/biz/ - Business & Finance

i dont pay taxes.

Uh, don't they just do this through a trading firm? i.e tax exempt via shell company?

>>28400781
>how do people who make a lot of money deal with paying income taxes.

Just make more money.

>>28400781
by selling huge amounts of shitcoin at a loss by december

>>28400781
Hold for one year. You are welcome.

Hey OP, did you give any KYC to metamask when you set up your account? Me neither! I wonder how our super-competant government links up all these trades with the right people. They really do work wonders!

>>28401509
When you go back to fiat

My country doesn't have capital gains tax

>>28401509
Why would you ever go back to fiat? Just buy physical things with crypto.

>>28400781
>paying taxes
just go all in xmr and say you bought it in 2015 and just found your old hard drive

>>28400781
In Bongland we only pay on "actualised gains".
So you don't pay until you cash out.
Max rate is 20%.

>>28401907
This

>>28401888
Or when you pay for anything with a KYC wallet/account to a non darknet vendor. IRS and FBI can track most transactions. Eventually they lead somewhere. There are anonymous wallets and privacy crypto, yes. But how are you going to buy your Tesla without them getting your name and address?

What do you mean. Capital gains are NET. It doesn't matter

>>28402861
Basically for the US, the only nontaxable thing to do with crypto is buy with fiat and hold. Everything else they will tax you on of possible. https://www.coinbase.com/learn/tips-and-tutorials/crypto-and-bitcoin-taxes-US

>>28403742
*if possible

On a side note, I think its bullshit they classify cryptocurrency not as a currency but as a piece of fucking property.

>>28403742
Well yes but just swing trade and make as much money as you can. It all nets out at the end. You can make much more swing trading if you know what you're doing and being taxed at ~30% for short term than the 20% long term anon

>>28404179
My point was more you can't avoid the taxes, at least not easily. Like
>>28401888
and
>>28401907
were suggesting. Unless you never go back into the system, which leaves anonymous wallet purchases(maybe?) and darknet shenanigans.

>>28401006
This

>>28401907
Good luck trying to prove your cost basis on that. Enjoy paying tax on 100% of value.

>>28401888
Sooner or later someone is going to notice you buying things and they will audit you.

>>28401792

CH?

>>28404882
Ohhh i see. I might be more convinced to avoid them as much as possible but at the same time im a good looking white man that would get raped in prison

As others have stated, in Canada and the US, doing crypto to crypto conversions counts as a taxable event (as if you're cashing out).
If you hold assets longer than a year capital gains are less.
Give yourself 2 different accounts: 1 for HODLing and 1 for trading. It will make taxes easier for you.

As long as you keep making money it doesn't matter, keep a tax sell coin like link or something that will get risk free gains that you put your taxable portion of each trade into. Same as stocks,when you make a big trade, you calculate your tax dump the taxed value into spy or something and sell it the next year for taxes. Just keep rolling forward.

>>28400781

The ridiculous US tax on trading tokens don't make much of a mathematical difference besides making the accounting a pita. It's mostly a meme that mutts pay more.

USA:
>Buy shitcoin A for $1,000, sell at $1,200 to buy shitcoin B ($200 gain), sell at $1,400 to buy shitcoin C ($200 gain), sell at $1,200 to buy shitcoin D ($200 loss), sell at $1,500 and cash out ($300 gain).

Total cap gains tax on $200 + $200 - $200 + $300 = cap gains tax on $500

Europe:
>Buy Buy shitcoin A for $1,000, sell at $1,200 to buy shitcoin B ($200 gain), sell at $1,400 to buy shitcoin C ($200 gain), sell at $1,200 to buy shitcoin D ($200 loss), sell at $1,500 and cash out ($300 gain).

Total cap gains tax on $1500 - $1000 = cap gains tax on $500

>>28400781

We out here.

$CLF

https://stocktwits.com/symbol/CLF

Anyone remember when Americans went to war over outrageous taxes? I'm getting pretty fucking tired of paying the government a big fat piece of the pie simply because they WANT it

>>28402435
Newfag alert

>>28403742
Staking isn't taxed. Like I said newfag alert

https://www.coindesk.com/library-congress-report-staking-mining-tax

>>28400781
>Insane capital gains taxes
in the US short term cap gains are taxed as regular income so you just have to know how to jew that system.
>file married jointly with a stay at home wife
>claim deductions on muh keeeedz
>make less than $80k per year wageslaving
>work less if I make more than $20k in short term capital gains.
>put the extra into tax shielded retirement accounts for each of my family members
Not only do I end up paying no federal taxes on my short term gains, I actually get a tax refund from my bare minimum wagecuck withholdings AND I qualify for all the COVID gibs: trump-bux, biden-bux, Fed rental assistance, state rental assistance, childcare credits, fucking snap FOOD STAMPS.

>>28406108
Are you Jewish?

>>28406108
literally the reason america is failing, you have no integrity and are a complete nigger.

