/biz/ - Business & Finance

As if anyone is going to find out

Everyone who doesn't will eventually go to jail. You're gonna miss out on neeting it up with frens. Just imagine how awesome it would be telling crypto stories with your boys.

>>20585930
Banks report any deposits >10K directly to the IRS.
If anon is already pulling a management salary and it’s nothing out of the ordinary it won’t raise suspicion. But if he’s a McDonald’s wagecuck and suddenly has a huge deposit out of nowhere he’ll definitely get picked up by the automated system and audited.

Depends, do you wish to use that money in an impactful way in your country? I.e. buying land. If so, yes. If you wish to expatriate or use your profits for certain "common goods" i.e. food, clothes, appliances, etc. then you can avoid taxes and spend it on "fluid" products.

>>20585770
anyone on this board that says you don’t need to pay tax on crypto and you can just hide from the IRS indefinitely is either 18yo and/or a neet who has never earned any money and doesn’t understand how tax auditing works. if you cash out even $50k into your bank account that gets automatically reported and you will be required to prove where the money came from. if you can’t you are absolutely justed. best of all they can audit you 7 years into the past so if you try to cash out and not report this year they could pop you any time until 2027. don’t take advice from poor people.

Put everything on bitcoin.

I haven’t ever reported my crypto but I intend to pay taxes when I cash out. Will they fuck me and take all my money for not reporting?

>>20587376
you pay a compounding interest penalty

>>20587312
Splitting that 50k into sub 10k chunks won't do the trick for the auto flagging?

>>20587312
this

>>20587427
That’s called staggering and they will assrape you if they catch you

>>20587427
thats a crime

>>20587427
just pay your fucking taxes your fucking retard

>>20587399
>compounding interest penalty
checked and same boat. could you explain this further?

You don't have to pay taxes if you don't cash out.

>>20585770
>Am I a cuck if I pay my crypto taxes? I value the peace of mind above all else
No. Everyone who spams about not paying taxes on here is poor and will never have to worry about these issues.

>>20587376
You have to pay taxes when you make a profit. If you didn't sell anything yet you're fine.

>>20587444
That doesn't seem right how can the manner in which you withdraw be a crime? Tax evasion aside there can't be any legal repercussions for taking out 50k in 10 5k chunks over 2 months as opposed to all at once by itself. How can they prove you did it to avoid being flagged?

>>20587610
It’s quite literally tax evasion

>>20587524
Didn't see it earlier but this >>20587312
>>20587427
Your chances of getting audited significantly increase if you're blatantly dividing your withdrawals into "legal" chunks

>>20587667
you didnt answer his question

>>20587399
Elaborate pls

If government really wanted me to pay taxes they would've taught me how to do that shit in high school. Until I cash out they can suck my dick, and once I do, if I dont like the terms of cashing out I'll do it in a better jurisdiction through an LLC or something.

You will never get my funny internet money, you stupid jews.

>>20587610
They don't have to prove anything. The simple fact you cut a large sum into chunks is enough for them to take everything from you, without a trial. Look up civil asset forfeiture. Plenty of people got fucked by the feds without having done anything illegal. That sucks but that's how it is.

>>20587610
It becomes a crime if you get audited and didn't report it on your taxes. If if do withdraw like in your example, but you report on taxes you're fine.

>>20587708

Jesus man, do you know how based you were going back there!?

>>20587427
that's called structuring deposits and is illegal as fuck

>>20587685
Ok we’ll ever since post 9/11 KYC laws were implemented, the banks will report any suspicious activity, even if its below 10k. It they know you’re a Wendy’s manager but you’re making $9500 a week you’re gonna get flagged

>>20587748
No you're wrong. Structuring is a crime, they will fuck you, even if you report your taxes.

https://ij.org/press-release/house-unanimously-passes-bill-curb-civil-forfeiture-irs/#:~:text=Under%20so%2Dcalled%20%E2%80%9Cstructuring%E2%80%9D,without%20ever%20filing%20criminal%20charges.

