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Crypto Tax Made Easy

@CryptoTaxSucks

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We've saved clients $21.8MM in crypto tax (and counting) Daily content to help you save, too. Want a free review of your crypto tax to see if we can help?👇

https://t.co/aLGx7bbDgI
Joined October 2022
Don't wanna be here? Send us removal request.
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
10 months
If you want to overpay on your crypto tax - use a crypto tax software. If you want to overpay having someone fix your crypto tax software, pay your accountant. If you want to save time and money in your crypto tax, pay us to do it. Costs way less than your accountant fumbling
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
2 months
The IRS is cracking down on crypto harder than I've ever seen. And it's honestly predatory how some of these auditors are acting. So here's what you can do to make sure you don't end up in a nightmare situation 🧵
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@hourly_shitpost Uhhhh, that’s Oregon
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22 days
@vidsthatgohard it was not a good movie
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@messedupfoods No apple slices? Just slice some apples.
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15 days
@historyinmemes It do be like dat
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@PopCrave who is she and why those tan lines so crazy?
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@ShouldHaveCat Love how it’s taped down to make it easy for kitty
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6 months
@0xMert_ India & Pakistan are sleeping giants when it comes to highly educated and skilled technical workforce that give zero fucks about western ideals of work-life balance.
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11 days
@coinfessions Only if you plan on short changing him when you give the funds back. Then you're a dirty lying snake. But if you are just trying to manage expectations in case it drops...well played.
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16 days
So you saw the headline? Let’s take a look at just how mad you should be about this tax proposal 👇 🧵
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@interesting_aIl Artists brains are a wonder
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9 days
@coinfessions Sounds like this MF just got liquidated today.
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25 days
@historyinmemes 2 was lit with the snake game
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17 days
@weirddalle imagine one day you're t-rex, king of the world. fast forward: you're powering a gutless 4cyl vehicle
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21 days
@PopCrave bit racist, but OK
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2 months
The IRS is kicking crypto investors while they’re down. And some of y’all didn’t believe me. Don’t want to pay income tax on $17k you never made? Here’s what you should do 👇
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15 days
I can't believe how fast this happened. Just two weeks ago, I set a goal to 10x my content creation on X. At the same time the @GalacticGeckoSG started a "Grow Your Brand With X" group - a true PPP initiative. That initiative has already helped 5 members get their accounts
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9 months
@unusual_whales That’s an insanely big number. You could solve a lot of problems with that.
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17 days
@WallStreetSilv Boeing reputation already trash. @elonmusk to the rescue
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25 days
If you're planning to do your own crypto tax, I think it's important to know what you're getting yourself into. So I made a tier list where I rate how difficult/time consuming different transactions are to review, categorize, and reconcile. S-Tier = easiest F-tier = hardest 🧵
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22 days
What can someone who can't afford our services do to get their crypto tax done? I realize hiring professional help isn't always in the budget. But that doesn't mean you should have to go to jail for not reporting crypto taxes. 🧵Here's a primer on how to DIY your crypto tax.
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2 months
“I claimed this airdrop with a VPN, am I going to get in trouble if I report it on my taxes?” Short Answer: The IRS expects you to report income from illegal activities and stolen goods. You’ll get in more trouble for not reporting the airdrop. Not Long Answer: It’s not
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Crypto Tax Made Easy
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6 months
Just thinking out loud here, but if you receive let's say....$10 Million to a wallet. And then you provide liquidity and the token starts trading. It hits a $50 Million market cap right quick...and you accidentally burn 50% of the supply ($25 million). The $10 Million you
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4 months
PSA: you still owe tax even if you didn't cash out your crypto. And just reporting the cash you put in and cash you pulled out is not an acceptable accounting method. What are the consequences of not reporting? If obvious tax evasion/fraud - jail is on the table. More likely
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2 months
I've had multiple people reach out recently who are going through IRS audits because they didn't properly report their crypto transactions. Some of them are facing what they described as "penalties that could completely ruin me financially." But what did they do to deserve
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3 months
@patty_fi We are all retail from past cycles who have convinced ourselves that round tripping our bags and then riding them back up means we’re not retail. ETFs are the only retail we’re getting this cycle.
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18 days
New banner, who dis? Absolutely frothing on the art from @cronus_art Big fan of their work and honored to be able to rep it!
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18 days
If you trust crypto tax software's promise that you just connect your wallets & get optimized tax reports in minutes - you'll get rekt. In one of two ways: 1)You overpay. 2)You underpay, get audited, and end up paying unexpected tax, penalties & interest. Why does this happen?
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2 months
@coinfessions No judgment. My form 8949 makes me look like I'm 11-years old.
