Bitcoin Tax Help

Bitcoin Tax Help – Useful Tips from the Experts

As you’re probably aware, Bitcoin is a bit like Ed Sheeran at this moment in time, in that it is virtually everywhere. As you’re reading this article, you’re almost certainly here because you’re looking for tax help, or more specifically, Bitcoin tax help. If that’s the case then you’re definitely in the right place, as we are here to offer you as much Bitcoin tax help as you can take. Although the thought of dealing with the IRS is probably the last thing you want to think about right now, the simple fact remains that burying your head in the sand is simply not an option when it comes to Bitcoin tax help. You see, whether it is regarding tax planning, tax representation, or anything else, the IRS is relentless, and they always get their man, one way or another. If you’ve invested in Bitcoin or cryptocurrency in general, you’ll no doubt be looking for Bitcoin tax help, so be sure to check out these useful tips.

Call us today for a consultation at 877-788-2937.

Be wary of 1031 exchanges – Just like with sales for actual money, you will generally find that most swaps of property are taxable on both sides. There are however, exceptions, which come in the form of 1031 exchanges. Hold on, before you get too excited, unfortunately where Bitcoin and cryptocurrency is concerned, these exceptions are unfortunately not applicable in most cases. It is therefore, best that you consult with our tax professionals and experts in regards to your Bitcoin tax help and 1031 exchanges, as they will be able to set the record straight once and for all.

Bitcoin is perhaps not as anonymous as you may have thought – The entire premise behind cryptocurrency and Bitcoin is the fact that it pushes anonymity to the forefront of each transaction, making it safe and secure. While Bitcoin is indeed secure and very safe, it isn’t quite as anonymous as you may have thought. You see, by using John Joe summonses in order to obtain important data, the IRS is constantly monitoring digital currency users. The IRS has highly complex software to identify any individuals that own Bitcoin wallets online, so please do not think that you can fly under the IRS’ radar by using Bitcoin because that is not the case. See our FAQs on Bitcoin taxation.

You must report all Bitcoin transactions – As you know, one of the reasons why Bitcoin tax help is now so highly sought after is the fact that more and more businesses, big and small, are accepting Bitcoin as a form of payment. You can now walk into coffee shops in many towns and cities, order a small coffee and perhaps a slice of cake if you’re treating yourself, and pay for it via Bitcoin. But, and this is a big but, you must report all Bitcoin transactions when doing your taxes, no matter how small they may be. This is because even the smallest Bitcoin transactions are taxable.

Don’t struggle with Bitcoin tax help – Rather than struggle to understand how Bitcoin taxation works, instead, hire our tax experts who deal with tax liens, tax levies, and more, on a daily basis. Why struggle and probably make mistakes, when you can hire our professionals to offer tax help and do your taxes for you.

Call us today for a consultation at 877-788-2937.

Disputes will arise from trading Bitcoins and other virtual currencies, and having a tax expert by your side could even the odds if challenged by the IRS or the state. We represent US taxpayers worldwide. Schedule your consultation today at 1-562-204-6700.

About Mike Habib, EA

I own and manage a boutique tax representation firm, we represent taxpayers before the IRS and state tax agencies in various tax controversy matters.

Schedule your consultation today at 1-562-204-6700.