How do you do your taxes?
How do you do your taxes?
It's been a while since I had my last dPoll.
Feeling a year older and it's that time of season again. I'm talking about taxes. You know, the thing you can't seem to escape from besides death? It used to be so simple when I was a college student. Fill out a simple 1040 through TurboTax and I could file my returns within two weeks.
Oh, in case you haven't realized, this post speaks from the American perspective on taxes.
These days, things are more complicated. You add in your investments in stocks and bonds. You wait for some 1099 in the mail. The state itself even wants to know how much precious metal you sold during the past year.
To make things a bit more spicy, you are definitely paying crypto taxes in the US now unless you want to gamble. In this country, when IRS have their eyes on you, it's up to you to prove your "innocence". Or, you could go the lazy way and fork over 40% of your gains, I doubt they'd care when you opt to pay for the max rate for your gains.
As for your crypto purchases, it's been a lot easier since services such as Bitcoin.tax. They can help you calculate all the numbers if you provide the right data. For those of you who are against KYC, well, you may be out of luck. I tried doing those transactions by hand, and they were annoying, not to mention slow.
Point being, the tax laws will only become more complex as you diversify. So, what do you do in this case? I have been entertaining the thought of hiring a CPA to do my taxes. I have heard good things from my coworkers about getting credits on items they never knew about. At the same time, I'm not sure if I'm willing to spend more money unless I can get a sizable return.
Anyways, how do you go about doing your taxes?
View points from the US preferred, but others may contribute regardless.
- Do it myself with software like TurboTax, etc.
- Do it old school with paper
- Hire a CPA
- I don't pay taxes
- Other (please specify)
Answer the question at dpoll.xyz.
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Must be nice.
Only as long as it works...😎
not enough !drama and no !BEER SAD!
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Last year my company paid for it (it was in the transfer deal) but this time I'll have to figure out all this madness.
Quick parenthesis, in case you want to roughly figure out how much steem you received in 2019 this old script of mine may help:
https://steemit.com/taxes/@gaottantacinque/steemit-taxes-calculator-free-script-to-calculate-the-sum-of-your-incoming-transactions-and-rewards
I’ll have to check it out.
What is a taxes?
It's the thing you put on pastries.
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having to edit this is annoying.
I don't live in the US. In Korea, we just print some stuff out then submit it to our primary employer. After they input, we sign and confirm.
Please do elaborate.
There is a national tax website we print something off from. It collects relevant info throughout the year mostly on deductibles, then you just confirm a few things and print to give to your employer. If you don't have a primary employer, you can just scan/fax to submit it to the tax authority yourself, but that involves filling out the income section yourself which you may or may not need CPA for depending on how complicated your income sources are.
That sounds way convenient.
Yeah, I'm not even fluent in financial Korean and it took me like 10 minutes.
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I use @trackstax along with various accounting tools. Would be hypocritical for me not to.
Never heard of that one. I'll have to check it out.
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Because my income is low it's not applicable but I pay indirect taxes
What are some of these indirect taxes?
Its already included in utility bills like internet and electricity and if I purchased any things from market indirect tex is included in the price of the item
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