Navigating Crypto Taxation

Navigating Crypto Taxation

As we are in the throes of tax season, let’s dive into how to handle those digital asset transactions on your tax returns. With cryptocurrencies like Bitcoin and Ethereum gaining popularity, it’s crucial to get the lowdown on reporting them properly. 1. Digital Assets as Property: Here’s the deal: the IRS considers digital assets as…

Amazing Small Business Tax Deductions
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Amazing Small Business Tax Deductions

What Are Some Small Business Tax Deductions? While there are many business tax deductions, most of them are overlooked. The IRS allows some write-offs for various expenses incurred by the business. The costs associated with advertising are 100 percent deductible, for example. These expenses include creating a logo, hiring someone to design it, launching a…

How are cryptocurrencies taxed?
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How are cryptocurrencies taxed?

How are cryptocurrencies taxed? Do I pay taxes on cryptocurrency? We receive this common question, and it’s essential to understand its rules. Unlike traditional securities, cryptocurrencies are considered property by the IRS. You must report transactions in US dollars and determine the fair market value on the day of the transaction. These include the timeframe…