>>28406512
>meanwhile the govt literally gives taxpayer money to niggers
Fuck americans. This country in finished and the people will get what they fucking deserve

>>28406314
No. But you should learn their ways unless you want to be at the other end of their tricks.

>>28406512
Do you enjoy paying taxes? Do you realize they only exist to take fiat away from you?

>>28406108
this but with unemployment stimulus

>>28406866
Checked and not only to niggers and >>28406873 to israel
But to fucking niggers IN israel!
>Look goys, refugees welcome here too!
>***paid for by us taxpayercucks
These are from the last COVID relief act btw.

>>28400781
i pay taxes out the ass from work too

maybe 50k last year

Pretty sure you only have to pay gains taxes if you actually withdraw the money

>>28407177
>pretty sure
why post

>>28405395
I guess this is the best answer. I'm going to keep a journal with my tax obligations from now on. This is such a pain in the ass, fuck the US government

>>28402435
>But how are you going to buy your Tesla without them getting your name and address?
Just send 1 BTC to papa Elon's account and he'll personally deliver one piloting a spacex rocket landed directly to your front door give you a firm first bump and congratulations on your first Tesla then use his hyper loop to go to his secret underground space command center

>>28401915
Feels great to be a bong.

>>28406873
You already avoided the taxes and then decided to take every form of welfare that you can get your hands on.

You can pretend not to be acting niggerish/jewish, but you are a leech.

>>28407750
What stops you from doing the same?
Why would you voluntarily be a sucker in a game designed to steal from suckers?

>>28406108
>>28406873
Based

>>28406512
>>28407750
Go back to /pol/

>>28407750
Just because he qualifies doesn’t mean he is taking it.

>>28406108
Based nigger

>>28401915
wait fuck really
holy shit we never lose

>>28408088
Checked, and I don't browse /pol/

>>28408113
Im sure he turned down all his free government money.. LOL

>>28406108
unfathomably based

>>28406512
fuck off

>>28408641
If my government was rapidly turning my money into a worthless pile of shit I’d take advantage of it too

>>28400781
By living in a country that only taxes the gains? There's no difference between this and taxing once at the end, all the same amount

>>28401358
in the US you can only deduct $3k as capital losses per year. the rest rolls over to the following years

offshoring profits + legal teams

>>28406512
Retard. He pays sales tax, tax on gasoline, on property, etc. Why go out of your way to pay extra taxes to fund the massive bloated irresponsible government. Its not a charity, and any dime you take from it and redistribute to yourself, your church, your community, your family, your business is a GOOD THING

>>28409441
Your Federal taxes don't fund shit. The money printer funds it all, your taxes are just to keep you from accumulating wealth making you dependent on and unable to challenge the powerful elite.

>>28406314
>>28406512
cuck mentality

>>28401915
Crypto to crypto gets taxed in bong too

>>28410022
Checked and this was a redpill for me.
I used to RAGE hard when finding out what the US Gov was spending money on.
>$160 billion to Israel
>Fraud / waste in Iraq / Afghanistan
>Aid to Sudan and shiet
Then I realized they just balance off the expenditures minus tax receipts by issuing bonds, which the Fed will buy thru dealers if no one else does, and the interest expense of those bonds is added to the public's bill. So taxes exist to basically remove fiat from plebs.

Actually not just to remove, but to transfer. Redpill 2 was interest paid on Reserve balances held by commercial banks. QE gives the banks "Reserves" and they earn 0.1% interest, which is also funded by the US Treasury.

Total cost of the US taxpayer for interest on reserves:
>2016 = $15 billion
>2017 = $30 billion
>2018 = $35 billion
>2019 = $39 billion

So when you pay taxes you are literally transferring fiat to the wealthiest entities in the world.

>>28410342
Anonymous mentality. White men don't talk to one another about accepting welfare. That's a N-thing.
You would be mocked and ridiculed as you should be.

>>28400781
what the fuck is that?
new uniswap gem?

>>28411263
Hey guy, you seem to have a nice system going for yourself and family. How can a single person take advantage of the avoidance methods you mentioned? Do you have any resources or anything?

>>28400781
They're not in the US.

>>28409158
It rolls over every year until you don't have any capital gains tax left to pay.

>>28405016
I don't think you know how tax audits work.... They don't show up at your house and ask how you got the Tesla, they check the financials of your bank accounts and that's it. They could care less what assets you own. It's the short coming of how the IRS audits.

>>28411263
You're either smart enough to figure this out, or forever enjoy the perpetually robbed pleb class that you unknowingly proclaimed yourself worthy of

Move your fiscal residence outside the Jewed States

>>28408088
>Go back to /pol/
No one who's redpilled on the American financial system and the nature of the welfate state would ever hate on someone pillaging what's left of it. Fuck kikes, they just want to shovel your money into the maws of useless niggers and spics anyway. I'm taking back what's mine.

