/biz/ - Business & Finance

>>20337228
Do people in the military have to pay taxes since tey only make like 20 a year?

>>20337228
Wouldn't cashing out over 39k mean you'd pay taxes on 48-39 = 9k?

>>20337289
>What are standard deductions

>>20337289
>>20337313
Im just telling you what this shit says lol

https://www.investopedia.com/taxes/capital-gains-tax-101/#:~:text=If%20you%20hold%20an%20investment,capital%20gains%20with%20capital%20losses.

>>20337228
this is not true.
smallest tax bracket is 18,200
you get a 50% discount on your capital gains if you held for more than a year

try this
https://www.money.com.au/capital-gains-tax-calculator

>>20337313
ty, knew I was missing something.
But the SD is 12,200 so why didn't OP say to take out 51k, oh well whatever.

>>20337360
Smollest braket is 40k for burgers

>>20337289
cashing out to fiat modifies your AGI. so if you your normal income was 30k per year at some shit job, and you had a 20k net capital gain, you would pay 0% on the first 10k of that gain, and then 15% on the next 10k, for a total capital gains tax of $1500.

>>20337264
Untrue. An E1 makes something like that but as you federally wagecuck up to E4 and above you start earning non taxable income like BAH and BAS. If you’re a flyer and/or earn special incentive pay and you’re stationed in the right area you can make like 60g/y as an E4 which unfortunately is only after 3 years in.

>>20337360
According to that if I have no income I can sell $37,400 worth of link a year (assuming I paid $1,000 for it) for 0 taxes a year.
And I can sell 80k of link per year that I paid 2k for with only paying 4.2k in taxes, not bad!

>>20337578
Aye, the whole
>REEE PAY TAX
Is unironically just sergey trying to get you to ironhand harder, which actually isnt not too bad an idea.

>>20337578
and if you ever made capital losses you can carry them forward to reduce future years capital gains

>>20337724
Ya I don't plan on selling any link until I'm at a position where I never have to work again so these low capital gains if you're not working is awesome.
Although now that I think about it all the money I'll be making from steaking will bump me up in tax brackets, I assume that is treated just as income?
oh well..

>>20337770
Ha! I knew there was a reason I bought Ambrosus!

>>20337228
Thank you

>>20337468
Based senior airman

>>20337790
No, it would only be counted as an investment, unless you are receiving your staking rewards as USD

>>20337903
تكبير

>>20337228
Absolute retard your cap gains counts as income holy shit this board

>>20338194
>added to income
>taxed at lower rate
>if income is 0-40k
>then tax at 0
You dont get taxed twice you absolute moron

>>20338547
I'm looking at a capital gains tax calculator, and it is saying that if you hold for more than a year, it is not taxed as income, so I believe you are right. The calculator posted earlier in the thread is for Australia
>>20337360

>>20337468
No you stupid faggot. Your BAH and BAS is not reported to the IRS. It is not included. You only pay taxes on your base pay, which is usually under 40k until like E-6 with some time in. Even if you were stationed in san fransisco and recieved $3500+ a month for BAH as an E-4, you still wouldn't "make more" than $40k a year. If you've been reporting your allowances to the IRS, you fucked up anon.
>t. E-5

>>20337228
I make too much money. Could you give the coins to someone you trust and have them cash them out?

>>20338715
Probably, but wash them first

>>20338715
You could probably start a (((tax))) service in an inner city or some shit, then just use (((underprivledged))) poc to file taxes, assuming they are unemployed. Basically every 10 tax accountants you hire could clean 400k for you. So just go and get them like 500 dollars or some malt liquor for compensation, xfer the shit to their account, and your last step would be to find a way to get the shit back to yourself, which should not be too hard. Ju

>>20338642
omg capital gains is so low if you're not working, I might keep my US citizenship after I move overseas to NEET after all!

>>20338776
>trusting youths with bright futures with your money
I'd rather give it to the government.

>internet meme money moons
>don't want to pay taxes on it though
>convert to stablecoin
>cash out the max amount each year that doesn't require paying capital gains on it
>???
>live comfy off your meme money trustfund
is this correct?

