More Than Finances

All about cryptocurrency, all the time.

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The IRS Is Watching Cryptocurrency Traders

tax cryptocurrency

Does the IRS tax cryptocurrency? Yes, they DO. And if you trade in cryptocurrency, don’t lie to the IRS about it–or ignore their communication with you regarding such cryptocurrency issues.

That’s the latest word from a variety of sources including the Internal Revenue Service itself, which reminds traders, “Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those transactions on their tax returns.”

You read that correctly, consumers are being advised that when the IRS chooses to tax cryptocurrency, they do so with an eye on extra scrutiny on those perceived to be flaunting the rules.

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Bitcoin And The IRS

Bitcoin and the IRS

What is the relationship between cryptocurrencies like Bitcoin and the IRS? I remember starting out as a freelance writer and not understanding how certain tax requirements applied to me–I missed out on thousands of dollars in business-related tax write-offs because I was ignorant of the rules.

The same kinds of problems are possible with cryptocurrency–if you don’t know how the IRS classifies assets like Bitcoin, Ethereum, or others, you could wind up with a tax liability or a set of assumptions about your investment that aren’t in line with reality. It’s best to know the rules before you need them.

What should you know about Bitcoin and the IRS? What follows is NOT to be construed as tax advice–this is information I have learned through my own personal research and I am passing along what I have found works for me personally–your mileage may vary.

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Reducing Tax Burden With Cryptocurrency Loans

reducing taxes with cryptocurrency loans

To earn revenue from the growing cryptocurrency market, more policymakers have opted to boost taxes. They exploited legislation to drive their tax policies. Governments ‘ revenue agencies use various methods to collect taxes. Their tax collection system relies on their jurisdiction’s tax laws. The tax laws of one’s nation can boost an individual’s ability to reduce the amount of money they have to pay in taxes (depending on what the law says).

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How to Pay Your Cryptocurrency Taxes

Gaining an in-depth understanding of both state laws and Federal laws helps to reduce the risks of making costly errors when reporting taxes. More states are creating laws that affect how taxation should be paid for cryptocurrencies. While this makes it harder to keep up with tax obligations, there are several benefits to keeping in the know of both Federal and State tax laws. Some states offer more favourable tax laws on cryptocurrencies, which may help one in creating strategies to legally lower their tax obligations. Read More

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These 7 Tax Breaks Actually Exist

tax breaks

As W-2s and 1099s begin arriving in mailboxes around the country, it’s a clear sign that tax filing season is upon us. As a result, savvy taxpayers work diligently to keep their burden as low as possible, limiting their bill or allowing them to secure a larger refund. Tax breaks can be an excellent way to limit your liability, but only if you know they are available (so you can claim them). Here are seven surprising tax breaks that actually exist and are worth exploring.

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