Taxes Suck - Advice requested

in #taxes7 years ago


Initially, I was just going to say F*%K You Uncle Sam

With regards to paying taxes on my Bitcoin that is...

I pay my normal taxes and just liked having this *untaxed bitcoin deal on the side, where the U.S. tax mob didn't get to dip there fingers into my supplementary income because well...
I Am Not Rich

Then I decided I should probably pay you F&%Kin' Son of a B&TCH

But My-God, WTF!

This is a Tax preparation nightmare!

I'm working off guidance from 2014, where no-matter-what I do I'm pretty sure I will get it wrong. It also seems that the government doesn't really understand cryptocurrencies or how to treat them. I surely don't really know how to treat my situation!

  1. I haven't bought a bitcoin nor sold bitcoin I have bought
  2. I provide "Services" for cryptocurrencies
  3. I exchange those crypto at exchanges and then sell on coinbase
  4. Sometimes I hold, Sometimes I sell and Re-Invest in Like-Wise investments like Steemit
  5. I have mining contracts
  6. I have Steemit Blogging payouts/ power-up investments
  7. I don't have a 1099 and no solid proof of trading history

_ I have been preparing my taxes using self employment taxes and using only my total cash out amount from coinbase-bank account as my earned income_
The issue is that most of what I do with my cryptocurrencies is just move into other investments or hold for the long term. I would consider much of that Like-Wise trading unless I take proceeds and cash out into real USD through coinbase?
I don't plan on including some really intense trading history that would require a team of accountants to determine my trading netted only a few thousand dollars...
Then again, I really feel I'm setting myself up for an audit simply by including "Bitcoin" on my Tax form

It also seems that I will ultimately be putting myself on their Crypto-Radar for future harassment

It's hard to want to put a serious effort into paying taxes on when the government itself hasn't put the effort into clarifying the tax implications. But I do want to pay and I want it to be enough so they leave me alone or at least determine that they owe me something. Think about that - Uncle Sam breaking down your door to pay you! Sounds good to me... lol, that would be the day but quite doubtful.

If anyone has Tax advice I would love to hear some

What you did or how you did them. Did you use any firm? Should I consider utilizing an accounting service?
or should I even worry since I'm trying to be legit paying bitcoin taxes?

All comments are appreciated!

@generation.easy

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Hopefully you kept records in a spreadsheet too

Nope, no spreadsheet, no documents, no paperwork. Just a coinbase account with my sells...

Initially, I was just going to say F*%K You Uncle Sam 😀

A very interesting post is read. There is a harsh criticism of taxes, funny, and very appreciative opinions. You unleashed a remarkable ability. I think the taxes of all countries are the same. The government is never honest and fair. I myself feel the same way as you @generation.easy though our country is different. Greetings of success and passion are always my friends. Thank you for sharing!

thank you from your advise.

Nice post ever

LOL !! Severe!! Speak taxes, talk to self-empower certain parties. This hurts! Government policy is good about taxes, but what is written on paper is never their way to the maximum so that people continue to be oppressed. Keep my friend's spirit and keep thinking positive. Regards!
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I answer, Yes! 😀

This post has received a 3.77 % upvote from @booster thanks to: @generation.easy.

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