>>20338858
Requires you be a neet tho>>20338776
I mean you dont have to do it in a safe space. And you could likely do it in a place that doesnt have transparent banking laws if you want to be tryhard desu. Set a company up in Caymans, appoint yourself CEO of RayCism, Use company funds from first round of funding to buy corporate house, rent it to yourself for 1 shekel/ year, buy company yacht etc.

>>20338702
Where did I state that I was reporting my BAH and BAS to the IRS? I stated that it is non taxable, which should already imply that you do not report it to the IRS. Because I receive additional 1250 incentive pay a month, my annual income for tax purposes is ~45k. I’m not sure why you’re sperging out.

>>20338806
mb meant to say this
>>20339006

>>20339006
>Requires you be a neet tho
True, but in this scenario, you got a bunch of money from crypto and are now wealthy enough to not need a real job anymore. Retiring early and being a rich neet is kinda the goal

>>20338858
Seems to good to be true, the longer you don't sell your link the better your tax positioning. And the steaking returns are counted as cap gains not income because they are paid in link..

>>20337228
imagine being american

like jesus christ, i feel bad for american marines

>>20339055
The other option is to create shell company in tax benifited area, donate your money to it, then use shell to buy shit for you elsewhere, etc.

>>20339070
After reading this thread it's actually not that bad, especially when you take into account the massive earning opportunities here as well as the relatively low income taxes when working.

Do you still have to file taxes at all of you are under that?

>>20339026
Your post was very confusing anon. I see what you mean now, but if someone not from the military was looking at your reply, it almost implies that you do indeed pay taxes on allowances.

>>20339092
The only downside to not filing your taxes is a big fine and interest if you owe. If you're certain you don't owe shit there is no downside to not filing.

>>20339067
Almost seems like cayman man thought of this already... either the gov regulates and somewhat respects digital assets as tender for services for the usage of tax purposes, or they get fucked out of a multi trillion dollar industry. Devilish fat man.

>>20339099
Checked, it’s all good fren.

>>20337228
>t. posted from finger printed browser

>>20339123
So let me get this straight, if you are like
>>20338858 this anon you can just take out a small amount and live worry free and not file taxes, so long as you know you're not in debt?

wait is staking different from pooling?

>>20339183
By my understanding ya, not an accountant though. My only source is I forgot to file taxes one year, then the next year I filed for both years, and since they owed me money for the year I filed late there was literally zero penalty, the irs didn't give a shit at all, they just sent me my check and it was no biggie.

>>20339193
You mean like linkpool? I have no idea how linkpool works since I'm a burger, if they pay you fiat yes it's different, if link then no. (according to this thread, I'm not an expert)

>>20338858
>>20339183
39k is small i guess if you live in california like a retarded commie. imagine the lifestyle you can have in places like SEA or south america though. why would anyone stay in burgerland once theyve made it like this?

>>20339312
Ya exactly, I'm planning on moving to Eastern Europe where I'll pull out about 60k a year for only tiny cap gains tax total bill and totally live it up.

>>20337228
In Singapore regardless of income you pay 0 capital gains. Get superfucked burgers lmao.

>>20339335
ah the "new mistress for every day of the week with change of scenery to boot" plan. nice anon. all while wage cucks lose 50 years of their life making 100k/yr in the states with 2 weeks off the whole year. we truly live in interesting times.

>>20339385
Ya but then you have to live in Singapore, imagine the smell.

>>20339422
Asians dont sweat and there are 1000$ fines for littering.

>>20339279
no, if i went on uniswap and added eth and link to the eth/link pool, i should earn a percentage of the .03% of every eth/link swap. if someone swapped for eth, my eth would go down and link go up. if someone swapped for link, my eth would go up and link go down. then i could remove liquidity from the pool and take the fee percentage i earned, plus whatever eth/link i currently have in the pool.
staking seems to be running a node for smart contacts and just collecting fees from each transaction/job completed.
is this accurate, marines?

>>20339422
It’s a super clean city, which smell? Sure you could live in some shitty outer area with locals but why do that when you can live in CBD with Japs and western expats

>>20339422
https://www.youtube.com/watch?v=8790JCeqscA

>>20338858
In Australia, you get taxed on profit at every crypto-crypto transaction. Probably the same elsewhere.