>>28411631
If I were single I would definitely open a small business. With a Sole Proprietorship or LLC the "profits" are filed along with your personal income from wageslaving, but they allow you to take special deductions. So for example, open a business for say "crypto mining" and you immediately deduct the expense of the hardware. Also can deduct Education, Transport, Books; there is a whole list. As for resources, I pulled most of it together just by googling. Started with "[state] business registration". The IRS website spells out whats legal and whats not and from there you can strategize. There are also endless gibs for SMALL businesses that are vague enough that even companies like Apple and Chevrqaon are taking them.

Otherwise, society is significantly bias in taxing single working males, and if you consider this >>28410022 its most likely because allowing you to obtain too much wealth, combined with your freedom of responsibility, would make you too based to contain.

>>28414649
thanks anon

>>28414649
In Germany you can open a an asset management holding (not sure if that's the right term) with you as the owner and move all your assets to the holding and pay only 1.4% instead of 25% on equity and real estate gains. Not sure about crypto, but probably works too. The holding can give even you a credit and the interest you pay back to yourself is deductible income for the company. Let that sink in. You get a nice credit line with banks, your car is now a company car and your restaurant visit with friends becomes a company meeting. There's lots of other nice benefits, but it's only worth it if you have low to mid 6 figures.

It's all rigged shit and if you pay taxes you are a fucking cuck and deserve to stay poor and pay for Mustafas AMG.

>>28400781
Using monero to avoid paying any

>>28400781
They don't and then get ass raped down the line because they don't realise how aggressive tax people are. People kill themselves over this stuff and it's hilarious.

>>28406512
No, there are many other reasons but his behavior isn't one of them. The mishandling of tax revenue is the problem, not individual people trying to advocate for the interests of their family by managing their money properly.

>>28406512
>you have no integrity
>integrity is complying with and willingly sustaining an incredibly evil system

>>28401888
Crypto to crypto taxable remember. This isn't strictly a fiat issue and you not realising this shows you're one of those people the tax folks regularly ass rape.

>>28405483
americans are more brainwashed than the chinese, and im a burger

>>28405402
Retard

>>28400781
by paying the taxes, what kind of glowie bait thread is this? That's like asking "how do people who win the lottery pay taxes on their winnings" retard. if you get a shitload of money even if you only get to keep 50% that's still a shitload of money.

>>28416358
eat shit faggot

>>28406512
I might start being ok with taxes when they stop paying for nigger gibs and free money for Israel and actual go into roads, infrastructure, and things that help me and my family.

>>28400781
Wait until the taxman comes with the local cops to get you, then go out in a blaze of glory. Peace, at last.

>>28417734
Taxes don't do that. The money printer does. The reason the money printer doesn't benefit you is because the people who operate it hate you and want to see you and your people destroyed while they remain in power without rival.

>>28400781
After a certain point it pays, literally, to move to a place with minimal cap gains tax. I'm only still in the U.S. because my girlfriend refuses to move and I refuse to force her to go and then pay her bills for her. The amount I'm going to pay in taxes this year is though enough that if I moved somewhere with a lower cap gains tax I could use the money I saved to cover my mortgage in that country for over a year. Probably just going to break up with her and do it.

>>28400781
They probably live in Puerto Rico, where you don't have to pay capital gains taxes if you're a resident.

>>28406512
The only reason America is failing is because jews have tricked women into thinking they are men's equals. The moment shit hits the fan these bitches will go back to the kitchen and start making babies.

>>28419126
Let's open a beachside bed and breakfast in a tax haven anon

What countries are you looking at?

>>28419126
You will still pay capital gains tax to Uncle Shlomo even if you live outside the US. You do get a break on income tax though.

>>28409158
Wrong. You can use your losses to offset capital gains taxes WITHIN THE SAME YEAR as much as you want to. If there are no gains to offset THEN you can only deduct $3k from your other sources of actual income each year until the total losses are paid off.

>>28419126
Based, don’t let pussy diminish your gains anon.

>>28400781
Add -stein to the end of your last name and you'll never be audited again.

>>28400781
Imagine cashing out for worthless paper

>cashing out
I am never selling my bitcoin.
I am never selling my etherum.
I am never selling my Ripple.
Fuck jews
Fuck leftists
And fuck Jannies

>>28418794
Agreed and you are correct. I realize that. My point is that paying taxes is only what the goodest goys do. And anyone who complains about us trying to avoid them is retarded. It’s easier to say I don’t want my wealth stolen and given to niggers than it is to explain the entire central banking scams, the fed, the money printer, etc. They both get to the same conclusion that the government is stealing from you to hurt you, not to help “society”.

>>28419814
It's true the only way how you can get out of tax filing is if you basically Exile yourself from the US. But if you're making enough bank they still might try to come after you so you can renounce your citizenship but you actually have to pay to renounce your citizenship.

>>28400781
put it all into monero where they cant find it