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Form 8824 Irvine California: What You Should Know

If you or your organization are in need of expert cryptocurrency legal representation, contact us for a free consultation. Cryptocurrency Tax Planning As the Bitcoin and Cryptocurrency economies continue to grow, many people are realizing that it is important to understand the nuances and the impacts of the crypto market to understand how cryptocurrency affects your personal taxes. While it is not necessary to purchase software to begin working for taxation purposes with cryptocurrency, there are several excellent, reliable accounting and tax software providers available that offer this service. These programs can facilitate the preparation and filing of tax records and provide guidance regarding the tax implications associated with your cryptocurrency profits. While some software offerings focus on reporting cryptocurrency income as ordinary income or capital gains, others allow you to include cryptocurrency profit as a deductible business expense (which can be beneficial when you may need to withdraw funds held in crypto to pay for your next business expense). With our free consultation, get the inside scoop on finding your cryptocurrency accounting and tax software provider! Cryptocurrency Businesses are Not Taxed Yet While some states are starting to take steps toward considering cryptocurrencies as an asset, and beginning to take steps to control cryptocurrency companies for public policy reasons as well as compliance, it is important to know that in most US States at least, cryptocurrency businesses are not taxable as income, and are not taxed when they are not engaged in a trade or business. (1) It is possible that your business may be subject to taxation, but in most States, it would not be done on a regular basis. Most times, if your cryptocurrency business does generate a profit, then it is considered to be a passive activity, and it could be subjected to income tax (for example, if your company buys, sells, invests, etc. cryptocurrency from a customer) and state and local taxes if it continues to generate a profit. In general, while there are some legal definitions of crypto-related items, most of the tax definitions and definitions regarding cryptocurrencies do not apply to crypto-related businesses. It is possible to purchase bitcoin mining equipment (even if not paid for by the employee) and as such can be considered to generate passive income if properly marketed to a customer. Additionally, some states are considering a tax on crypto-related businesses, whether the business profits from a trade or an investment, whether the business itself generates any profits, and regardless whether the company is operated for profit or not.

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