU OWN CRYPTO??? Yeah. I’d say they care about crypto. https://t.co/lxT7irfQDo
If you wonder why you should file your crypto taxes, here are the top 5 reasons 👇 1. Crypto is a high priority for the IRS. Regulators believe that crypto is contributing to the ever-increasing tax gap. The tax gap is the difference between the amount of taxes the IRS should… https://t.co/S7p0RBd4UV