>>20587312
>convert crypto to stablecoin
>when possible pay for things in stablecoin
>only cash out bare minimum needed for expenses

>>20585770
just pay your taxes. they will get it one way or another. it's not that bad if you hold for more than a year.
you will never escape the IRS with any significant amount of money.

Basically I bought all my link in 2017 and haven’t touched them except for a small stack I swing with. But I swing in Binance, which I’m not sure the IRS can audit. My plan is to wait until link hits a certain price and then cash it out through Coinbase at which point I’ll hire an accountant to declare the capital gains and get right with the IRS. Since it’s long term capital gains, isn’t that just 10% in the US?

I hear you. I pay a ton of tax even though I could probably get away with less. Feels good.

>>20587748
No you're wrong

>>20587312
>t. wagecuck who has never reached 7 figures networth calls others poor people
those of us with a clue set up corps and own our assets through corps. this is financial management 101 and has existed for longer than your parents have been alive. if you pay full taxes you subsidize both the "poor people" you mock and rich people above you who have a good laugh at you

>>20587427
Mike the Situation did 7 months for doing that exact same stupidity

>>20587610
Structuring deposits. Look it up.

>>20585770
But if you pay them you won't peace in your mind, because you know a bunch of people on a cyberweb forums think of you as a "cuck"

So you can't win

>>20587766
>>20588009

That's pretty fucked I only ever thought that was illegal if done with the intent of tax evasion.

>>20587708
>If government really wanted me to pay taxes they would've taught me how to do that shit in high school
>Until I cash out they can suck my dick
extremely fucking based

>>20587911
land of the free lmao

Just pay it, I had to in 2017. It wasn't that bad because I was a poorfag student, I put £300 into Stratis and made £27k. They taxed me almost exactly 3k which wasn't fun but honestly worth it for the peace of mind. My ex works in forensic accounting for PWC and she made it clear to me how hard it is to avoid tax. It's just not worth it.

>>20588334
If link moons and I have 50 million, would depositing a million at a time into my bank account still be considered structuring?

Some will tell you to pay your taxes, which you only benefit by easing your mind. Which is fair.

But what's the point? You're not doing anything illegal. Just transfer money slowly into your account when you need and just keep it, society is slowly accepting BTC so just chill until that happens.

Paying taxes will not only destroy you financially, but also physically. You'll work really hard and risk your money on shitcoins that will probably fail, and when that happens you won't get compensation for shit. But when you get money you surprisingly have to pay most of it?

Just keep your money and transfer when you need, convert your crypto to USD/Euro and just keep calm. Be smart, don't be a cuck that runs to pay the government, if they needed your money they'd take all of it and you wouldn't have a say. That's why if you want to ease your mind, be my guest, but you'll never achieve anything and considering you're in a risky business, when you lose everything the government won't pay you shit.

>>20588311
Where do you live pajeet??
Inb4 some perfect tax haven, yeah right .

is there a good book on how to minimize or avoid taxes?

>>20588436
Like I said before, if you are a Wendy’s manager making $9,500 a week, you will get flagged

>>20588441
I don't know of any other country where they can confiscate your legally obtained money simply because of the way you deposited it on your bank account. At least in Europe it is certainly not the case.

>>20588405
I honestly don't know if that is a serious question, not that it matters because you're not going to be make 50 million off Link

>>20588436
You're dumb as fuck

>>20587876

Capital gains is 30% in the U.S.

They fucking hate us. The ultra wealthy elites know how to circumvent the laws but the average working class and middle class Joe's like us get ass raped on the way out. We're expected to pay up for getting so much as a taste of the aristocratic lifestyle.

Personally, I say fuck em. Put everything you have into a stable coin or crypto that bears interest or staking rewards, deposit those monthly rewards into a decentralized exchange and swap for a major token, then deposit those funds directly into a crypto debit card/bank account hybrid.

