fbpx

Crypto tax & Your Tax Returns

The IRS Has their Eyes on crypto users & their taxes

In recent years, the IRS has started implementing new procedures to ensure that cryptocurrency traders & investors are properly reporting their activity in the market. This means, they are making sure you pay the required “crypto tax”.

HOW CRYPTO IS REPORTED ON YOUR TAX RETURN

In the eyes of the IRS, cryptocurrency is considered property. This means that every transaction you make may be considered a taxable event which is to be included as either capital gains or capital losses. Examples of taxable events include: 

  • Selling any of the cryptocurrencies that you own
  • Using crypto as a form of payment given or received
  • Swapping one cryptocurrency for another
  • Earning crypto as a form of income (in this case, the transactions would be taxed as earned income and applicable income tax would apply). Any gains from the crypto income received thereafter, would then be taxed as capital gains.

WHY YOU NEED A CRYPTOCURRENCY TAX PRO

The math involved in accurately reporting your crypto transaction can become complicated quickly. Any miscalculation can cause you to report inaccurate information which can lead to serious trouble with the IRS, including serious penalties & fines.

  • Many crypto users do not realize they have to report their activity
  • With more than a few transactions in the year, organization becomes extremely important
  • The IRS does not care if honest mistakes are made. Lack of understanding is not considered an excuse!

Free PDF ON CRYPTO & TAXES

I’ve created a short, in-depth explanation on how cryptocurrency is taxed along with an example of a situation & the math involved! Enter your email below to receive the FREE pdf.

.

TRADERS TAX PRO

We make it easy to prepare & file your tax returns

Get Started

We will go over how to easily organize your crypto transactions on our introductory video-call.  

Regardless of whether your crypto transactions are simple & well-documented or, more complex and all over the place, Traders Tax Pro has got you covered. We are able to prepare your tax return regardless of the complexity of your crypto situation. 

Have questions? Contact us 

follow these 4 simple steps:

  • Schedule Your Introduction Meeting

    This will be a quick video call where we are able to meet one another. I will show you our Client Portal & how to get started with Traders Tax Pro. We will also schedule your final meeting based on your availability.

  • Create An Account

    After our introduction call, you will be able to create an account in order to utilize Trader Tax Pro's secure and easy-to-use Client Portal. The Client Portal may be accessed & used via your computer or mobile browser, or even the mobile app! Once your account is created, you will receive an email notification to log in and complete your "organizer". Simply answer a few questions and upload the documents requested.

  • Preparation Of Your Tax Return

    You don't have to do anything! With the information you've provided in your Client Portal, I will work on your tax return, ensuring you the best possible outcome. This is where we minimize your taxes and maximize your profits!

  • Final Meeting

    This will be a quick video call where I will briefly go over your completed tax return with you. During or after this meeting, you will sign in to your Client Portal where you will receive an invoice for your tax return preparation. Once you pay, you will be prompted to e-sign your tax return documents which will enable us to e-File your return! On this call, I can even show you how our Client Portal makes it easy to store your documents, allowing you to download or print them as you need.

Get Started

Crypto tax returns filed with accuracy

Get Started
Scroll to Top