Taxes and crypto currencies are each complex topics individually, let alone when they’re combined. We’re the only professional tax firm in the region who truly understands both of these topics in a way that will save you money.
Trading cryptocurrencies is becoming an increasingly popular activity for many people, from expert investors to first-time amateurs. Although the potential wealth to be made from these activities is certainly exciting, it’s easy to miss some of the finer details which can end up costing you money down the road during tax season.
Despite crypto’s booming popularity in recent years, the U.S. government is still figuring out how to treat–or more specifically, how to tax–the gains from this trading. With such a relatively fluid situation and an uncertain outlook on Uncle Sam’s future plans, it’s best to contact a tax professional who stays current on the most relevant developments.
Recording & Processing Gains
We understand that seeing your investments quickly grow by leaps and bounds is exciting! However, if you don’t keep the proper records or submit the proper filings, these gains can easily become cannibalized/salvaged by the numerous penalties that are being enacted/implemented as we speak. This includes items such as the FBAR filing, which is a completely separate requirement from your annual tax filing.
Like a never-ending rollercoaster, crypto currencies value and wealth can be erased just as quickly as it was created. Unfortunately, that is the nature of crypto trading, so it helps to capture all available opportunities to write off your trading losses. At the very least, we can help minimize the damage caused by any of your unexpected losses.
Understanding the tax implications of trading cryptocurrencies is not easy. Don’t let advice from anonymous internet strangers cause you to surrender your crypto gains to avoidable penalties and fees. As the only professional tax firm in the region who possess an in-depth understanding of these topics, let’s work together to save you money.
Call or contact us today and let’s get started.