Do I need my crypto taxes fixed? Should I fix my tax return to report my cryptos better? Those are the questions that many traders are asking now that the IRS compliance campaign has begun sending letters to traders. For many traders, it was the first time they ever did any investing. Reporting these investments on their taxes was a new awakening for them.
So it is time to do a health check. It makes sense. Every year you go to a doctor to have your body signs checked for hidden problems. We can do the same thing with your tax return.
Continue reading "Do I Need My Crypto Taxes Fixed?"
Backup withholding may seem like a small thing, but it can become a pain. Read more to learn about how to prevent it from happening to you.
When you open a new account, make an investment or begin to receive payments reportable on Form 1099, you must provide your taxpayer identification number (often your Social Security number). For certain types of payments, you need to provide your taxpayer identification number in writing, certifying under penalties of perjury that it's correct.
Continue reading "Backup Withholding: Know the Story"
Despite what you may have been hearing, or experiencing, crypto traders can avoid IRS problems. Ideally, you also want to slash your taxes. And you want to achieve both for good reasons. The good news is, it’s possible with these three proven ways.
Continue reading "3 Proven Ways Crypto Traders can Avoid IRS Problems and Slash Their Taxes"