There are plenty of these projects just starting up, and some of these companies are based in the E.U. or elsewhere so they don't have to report to the IRS. This way you can circumvent the IRS audits but still spend your crypto like cash at any place that accepts Visa/Mastercard or ATMs.

I simply refuse to pay the tax jew. I worked hard for this chance at freedom from wagecuckery. I won't let the state take it back.

>>20588585
>There are plenty of these projects just starting up, and some of these companies are based in the E.U. or elsewhere so they don't have to report to the IRS. This way you can circumvent the IRS audits but still spend your crypto like cash at any place that accepts Visa/Mastercard or ATMs.
You are pretty naive if you think you can spend anything in the US with a foreign credit card to your name without the IRS being aware of it... They have eyes on the whole payment network.

>>20587586

But isnt crypto to crypto a taxable event? If you switch between cryptois but don't cash out do you owe taxes on the transfer or do they just add everything up when you cash out to your bank?

>>20588666
lol fuck that

>>20588666
you're an omegacuck if you declare that shit lmao

Is there any data on how many crypto coin and gig economy people get busted by the IRS each year and what their punishment is?

>>20588782
Tax evasion was ranked first in the number of life without parole sentences last year, and third for death sentences.

>>20588858
>Tax evasion was ranked first in the number of life without parole sentences last year

Source?

>>20585936
how exactly do they prove that I didn't get hacked though?

>>20587312
This. Its a hard lesson to learn when you pay your own taxes. I had to pay over 50k last year. It hits different when it comes out of your bank account as opposed to your paycheck.

>>20585982
>Banks report any deposits >10K directly to the IRS.
Only if its cash.
>>20587312
>if you cash out even $50k into your bank account that gets automatically reported and you will be required to prove where the money came from.
Not true. Otherwise prove it.

>>20588960
They don't have to prove shit in the US. They threaten you with an unreasonable long prison sentence and you shit your pants so much that you sign a plea agreement for a more reasonable but still big sentence.

>>20588782
The punishment is probably the same but you are usually given one chance to play dumb. Like if you pay 1% in taxes and get audited then claim you read somewhere the tax rate for crypto was 1%. Of course you will have to pay the rest.

>>20588858
Death sentences for tax evasion? GTFO

>>20588530
>>20588624

this place is filled with a bunch of retards

the us is 300m people, and if you have 200k in crypto you're not going to take out 10k per month, and even if you did, the IRS has hundreds of millions of other people to focus on, you aren't flagged and they neither have the resources nor the time to declare an investigation on one person. Just go under the radar with low deposits and that's is.

Just don't have the IQ of a chimpanzee and you'll be good. Jesus fuckin christ

>>20588924
>>20589125
My cousin was executed for forgetting to report part of his 2014 income. Now we're pretty cautious with tax filings in the family.

>>20589093
>The punishment is probably the same but you are usually given one chance to play dumb.

They'll stack charges of lying and obstruction of justice of you say something that isn't so. At least, that's what I've seen in the public cases.

>>20589171
Uhhh what country?

>>20589219
This is obviously a joke zoom zoom. I feel like I can say anything these days and there will be someone to believe me, how stupidly incredible my claim is. Is it because of summer?

>>20589056
Wait so what happens to people who actually get hacked?

>>20585982
The irs won’t audit you, your state will

>>20585770
Pay your taxes desu.

...or buy LOKI and pay for stuff with LOKI in 2021.

>>20588585
>>20587876
This is wrong, refer to this chart for long term capital gains. It depends entirely on the amount you take out.

>>20589360
If you're sure you can prove it you go to trial and hope for the best. If you have proof of your hacking you might give it yo the prosecution and they might drop the charges if they're convinced by it. But if it goes to trial prosecutors don't like to be shown wrong so there is a possibility they will lie, invent evidence or charge you with something else like 'obstruction' to get you to prison anyway.
A lot of people will chose the plea deal, even if innocent, because they don't want to gamble with their life.

