In the USA UU As in most European countries, the amount of taxes that citizens must pay is very high, I have a family member who recently moved to use, and what they tell me is that a large part of their income goes to to pay taxes. In spite of that, life has changed radically, there, you pay your taxes and get excellent services in return, the laws work, etc. Here, no matter how much you pay, you will not receive compensation for any of that.
You're in Venezuela? If I recall correctly your location, yes I can see that right now taxes are returning no benefits. It's all relative though. We in the US would not say we're getting our money's worth for our Federal taxes. Most of our taxes go to pay for military weapons (which we definitely don't want to ever use) and interest payments on all the money that was borrowed to spend on the military in the past. The next highest portion goes to retirement payments for people who are old now. People have mixed feelings about that because they don't know that it will still be there when they are old themselves.
In the end, no one seems to want to pay taxes. Maybe in Iceland people feel it is a fair trade. Switzerland? I'm sure a few countries think so. But the vast majority of people just want to reduce their taxes other than the local taxes that pay for roads, schools, and other things people actually use.
Greetings, if I live in Venezuela, it's in South America. I agree with you that the citizens of any country want the taxes they pay to be used on things they really use, such as roads, schools, etc., not on weapons or investments that nobody knows if God will give them life, to enjoy them. . .
With luck, someday, in all countries, there are fair laws that allow people to make a fair payment of their taxes and be consistent with what they receive.
I guess it depends on how you look at it. To me the main thing about 2018 is that it is a year the vast majority of people are going to get losses they can claim to reduce taxes EVEN IN FUTURE YEARS! So the question is, do you have losses according to the govt's screwy new tax rules? If you do, it may be worth filing with something like TurboTax (which beartax integrates with) just to lock in those losses. That way even if you have crypto gains in future years (which hopefully you will, or what are we doing here?) you'll still get those savings from this year.
You know, there are people still carrying forward losses from the Dotcom crash of 2000!
Interesting! I have been doing it myself with spreadsheets to then give to my tax preparer but it has continued to get burdensome so I will have to check it out! Do you have an affiliate link? Might as well get some benefit if I use it!
I had attempted the spreadsheet approach for a few months, then gave up. That made me not want to deal with the entire tax issue. But then I found these sites and it was so quick I regretted all the time I wasted dreading it. LOL
It depends on how many transactions you have. It charges by the number of transactions. If you had more than 1,000 tx in 2018, then you'll pay more with beartax. Otherwise, you'll pay less.
I just hope that cryptocurrency would be accepted generally by the Nigeria government because currently the government is against it because if it is accepted, most people will not pay attention to the government and their selfish policies.
We are tasked only when one uses his or her debit or credit card to make deposit or transfer. But cryptocurrency is not generally recognized by the central bank of Nigeria as a form of money.
I know this is a few days late, but was hoping you had some thoughts on how Steemit earnings might be taxed if I never use the Steem I earn to buy, sell, or trade.
Also, what about the crypto I earn passively through Steem Power bid bot delegations. My account value has decreased by more than $3,000 so I'm not too worried about it, I just wanted to hear your thoughts.
You know, that's one I've not figured out nor heard anyone in crypto tax talk about. I honestly hope no one pays any attention to this entire space. It would be terrible if we were forced to sell steem just to pay taxes on steem we've earned as if it was income, when we can't pay the tax with steem itself. That's the problem with taxing crypto before it becomes USD. They only accept the tax payments in USD, but we don't have any yet.
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In the USA UU As in most European countries, the amount of taxes that citizens must pay is very high, I have a family member who recently moved to use, and what they tell me is that a large part of their income goes to to pay taxes. In spite of that, life has changed radically, there, you pay your taxes and get excellent services in return, the laws work, etc. Here, no matter how much you pay, you will not receive compensation for any of that.
You're in Venezuela? If I recall correctly your location, yes I can see that right now taxes are returning no benefits. It's all relative though. We in the US would not say we're getting our money's worth for our Federal taxes. Most of our taxes go to pay for military weapons (which we definitely don't want to ever use) and interest payments on all the money that was borrowed to spend on the military in the past. The next highest portion goes to retirement payments for people who are old now. People have mixed feelings about that because they don't know that it will still be there when they are old themselves.
In the end, no one seems to want to pay taxes. Maybe in Iceland people feel it is a fair trade. Switzerland? I'm sure a few countries think so. But the vast majority of people just want to reduce their taxes other than the local taxes that pay for roads, schools, and other things people actually use.
Greetings, if I live in Venezuela, it's in South America. I agree with you that the citizens of any country want the taxes they pay to be used on things they really use, such as roads, schools, etc., not on weapons or investments that nobody knows if God will give them life, to enjoy them. . .
With luck, someday, in all countries, there are fair laws that allow people to make a fair payment of their taxes and be consistent with what they receive.
“Have to comply” lol
Posted using Partiko iOS
You're a braver soul than I if you choose not to! (They got Al Capone.)
I don't earn enough money from all sources to have to file at all. So ...yay?
I guess it depends on how you look at it. To me the main thing about 2018 is that it is a year the vast majority of people are going to get losses they can claim to reduce taxes EVEN IN FUTURE YEARS! So the question is, do you have losses according to the govt's screwy new tax rules? If you do, it may be worth filing with something like TurboTax (which beartax integrates with) just to lock in those losses. That way even if you have crypto gains in future years (which hopefully you will, or what are we doing here?) you'll still get those savings from this year.
You know, there are people still carrying forward losses from the Dotcom crash of 2000!
Interesting! I have been doing it myself with spreadsheets to then give to my tax preparer but it has continued to get burdensome so I will have to check it out! Do you have an affiliate link? Might as well get some benefit if I use it!
Posted using Partiko iOS
I had attempted the spreadsheet approach for a few months, then gave up. That made me not want to deal with the entire tax issue. But then I found these sites and it was so quick I regretted all the time I wasted dreading it. LOL
I don't have a tokentax afflink but my beartax one is https://app.bear.tax/#/register?refcode=TepMojkuzi (Thanks for the support :) )
Thanks for the recommendation! I have used bitcoin tax in the past. I remember I spend 90 USD on that. How much does bear tax cost?
Posted using Partiko Android
It depends on how many transactions you have. It charges by the number of transactions. If you had more than 1,000 tx in 2018, then you'll pay more with beartax. Otherwise, you'll pay less.
Thank you so much for the advice! This is really helpful!
Posted using Partiko Android
I just hope that cryptocurrency would be accepted generally by the Nigeria government because currently the government is against it because if it is accepted, most people will not pay attention to the government and their selfish policies.
But that means you aren't taxed on it, right? Is it actually outlawed there, or just ignored in the law?
We are tasked only when one uses his or her debit or credit card to make deposit or transfer. But cryptocurrency is not generally recognized by the central bank of Nigeria as a form of money.
I know this is a few days late, but was hoping you had some thoughts on how Steemit earnings might be taxed if I never use the Steem I earn to buy, sell, or trade.
Also, what about the crypto I earn passively through Steem Power bid bot delegations. My account value has decreased by more than $3,000 so I'm not too worried about it, I just wanted to hear your thoughts.
You know, that's one I've not figured out nor heard anyone in crypto tax talk about. I honestly hope no one pays any attention to this entire space. It would be terrible if we were forced to sell steem just to pay taxes on steem we've earned as if it was income, when we can't pay the tax with steem itself. That's the problem with taxing crypto before it becomes USD. They only accept the tax payments in USD, but we don't have any yet.
Thanks, very valuable information.
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