Global Tax, LLC, Bridgewater, NJ

posted in: best dogecoin pool | 0

Global Tax, LLC, Bridgewater, NJ

Taxes and Cryptocurrency: Our Practice

Global Tax understands Bitcoin and other cryptocurrencies. Wij have bot filing crypto tax comebacks since 2015 and were one of the very first US accounting firms to specialize ter cryptocurrency. Our practice runs the spectrum from exchanges ter the US and Asia to token sales, decentralized exchanges, mining, peer to peer trading and beyond.

Clients include miners, traders, blockchain startups, and high nipt worth individuals.

Spil you&rsquo,d expect, wij accept Bitcoin, and Ether.

Daniel Winters, founder of Global Tax, has introduced on Bitcoin &, Taxes at numerous conferences ter Fresh York, San Francisco, Austin, Dallas and Saint Louis. Daniel has also created a course for CPAs about Bitcoin &, Taxes, written articles for Coindesk and blockchain industry sites, and bot interviewed by Bloomberg spil well spil other media outlets.

Whether you&rsquo,re trading cryptocurrencies utter time, just sold the bitcoins you mined te 2011 or simply want to accurately report your cryptocurrency activity, wij understand your situation. When required, wij can also prepare any forms related to foreign income. Wij keep current with the latest industry and regulatory developments and, like you, wij&rsquo,re excited about Bitcoin&rsquo,s potential.

Taxes and Cryptocurrency: What You Need to Know

Bitcoin and other virtual currencies are treated spil property by the IRS, similar to stocks or bonds. Under federal tax law, if you purchase Bitcoin and straks sell Bitcoin, then you will have a build up or loss on the transaction. This wasgoed outlined by the IRS ter a latest notice. However, mining Bitcoin results te instantaneous taxable income for the fair market value of the Bitcoin mined on a given day. Te addition, Bitcoin received te exchange for goods or services is treated spil ordinary income and wages paid ter Bitcoin are treated the same spil normal wages paid ter fiat currency.

Since Bitcoin sales are treated like stock sales, the resulting build up will be either brief term or long term and subject to the respective tax rates. Long term sales are those for which Bitcoin wasgoed held for more than one year and are subject to a 15% capital gains tax for most taxpayers. Taxpayers te the top income bracket are subject to a 20% capital gains tax, which applies to income above $400,000 for single taxpayers and $450,000 for married filing jointly. Brief term sales are those for which Bitcoin wasgoed held for up to one year and are subject to ordinary income rates up to 39.6%.

Capital build up/loss is calculated by subtracting the purchase price, or ondergrond, of the virtual currency from the sale price. The voet of a given amount of virtual currency is the fair market value, te US dollars, on the date of payment or receipt. To convert to US dollars, you should use an exchange rate which is consistently applied ter a reasonable manner.

Taxes and Cryptocurrency: Lowering Your Tax Bill

Our rigorous analysis can help reduce your Bitcoin tax bill. Just upload your cryptocurrency transaction records to our secure client portal, and Global Tax will determine the optimal tax treatment. Wij will analyze each transaction, including purchases, sales, mining income, gifts, charitable donations and non-taxable transfers inbetween accounts. Ter addition, wij can organize accounts from numerous wallets or exchanges.

Wij will then prepare the necessary tax forms, such spil Schedule D, calculate any taxes due, and electronically opstopping your tax come back.

For an initial consultation, just give us a call at 201-456-5081 or accomplish the below voeling form.

Any tax-related opinions te any part of this document or webstek (including any linksaf) are not tax advice. The above is a general explanation of tax law and should not be relied upon for your individual circumstances. Tax advice cannot be provided on a general fundament, and vereiste be specifically tailored for each individual by his or hier particular representative. Any user of this webstek should seek the advice of a competent, independent tax professional regarding that user&rsquo,s particular circumstances.

Ter addition, any tax advice given herein (and te any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (i) avoiding tax penalties or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed therein.

Global Tax Accountants, LLC

Related movie: How slush pool instrumentenbord looks like

Leave a Reply