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12 days
Woke up next to my wife. Went for a surf. We chilled with my nephews. Had a brunch date after. Snuck some trench time in. Walked the scenic route from the beach to bush. Eating lamb roast and roast veg. Am I missing anything? Or did I just have the perfect Saturday?
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2 months
In a few of the cases I've seen, these folks were just transferring crypto from overseas exchanges to US exchanges. When they got kicked off the overseas exchanges, they didn't download their tx history and it was lost. So 100% of their transfer volume (in some cases 6-7 figs)
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4 months
The best alpha right now is: -People who love the game have an edge over ppl in it for the money. -Young bloods with their infinite energy have an edge over burnt out 30+ y/o. If you don't love the game there's no hope. If you're in the 30+ age group and can avoid burnout +
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4 months
@notashenone The amount of people I saw get rekt by this in the last cycle, I wouldn't do this. The fatal flaw? Greed. People get the entry, get greedy, and roundtrip by the time the bill is due. What they don't tell you is you don't get 12 months 0% interest if you don't pay it off by the
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7 months
He was fully prepared to get scammed by the tax office for a million dollars. And then I intervened... I had a client who decided to finally get square with their crypto taxes. Unfortunately, their tax reports from [redacted] said they had a $5 million capital gain, and their
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23 days
Last week the algo served me a video with such a click baity title, I almost skipped it. Lucky I didn’t. The message I got: Stay focused. Before trying something new, do more of what already works. I decided to increase my content on X, and that same week @genuinearticles
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Crypto Tax Made Easy
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8 months
I'm seeing a lot of fear and speculation on CT relating to this law about reporting transactions >$10k in crypto. As of now, there is no clear guidance on how to comply with these rules if you are in the United States. There is a lot up to interpretation. But my initial
@jerrybrito
Jerry Brito
@jerrybrito
8 months
New crypto tax reporting obligations took effect on Jan 1. If you receive $10k or more in crypto you now have an obligation to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a felony charge.
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9 months
NFTs could be the best tax loss harvesting opportunity you're sleeping on. I recently posted about a client who saved $4200 on taxes by burning their illiquid NFTs. Here are some practical tools to light fire to the garbage in your wallet, and potentially recapture some value.
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@CryptoTaxSucks
Crypto Tax Made Easy
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2 months
In a few of the cases I've seen, the common "red flag" is that they did not report transactions on their tax returns that the IRS had a record of. As a result, the auditors go into "attack mode" where they consider every unsubstantiated deposit into your accounts as income.
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22 days
Look, I’m not a Fed. So keep DMing me to ask if your tax evasion scheme will work. Like I said, I’m not a Fed. So you're safe. But I did buy this pretty suss @CyberFrogsNFT sooooo..... Could be a fed.
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2 months
And final note - if you are facing an audit - make sure to get a crypto accountant or tax lawyer to defend you. It will be expensive, but in most cases...worth it! We do not do audit defense, but I have a few colleagues I'd be more than happy to refer you to if you're in a
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Crypto Tax Made Easy
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2 months
REGULARLY DOWNLOAD ALL OF YOUR TRANSACTION HISTORY FROM CEX! When FTX went bankrupt, customers lost access to their transaction data within days. But guess who likely has access to this data? The IRS. Unlike transactions in self-custody wallets where you can pull the tx
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Crypto Tax Made Easy
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4 months
Last thing this father of two wanted was to do his bloody crypto tax. He would much rather coach his kids' hockey by day, and degen by night. But his [redacted] crypto tax software said he had a $1.5MM gain! And that was causing a bit of anxiety because he didn't have a spare
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2 months
I only understand NFTs from two perspectives: -Tax loss harvesting all the stupid rugs I minted -How to account for them in crypto tax software But I'm this close🤏to buying a Galactic Gecko 100% because of what I see from @genuinearticles Who wants to help onboard me?
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8 months
How I helped one client knock $108k off their capital gains report. I had a client come to me literally shaking with fear. They were looking at a $113.5k capital gain for 2022 on Koinly and they had no clue how they could afford to pay it. After we finished our process, their
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2 months
You don't even have to make one of those "do Geckos follow Geckos follow geckos? 👉👈" posts. You just buy a Gecko or two and wake up to heaps of new friends.
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22 days
I filmed 3hrs of accounting team training yesterday. I filmed 2hrs of accounting team training today (another hr planned) Why so much training? Because I'm building an army of chad accountants who can make crypto tax easy for all you degens. And you keep doing more degen
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23 days
Mid-curve NFT take: What fueled the bull market last time will not fuel the bull market this time. And we may never see the valuations we saw last cycle again. And that's a good thing. Think about it this way: did Tulip prices EVER return to ATH after the mania period? No.
