/biz/ - Business & Finance

Don’t forget the deadline for the pay1040.com service is Dec 31, rather than Jan 15.

>>12255471
>>12255901
wtf you talking about?

>>12255924
Ignore it, it’s just annual IRS psyops

Hahahaha I can’t imagine paying taxes on internet coins
Losers
Brb gotta do taxes on my robux

>>12255924
tax is paid on a quarterly basis which usually isn't a problem because it comes out of your paychecks, but if you have a large amount of capital gains and don't pay sufficient estimated tax in time, you may owe penalties

>>12255471
All ive got is losses so the IRS owes me 3k this year

unironically just got a letter in the mail asking about my 17 return. I'm still working it out with my lawyer I had to hire a few months ago because it's such a shitshow. cashing out was a mistake. gemini and coinbase both file 1099k if you do any significant amount of volume so get ready in advance dont end up like me

>>12256164
99% of this board is down for the year of 2018. Fuck off with this irrelevant psyop

>>12256211
what kind of numbers we talking?

>>12256194
make sure you do every everything by the book even when you're losing. I lost thousands every year from 2014-2016 but then everything turned around with ETH and I had to start reporting tens of thousands in gains. complete records will save you in the future.

>implying anybody is playing with more than $10,000 on this board

these are milk-money traders anon most asset portfolios are below the reporting limit

>>12256236
enough to get in serious financial and legal trouble if I fuck it up badly or ignore it but not enough to take a permanent vacation in belize

>>12256217
I've honestly tried to help people here the past few years when it comes to taxes. I'm an analyst in finance so I've been filing everything properly since 2013 and am one of the "800 amercians" actually doing it right. I owe it to /biz to help the ones who will accept it, but most people just flame me and constantly say the same stupid shit about how taxation is theft. people who actually cash out decent sums have no choice but to play by the book, so most of those idiots are poorfags.

>inserted 2k over the year
>down about 60%
>just holding shitcoins
I dont have to report anything until i convert to fiat right

>>12256888
You have to report every single trade you fucking idiot.

>>12256888
i made a real tax thread. all SALES are taxable, if you didn't sell to another coin or to fiat, no tax yet.

>implying I have taxes to pay on non-existent gains

LMAO

>>12256435
Can you tell some more

I made a joke thread about tax evasion methods on here some months ago. The next day there was a flood of threads about paying taxes on crypto by Feds/IRS

They probably have everyone's IP here set for audit lmao

>>12257071
you do, they tax you thrice

>income tax
>sales tax on the transfer
>tax on each trade

every trade to USDT is a taxable event

>>12255471
Yeah right. HMRC can lick my tiny pink balls.

>>12257101
go to the tax thread I made
>>12256609

I haven't paid Q4 to either IRS or state, but by my estimation after deducting the $3k max capital loss off my income I have already overpaid for the year by slightly over $1000.

>>12257121

Thing is I fell for the HODL meme and I've not only been not trading I've been losing. I literally refuse to trade or cash out anything unless it's "fuck you money" and I no longer have to wagekek. But I don't doubt there's probably feds on here trying to get /biz/ to pay taxes.

>>12257121
technically the tax on each trade is either taxed at the regular income rate (short term) or cheaper (long term), and isn't double dipped with regular income at all. tax on each trade is literally a good thing that saves you money since it's made for rich people.

>>12256435

We are unironically going down for no other reason than people needing to sell for taxes.

>>12256164
Kill yoursrlf

>>12255471
>>12256164

As long as you paid more estimated taxes this year than last you won't have any penalty. At least if you make less than $150k or something, there is some limit around there.

kys IRS. You get nothing from me.

Self employed. I know 1040ES all too well.

>>12258288
well, the jail tyrone should be getting that sweet boipucci of yours.

gotta love the IRS

they have absolutely nothing to do with crypto yet still want your money

lmao it's like selling a character on WoW and the IRS taxing you for it

>>12258549
technically that's probably taxable, but the threads you see now are mainly for people with tens of thousands in profit who need to know how to handle it. everyone already knows all the stinky linkies with a $117 blockfolio aren't going to worry about it.