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Tired of all the so called professional giving out discouraging tax advice and scare mongering fud.
This little rant is primarily for people who might be put off by investing into Bitcoin/crypto because of regulations and tax implications. I keep watching and reading stuff talking about current tax rules and obligations. Pending changes... amendments...and general reteric on how you need to be 100 percent with regard to paying tax owed, or they are coming after you. This as just another tactic to either sell unneeded advice, or discourage people from getting onboard. I've been in crypto a while now..I pay for a well known tax calculator.. And submit my self assessment each year without any repercussions from the tax man. It's not that difficult, and yes if you literally do nothing throughout the year, and then try to calculate taxes last minute...you not going to be a happy chappy. Just spend a few hours each month, making sure things are being recorded... whatever... Know body is looking for perfection...just make sure the big gains or losses are noted correctly. Bitcoin will change lives.... don't miss out. submitted by /u/Metalbasher [link] [comments]
This little rant is primarily for people who might be put off by investing into Bitcoin/crypto because of regulations and tax implications.
I keep watching and reading stuff talking about current tax rules and obligations. Pending changes... amendments...and general reteric on how you need to be 100 percent with regard to paying tax owed, or they are coming after you.
This as just another tactic to either sell unneeded advice, or discourage people from getting onboard.
I've been in crypto a while now..I pay for a well known tax calculator.. And submit my self assessment each year without any repercussions from the tax man.
It's not that difficult, and yes if you literally do nothing throughout the year, and then try to calculate taxes last minute...you not going to be a happy chappy.
Just spend a few hours each month, making sure things are being recorded... whatever...
Know body is looking for perfection...just make sure the big gains or losses are noted correctly.
Bitcoin will change lives.... don't miss out.
[link] [comments]