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13 days
Want to make NFTs really fun again? How about the marketplaces actually act like marketplaces instead of like soulless exchanges. In every other marketplace ever throughout time, buyers and sellers could barter. In NFT marketplaces, you can place a bid and pray the seller has
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24 days
@historyinmemes Nostalgia to the max Prob downloaded on limewire
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27 days
I never really was a collector of anything. Thought it was a weird mental illness. Now, here I am. Mentally ill.
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28 days
Geckos are habit forming. Whatever you do, at all costs, do not buy them.
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2 months
I've seen an auditor subpoena an overseas exchange to obtain a customers transaction data. They used this to claim the person had 6-figures in income which were actually non-taxable self-wallet transfers. You'd think the customer would be able to fight back, but the IRS wasn't
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20 days
@coinfessions Oh man, this started off so hopeful and ended so sad. If whoever wrote this is reading the comments - you made something out of nothing. Thats commendable, feeding yourself and your family is useful.
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21 days
@hourly_shitpost How do they know the cat doesn’t identify as a dog?
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2 months
The best way I know of to prevent being a victim of lost CEX data is to set up a crypto tax software ASAP. Once it's set up: 1)Link all of your exchanges via API so you have a consistent data feed. 2)Regularly (every 1-3 months) download csv files of your transaction history
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Crypto Tax Made Easy
@CryptoTaxSucks
2 months
If you want to reduce your chance of red flags that commonly trigger audits - make sure you report all of your CEX transactions on your tax returns. Few years behind? Get current ASAP. I've seen cases where the audit is triggered because of a data mismatch from years ago. What
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12 days
Chop wood, make fire, eat good. BBQ is the ticker.
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23 days
@Rainmaker1973 Good to know White House staff has (had?) a soul
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2 months
The exchange refused to share this data with the customer, and the auditor also refused to share it until after the audit is compete. In this case, what can you really do to avoid life changing financial penalties? Unfortunately - it's WAY harder to defend yourself once the
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26 days
@hourly_shitpost Back in my day we called that a caddy ⛳️
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16 days
Conclusion: you’ve been engagement farmed. Get back to the trenches.
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24 days
Look, I’m not a Fed. But stop DMing me to ask if your tax evasion scheme will work. Like I said, I’m not a Fed. But if I were I’d put you in jail.
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17 days
This is crazy but: We might actually need to put up a waiting list on any new clients requiring reports delivered for Oct 15th deadline already. Will do our absolute best to accommodate you if you need help, but I don't think we can confidently guarantee delivery before October
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15 days
@coinfessions If anyone donates to a gofundme for someone who lost money gambling...they're an enabler. Ol' mate obviously gonna try to run it back and lose the full stack again
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10 months
@BanklessHQ @SecYellen All I’m hearing is “if the alternative financial system doesn’t want to turn belly up and submit to the US financial system, we will attack it”
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9 months
I won’t judge you for taking profits on $BONK and reducing my Saga subsidy…but I do have a warning. As we reach the end of the financial year, if you have a ton of income from airdrops like JTO and (hopefully) JUP. And a bunch of profits from swinging into BONK, WIF, etc. then
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2 months
My first faction. Smitten. Time to stop buying geckos until: 1)Airdropped enough for another (likely) 2)When someone responds “Geckos” on the ‘how did you hear about us’ question on our intake form. 3)Pays for services with Geckos (unlikely, half the collection staked 1yr)
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2 months
@genuinearticles I woke up with massive erectile gecktitis
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10 months
@BowTiedBull One of my mentors (insanely successful 70+) has a "life progression map" that overlays on this perfectly. Mid-30s to early 40's = "zone of doom". This is where the catastrophic relationship, health, or financial failures tend to happen. If you can avoid that trap, you'll make
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11 months
@WhaleChart We talking 202 BC? AD? Or a whole new Mayan calendar timeline shift?
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2 months
I've had a fair number of people come to me saying they are "down bad" on NFTs and memecoins. But they still owe money on tax. How is this possible? Let's explore this paradox, and how you can avoid owing tax when you're losing 👇
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23 days
@elonmusk @realDonaldTrump So many people focused on the fact that he said 60 million viewers live when it was 1 million viewers and 60 million impressions. Hilarious that its now at 1B+ reach
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2 months
But if you REALLY want to create the most unassailable case possible, get your crypto tax reports done right the first time! To do this either you or a professional should: 1)Set up a crypto tax software 2)Categorize all of the transactions and develop a record of the purpose
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14 days
If you don’t like and repost your own posts, how can you expect others to do it?
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4 months
New RAD(iant) pfp. Who dis?
