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6 years ago in #crypto by rok-sivante (77)
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Really for these subjects, like a child, I need you to explain it to me with plasticine and foami. I'm ignorant about it! In my country, Venezuela, we are also in the time to pay taxes, but two years ago I declared myself in rebellion. In my country nothing works and taxes are getting bigger and bigger. The minimum wage for a Venezuelan is 5 dollars a month, which is only enough for half a meal a single day. The Venezuelan has looked for all forms, until he had 3 jobs in the day, to be able to eat half a meal. I don't know how we could get a bill like that. It is unfair for a country to take our money and not see it reflected in any work. When you feel that you are investing in improvements for the country, there is no doubt: PAGA. But when the taxes go into the pockets of the corrupt, think well. I hope I don't attack anyone with my opinion. Once again without light in Venezuela. Greetings
I don’t know how taxes there work at all, though I figure it’d be safe to say that you have far less to be concerned about that those with significant amounts in the US or Canada, and would be fine to not claim anything at all. Seems the government there really doesn’t have their shit together and pursuing minor tax evasion for crypto would be far lower down on the priority list.
Of course, I could be wrong.
Good stuff @rok-sivante. Luckily accountants here in NY are quite familiar with crypto nowadays.
Dropping this here in case it may be useful to someone - free script to count 2018 income from transactions and rewards:
https://steemit.com/taxes/@gaottantacinque/steemit-taxes-calculator-free-script-to-calculate-the-sum-of-your-incoming-transactions-and-rewards
Take care 🙂👍
Excellent article. Until May 27 last year, the Finnish Tax Authority considered crypto-crypto trades non-taxable. On July 2, they announced that they were going to tax all crypto-crypto trades effective May 27 and afterwards. I stopped trading immediately. But as a result, my portfolio may be less than ideal. Oh well, I'm hoping that alts will pop at the end of the next bull run. I will cash them out through BTC and use what they call "presumed acquisition cost" (translation), which is 20% or 40% for assets owned longer than 10 years.
Steem income is trickier. I haven't traded or cashed that out, either. So I only need to calculate the values of each SBD, STEEM or SP at the time I received them. Because no reliable day-to-day values exist (odd spikes happen from time to time), I'm going to group them on a weekly or a monthly basis. There are simply too many events.
Thank you for your advice. But I don't have many assets, so the amount of tax I have to pay is not much .
and you live in a country where you probably don’t even have to bother filing... :-)
Taxes are an easy way for governments to get money without having to work. I think like that @rok-sivante.
Nice post!
I have been doing the worst thing of all. Ignoring it. This year I am gonna have to do something about it though. Thanks for reminding me!
I may just have to incorporate or otherwise shoot for business status. Seems like the smartest (but most tedious) way>
Depends on overall strategy.
A corporation MIGHT be good IF you’re doing a lot of trading and want to minimize taxes on INCOME. But that also depends on how you intend on moving funds out of the corporation and/or reinvesting them. And, it COULD end up more headaches with management and accounting than worth it, depending on exactly what you’re up to.
Sole proprietorship could be a simpler option. OR, in Canada, you don’t even have to actually register a proprietorship to still treat yourself like a business for tax purposes and write off expenses.
Again - many factors, depends on larger gameplan, and good to consult with multiple parties to gain different perspectives to help inform well...
Yeah. I was thinking more along the lines of an LLC which are fairly cheap and simple to set up and maintain here. My town has more lawyers and accountants than you can shake a stick at! Most of them hungry :-)