>>20585770
>Am I a cuck if I pay my crypto taxes?
i dont even know how to if i wanted to

>>20589426
Oh shit I don't owe anything than.
Being poor is based.

>>20589528
Exactly, as long as you take out less than 39.5K per year and the coins are long term you don't have to pay a dime. Even then, if you take out say 50k in LINK or whatever, the only taxed portion will be the 11k AFTER the first 39.5k. So your tax penalty will be ~$1650 (11k x0.15)

Paying 1650 on 50k is nothing. This is simplified of course but there is a reason smart investors always go long term, the tax benefits are well worth it.

leave your money on the exchange part in tether keep sending small amounts to your bank acc then other accounts like paypal etc. government has literally thousand times more important things to do now like blm chimpout, corona and 3rd world war

>>20589458
What happens to a dumbass 20 year old that actually gets hundreds of thousands hacked from his laptop and doesn't even think about it and throws away the laptop and he can never ever prove that it happened?
You mean to tell me he that after it goes up he suddenly owes them a shit ton of money he doesn't have?
Don't they need proof that he's actually raking in cash?

>>20589636
You're so naive, plenty of small fishs get caught every year. The IRS people dealing with small accounts are not the same that those working on high profile case. It's their job to catch small tax evaders like you, they don't care about world war or corona. They have algorithms doing the hard analytical job on the aggregate data and they literally have a screen that automatically report all the tax evaders in the geographic area they're responsible for. Then they click on another button to print all the letters they will send to let you know that you've been busted. The cases that still don't pay are transferred to another department that is in charge of fucking you proper.

>>20585770

does pic related help

>>20589164
These people do understand THE 10K THING IS FOR CASH DEPOSITS
CASH DEPOSITS
CASH DEPOSITS
CASH DEPOSITS
CASH DEPOSITS

>>20589658
Then you'll ask your lawyer to do the investigation so that you can prove that the taxable transactions were not made by you and that you're not the beneficiary.
But it will cost you a lot of money so if you don't have rich parents you might want to go to prison for a few month/years instead.
And yes theoretically they need to prove that you're guilty but who knows who the jury will believe, a trial is kind of a gamble.

If you think anyone's eyes are laid on your financial transactions so you can just hide in the crowd you've already lost. It is all automated every step of the way.
Because of KYC and ramp-on/off they have both ends of the thread and know everything you do.
The only thing you can luck out on is the fact that the IRS is underfunded and they can't bring a case against everyone, because that requires actual manpower instead of computing power.
Also every CEX is directly sending everything to the IRS if they have jurisdiction over the KYC'd person, or the CEX itself is in their jurisdiction or the CEX is big enough that it had to bow to the IRS in order to be accessible to USAnons.
Best you can do is "start over" with privacy coins on DEXes with analog cash on-ramp now that you know how to make money with crypto but don't want to fund the financial demons.

>>20590180
Yeah in practice the justice system doesn't really need to PROVE anything they just need to make the jury think you're guilty

>>20587708
Bbbbb based

>>20587708
you still have to pay taxes as an LLC, not sure what you're getting at here.

Let me let you retards in on a secret, Offshore your crypto into gold held overseas, look up SWP, there are a number of other companies. If the US finds out they will be wanting your money but you can fly out of the country and they won't be able to freeze your bank accounts and shit. Obviously you could just keep your money in crypto but it's an option to cash out into something stable.

>>20590433
>If the US finds out they will be wanting your money but you can fly out of the country and they won't be able to freeze your bank accounts and shit
They will extradite you from whatever place you naively think is safe and then they will put you in an awful jail, where you'll have to share a cell with a rapist that is 2 times your weight until you surrender totally and accept to give them your 'unfreezable' assets yourself.

>>20585770
I pay the protection money too. Not worth having these money grubbing bastards at my doorstep.

