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I actually do. I am very careful to record internet purchases for my business. If I claim them as an expense, I pretty much have to make sure I claim them for sales tax purposes as well. The folks over at the Oklahoma Tax Commision do not have a sense of humor either.in other news nobody pays the sales tax they didn't get charged online when filing taxes.
By that token criminals drive our economy.
In any case, I am pretty anti tax, but at the same time I recognize that some taxation is required, (for roads/fire/law enforcement/military/etc), and that people should pay according to the laws we have in place. If someone in the US earned/traded cryptocurrencies and made a profit, they should pay their taxes same as anyone else. Why do some people think cryptocurrency is special in this regard?
OK.... so personally I don't really care about crypto bucks one way or the other, except the video card shortage which is a totally different conversation. People paid real money for those cards, they didn't steal them... so, whatever.
So let's pretend for a second that I enjoyed.... uh I don't know, how about woodworking? If I paid real money for the TOOLS, and also paid SALES TAX on those tools, then those tools are mine, right?
If I then bought LUMBER, and paid SALES TAX on that lumber, then that wood is mine, right?
So after all that, if I then, on MY OWN TIME, modified said LUMBER, using said TOOLS, into .... I don't know... BIRDHOUSES? Those BIRDHOUSES are mine, right?
But what if I wanted to sell my BIRDHOUSES? I already paid tax on the TOOLS, the MATERIALS, and paid for the ELECTRICITY (which includes taxes) to make them.... would I have to now pay INCOME TAXES on the sales of my BIRDHOUSES?
That is QUADRUPLE taxation. On the tools, on the materials, on the electricity, and now have to pay taxes on my effort?
Am I crazy? Do I have this wrong? Because this all seems to me like the IRS can go screw themselves, they have already been paid THREE TIMES. Right?
Out of your example:OK.... so personally I don't really care about crypto bucks one way or the other, except the video card shortage which is a totally different conversation. People paid real money for those cards, they didn't steal them... so, whatever.
So let's pretend for a second that I enjoyed.... uh I don't know, how about woodworking? If I paid real money for the TOOLS, and also paid SALES TAX on those tools, then those tools are mine, right?
If I then bought LUMBER, and paid SALES TAX on that lumber, then that wood is mine, right?
So after all that, if I then, on MY OWN TIME, modified said LUMBER, using said TOOLS, into .... I don't know... BIRDHOUSES? Those BIRDHOUSES are mine, right?
But what if I wanted to sell my BIRDHOUSES? I already paid tax on the TOOLS, the MATERIALS, and paid for the ELECTRICITY (which includes taxes) to make them.... would I have to now pay INCOME TAXES on the sales of my BIRDHOUSES?
That is QUADRUPLE taxation. On the tools, on the materials, on the electricity, and now have to pay taxes on my effort?
Am I crazy? Do I have this wrong? Because this all seems to me like the IRS can go screw themselves, they have already been paid THREE TIMES. Right?
And anyone who pays should be fired. If you have proper backup/disaster recovery processes and procedures ransomware should be at most an annoyance, not blindly sending money to someone anonymously and hope they respond with a key that works (good luck with that - thieves are thieves for a reason).
I pay my taxes, other people can pay theirs. I am not asking for special treatment. My posting history shows my feelings on taxes as a necessary evil and that I think our government overspends and that we are overtaxed as a result. Though I am not sure what that has to do with you not caring that people are commiting a crime because you believe it is better for our economy that they don't pay taxes.You twisted my words to mean THEFT, you didn't comprehend what I wrote, then you exhibited the exact problem.
You're so "pretty anti-tax" you just gotta make sure you tax, tax, everybody better pay your tax.
Not all of it is. Hope you get an audit!
I pay my taxes, other people can pay theirs. I am not asking for special treatment. My posting history shows my feelings on taxes as a necessary evil and that I think our government overspends and that we are overtaxed as a result. Though I am not sure what that has to do with you not caring that people are commiting a crime because you believe it is better for our economy that they don't pay taxes.
Was going to say "good fucking god not another crypto thread..." but then "oh shit I need to mail my state taxes"... stupid fucking efile costs like $30! Seriously? WTF why does it cost anything?
in other news nobody pays the sales tax they didn't get charged online when filing taxes.
Not really, If the Crypto put them in a higher tax bracket , then all you have to do is find the money that put them there. Shouldn't be hard to find.
How many times should the dollar you earned be taxed?
just saw a news report on CBS online. It said hackers who lock up Government and corporate computers and then demand a ransom are demanding payment in BITCOIN only.
This is definitely NOT going to end well folks.
Between criminals using Bitcoin and people not paying taxes I'm preparing for $250 GTX 1070's to flood ebay in the near future once President Trump cracks down on Bitcoin use in the USA and other Countries will follow suite.
The IRS didn't tell Credit Karma anything. Credit Karma also has a service that let's you do your taxes for free, which is where they got their data. But you must have not read the article as you would have known this if you read it. I love it when someone bashes the OP when they post an article without even bothering to read it. Of course the real question is how many people actually have Bitcoin and don't report it, which is not possible to know from their data.Yes i'm sure the IRS tells "credit Karma" everything.
HardOCP loves them some click bait headlines, Megalith falls for it every time then passes it to us.