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1 month
It's kinda crazy to me that the best trade I've made with both size and conviction was a stable coin. When USDC depegged I piled everything into USDC while everyone thought this was UST 2.0 It wasn't and I had like 10% return in a day bc of other people's fear. Other than
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2 months
@watchking69 You mean I can gamble $1k full leverage and respawn every day?
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13 days
It's full faction Friday in the @GalacticGeckoSG So I just finished collecting my matching peen eye faction set. How did I do?
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26 days
My wife was feeling overwhelmed last week and asked me, “how do you get so much done?” I actually don’t have a good answer. So she just observed me like an anthropologist. Today she reported back the results: “You seem to know what’s important, and you only do that.” True.
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1 year
@unusual_whales Abso-fuckin-lutely I got a call from a realtor asking if I was still trying to sell my house in [random city] I’ve had my phone number for 5 years. They were obviously going so deep into their CRM that they thought they were calling a lead from 5+ years ago who had this
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1 month
"How am I supposed to explain these tickers to my accountant?" If I'm your accountant, we are the same 🤝
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28 days
Geckos are habit forming. Whatever you do, at all costs, do not buy them.
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26 days
@elonmusk Imagine if instead of helping people in a car crash, the cops started arresting onlookers for creating traffic.
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2 months
Something I wish I knew when I was younger: If you have a $300k realized P&L you get max taxed and might keep $180k. But now you're back at square one, only as good as your next trade. Can't sell your trading record. If you have a business that earns $300k you can protect a
@rohit_thinks
Rohit Manchanda
@rohit_thinks
2 months
In my honest opinion, crypto is ruining the young generation. My friend’s 22-year old son made over $300k with crypto in 2021 and quit his day job. He later lost it on some shady investments. Now he spends 99% of his time locked in his room looking for his next “lucky shot”
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
29 days
There are a lot of things that I'm not proud of in our business. One example is how we fell behind on work during tax szn and still have not caught up. I even hired 4 more accountants hoping that would fix the issue. But it wasn't as much a matter of being understaffed as it
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
1 month
It's absolutely bonkers to me that people think you can just move from the US to Dubai or Puerto Rico, cash out your crypto, and magically owe no tax. Study: Roger Ver
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
17 days
@TaraBull808 Do stuff you like and say g’day to other people doing that thing you like
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
1 month
I wasn't around for the BONK airdrop, but I've done enough Solana taxes to see how much of an impact that had on the ecosystem. Almost every client either: 1)Sold and immediately deployed the funds into defi or NFTs - almost none off boarded the funds. 2)Held, accumulated, got
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
20 days
Every KOL talking about NFTs being a good way to lose money. I’ve got news for you: NFTs are fun.
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
8 days
@coinfessions 'Profit is profit' tells me this guy is not on tilt. Good luck in the trenches comrade 🫡
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
1 month
While on my post-tax szn holiday I realized I was doing a major disservice to my clients. First off, we had up to an 8-week waiting list and people wanted quicker turnaround times. I should have hired more team members earlier. This year, I aim to be overstaffed. We also got
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
3 months
If the IRS audits you, you must be able to prove where deposits into your crypto accounts came from. Can't do it? They might force you to pay income tax on the deposits even if it came from your own wallet/exchange. This is why it's super important to do the following:
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
6 months
Just setting some realistic expectations publicly. Our client load has grown 5x year-over-year and I only have 2x the staff from last year, and we're all working overtime so maybe 2.5x the capacity. I'll be the first to admit - some things have been slipping through the cracks
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
25 days
@BBCSport Snoop
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
8 days
In case of an investigation by any federal entity or similar, I do not have any involvement with NFTs or with the people collecting them, I do not know how these jpegs got in my wallet, probably airdropped by a third party, I do not support any actions by members of this group.
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
7 months
If you’re reading this in your first language, your $JUP airdrop is probably taxed as income. Do with that information what you will.
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
2 months
@genuinearticles Got my first geck. Plasma Beam put me over the edge.
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
3 months
Full disclosure to all prospective clients: We bill up front. Why? There is a real cost to having clients either not pay their bill, or not pay on time. These real costs generally get passed on to everybody in the form of higher prices. If I have to hire someone to chase up
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
10 months
@TiffanyFong_ You did an amazing job covering the case from start to finish @TiffanyFong_
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
7 months
It took way too long to build this. But it's ready just in time! When I first got into NFTs, Defi, and using more exotic dApps my crypto tax situation became a nightmare. I saw that Coinbase recommended a specific tax software, but it didn't support Binance Smart Chain or defi
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@CryptoTaxSucks
Crypto Tax Made Easy
@CryptoTaxSucks
2 months
My whole team of accountants is actively seeking more Solana accounts to work on. After years of same-old EVM chain stuff, Solana provides a new challenge and new use cases. We're all having fun developing new workflows and investigative techniques for SOL.
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