>>20587876
Capital gains tax is based on your claimed income up to 28% in the US. Rich get around this shit by dumping money into their own charity, a super pac, or having some kind of subsidiary that does some necessary thing for the company at a loss. Any profit left at the end of the year is dumped somewhere and claimed as a business expense.

>>20589633
I thought that your investment income didnt count towards your tax bracket?

>>20589633
>>20590956
Nevermind, it's that your capital gains won't move you into a higher tax bracket in terms of your income tax. But I guess it will move the capital gains tax bracket.

>>20589171
Oh, wat a woyld

My plan was always to make enough money to buy a cheap house outright. so if i convert to bitcoin, sell OTC, I just have to give 30% to the government and use whatever's left to buy a house?

honestly doesn't sound that bad. i don't like the idea of using a credit card backed on my crypto either

>>20591263
>so if i convert to bitcoin, sell OTC, I just have to give 30% to the government and use whatever's left to buy a house?
Pretty much yes. Those advocating not paying taxes don't realize that their non-taxed money will be impossible to bring back to the regular financial system. They'll be able to fly under the radar for small transactions like a meal at Mac Donald's or a beer but if they won't be able to use their wealth for anything truly useful like buying a house or a car.

>>20585770
Yes goy, pay them.

What's stopping me from temporarily moving to some Pajeestan, long enough to open a bank account, cash out there and pay lower tax or none at all?

I understand the need for taxes in general, but in case of crypto, my country didn't contribute donkey dick to my profit, I don't want them to have anything out of principle

>>20591837
>What's stopping me from temporarily moving to some Pajeestan, long enough to open a bank account, cash out there and pay lower tax or none at all?
Nothing, unless you're a US citizen that is, since America is taxing their citizens wherever they live, and the world financial system is at their feet so you won't find a non-US bank that will not report all their US customers to the IRS. It's called FACTA

>>20590583

Look up countries without extradition treaties idiot.

>>20592216
And you're going to live in a shithole for the rest of your life without the possibility to travel because you don't want to pay your taxes? Also new extraditions treaties are signed all the time so you have literally a sword hanging over your head. Think it through retard.

>>20585770
tax evasion is for poors. tax evasion is for the rich. learn the latter.

You can kinda half-ass your taxes. I fucked up logging my trades because a few exchanges went under before I saved their trade data so half my trading data was missing when I filed back in 2018, so I had to pay the full income-tax short-term capital gains rate for any trade which lacked a basis.

So strictly speaking you can actually pay taxes only when you cash out. You end up paying more to the government that way though. If you pay taxes properly and actually hodl you pay the long-term capital gains rate and can also deduct losses. There are benefits to filing taxes.

Leaf here, I want to move some place else to cash out and pay less taxes, but apparently I read that if u are leaving(emigrating) from canada you need to pay a leave tax which (is selling all your shit at fmv at the time ur leaving) and pay cap gains on it. Is there a leave tax if you just become a non resident instead or is that still considered emigrating(leaving).

>>20585770
You are only a cuck if you do something because someone told you to do it.
Make a list with positive and negative weighted points and decide yourself what you are willing to do and will allow you to live with no regrets in the future.

Remember this part of Zeitgeist about there being no law that says you have to pay income taxes?

https://youtu.be/SlKqGeKVOik?t=4656

I wonder how many Zoomers have even heard of Zeitgeist (the movie).
Picture a whole generation grown up under Mark Zuckerberg's censorship.

I've been making a bunch of trades on Binance over the past couple of months. I'm still a poorfag, but if I do make some decent money could I switch all coins over to USDT and hold for a year to avoid short term capital gains? And if so, would I have to pay taxes on all of the trades that I make this year or just the final trade to USDT?

>>20594913
If you never gave your info then just get monero and sell it for cash.

>>20595000
And what, tell the IRS that I've been holding Monero since 2017?