OK.... so personally I don't really care about crypto bucks one way or the other, except the video card shortage which is a totally different conversation. People paid real money for those cards, they didn't steal them... so, whatever.
So let's pretend for a second that I enjoyed.... uh I don't know, how about woodworking? If I paid real money for the TOOLS, and also paid SALES TAX on those tools, then those tools are mine, right?
If I then bought LUMBER, and paid SALES TAX on that lumber, then that wood is mine, right?
So after all that, if I then, on MY OWN TIME, modified said LUMBER, using said TOOLS, into .... I don't know... BIRDHOUSES? Those BIRDHOUSES are mine, right?
But what if I wanted to sell my BIRDHOUSES? I already paid tax on the TOOLS, the MATERIALS, and paid for the ELECTRICITY (which includes taxes) to make them.... would I have to now pay INCOME TAXES on the sales of my BIRDHOUSES?
That is QUADRUPLE taxation. On the tools, on the materials, on the electricity, and now have to pay taxes on my effort?
Am I crazy? Do I have this wrong? Because this all seems to me like the IRS can go screw themselves, they have already been paid THREE TIMES. Right?
Yes and the whiskey rebellion ended all that now didn't it?I dunno, one could make the argument that this country was founded by tax cheats, so it's sorta the American tradition to find creative ways to not pay your taxes.
Before the war for independence, there were years and years of an underground economy designed to skirt paying taxes.
Like it or not, as many times as your government decides.
Virtue signaling aside, someone keeping the capital gains from already taxed money that they risked isn't a crime.
How many times should the dollar you earned be taxed?
I don't want their money, why do you want it so bad?
If that makes you sad, they industrially kill male chicken using the same method. Gruesome stuff.Somehow, that makes me sad.
Until we get ticked off enough to vote them out.
Most of us don't care enough to even know who their representatives are, let alone look up which spending bills their rep vote on.
May I see a show of hands please if you do?
<Crickets>
And this ladies and gentlemen is why 1 out of every 3 jobs is somehow tied to government funding.
You swim in the shallow end of the pool don't ya?
Not all of it is. Hope you get an audit!
unless u plan on paying taxes, we don't want to know and you are better off not mentioning..
FREE Tax tip!
-> I'll start by xxx the dollar amount in my quote.
I only cashed in about $4000 from crypto. HODLing the rest. Of course I didn't report. That's MY money.
It's pretty easy if you track all of your transactions and their details on a spreadsheet or use a broker who does it for you. Document purchase transaction date, cost, amount, and how many are still outstanding. On a separate spreadsheet, document sales date, proceeds, gains/losses (compare proceeds to purchase cost to determine this), long/short (long if more than a year, short otherwise). Every time you record a sale, update your purchase spreadsheet with the new outstanding amount. If you sell more than is still outstanding in one purchase transaction, then make another sale entry for whatever spills into the next transaction.I am pretty smart with taxes, but calculating taxes for crypto (or any capital gains related item) using first in first out is pretty tricky depending on the number of trades you have done and requires research. Turbotax is crap giving any help for this. I eventually went to bitcoin.tax and paid them some money for piece of mind. They have been around for five years and make importing account data easy. They then export to file format that can be uploaded into Turbotax or H&R Block. Way easier than doing it manually. Now that I can see what the final results are supposed to look like, I might try doing it all by myself next year.
Question is, why do you need to do your own taxes?Was going to say "good fucking god not another crypto thread..." but then "oh shit I need to mail my state taxes"... stupid fucking efile costs like $30! Seriously? WTF why does it cost anything?
Paying tax = paying Rothschilds imf. Be good goyim!
I don't live in the US.
In Sweden, we have a phone app which when connected to a bank allows you to send money instantly to anyone regardless of which bank they have, providing they use the same app.
I cashed on those $4000 during a 3 month period, small amount every couple of week.
People use that app very, very often when they sell things (you can use it for up to $15.000 per transaction). Banks here don't ask questions until suddenly there's over $15.000 on the account.
No one is going to ask about my tiny cash in.
Question is, why do you need to do your own taxes?
For crypto earnings it's different. Iirc, they aren't treated the same as stocks for whatever reason. I haven't looked at it too hard since I don't mine anymore and own an insignificant amount, but it sounded pretty convoluted last I heard.maybe is different in the USA but don't you only pay taxes on EARNINGS? like actual profits? and until its converted to real money they dont want to acknowledge it as a real currency anyways, except when they can make a buck off its holders. until its cashed out i dont see how they can ask you to pay anything on it, and even then only part of that is profits after electricity/hardware costs...you want to tax crypto then be prepared to let people write off computer hardware and electricity as overhead.
For crypto earnings it's different. Iirc, they aren't treated the same as stocks for whatever reason. I haven't looked at it too hard since I don't mine anymore and own an insignificant amount, but it sounded pretty convoluted last I heard.
maybe is different in the USA but don't you only pay taxes on EARNINGS? like actual profits? and until its converted to real money they dont want to acknowledge it as a real currency anyways, except when they can make a buck off its holders. until its cashed out i dont see how they can ask you to pay anything on it, and even then only part of that is profits after electricity/hardware costs...you want to tax crypto then be prepared to let people write off computer hardware and electricity as overhead.