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IRS Delays Requiring Venmo, Cash App and Other Payment Apps To Report Payments Of $600 Or More
IRS Delays Requiring Venmo, Cash App and Other Payment Apps To Report Payments Of $600 Or More
https://www.forbes.com/advisor/taxes/cash-apps-to-report-payments-of-600-or-more/
Self-Employment Tax Calculator: Figure Out Your Tax
Self-Employment Tax Calculator: Figure Out Your Tax
https://www.forbes.com/advisor/taxes/self-employment-tax-calculator/
Do You Have to Pay Taxes On Crypto?
Do You Have to Pay Taxes On Crypto?
Even though cryptocurrencies were designed to be decentralized and free from government oversight, Uncle Sam still expects his fair share come tax time. This means you may owe taxes if your coins have increased in value, whether you’re using them as an investment or like you would cash.
How to Report Cryptocurrency on Taxes
How to Report Cryptocurrency on Taxes
You’ll have to report any gains (or losses) you experience when you buy and sell cryptocurrencies to the IRS. Luckily, many cryptocurrency exchanges provide transaction reports that include all buy, sell and exchange transactions that occur in your account.
If all of your crypto transactions occur on one exchange, then, gathering the information you need to report cryptocurrency on your tax return should be easy. If you have crypto transactions across several exchanges, crypto wallets or crypto credit cards, however, things may get more complicated. You’ll need to get a report from each place a transaction occurred or track the transactions yourself.
To simplify this process, crypto-focused tax software programs like CoinTracker or TokenTax allow you to input all of your crypto transactions across all the exchanges you use and generate a cost-basis report to assist with tax reporting. (These programs may charge a fee for their services.)
After you’ve collected all of your crypto transactions, you must report them on IRS Form 8949, Sales and Other Dispositions of Capital Assets. This form is divided into two sections: short term (for crypto held one year or less) and long term (for crypto held longer than one year).
Take your total short- and long-term capital gains and list them on Schedule D, Capital Gains and Losses.
Tax Scams/Consumer Alerts
Tax Scams/Consumer Alerts
https://www.irs.gov/newsroom/tax-scams-consumer-alerts
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Specializing in income and business taxes.
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