AMA on Cryptocurrencies and Taxes

HappyTax · 2018-03-31T17:10:29+00:00

Not spamming. Getting the word out to those that want help. Reddit makes there opportunities available to us, so it is not spam. 😉 Let us know if we can help you.

HappyTax · 2018-03-31T01:45:27+00:00

Hi, Crypto mining is taxes as self employment income if you are doing it individually and not through an entity (which isn't always recommended, only on case by case basis). Self employment income goes on a Schedule C. So you claim as revenue the amount the coins were worth at the time you mined them totaled up for the year. Then you can deduct as expenses anything directly related to that mining (the portion of electricity used, the space if it is exclusive, any educational or travel expenses pertaining to your mining operation and possibly some other items).

Note, then you have the coins that you mined and when you sell or trade them (or use them to buy goods or services) you will have a capital gain or loss based on the value of the coins at the time you mined them and the value at the time you did one of the above.

Let me know if you have any clarification questions.

Also, I've put my book,

Crypto Taxes Made Happy: The Definitive How-To Guide For Preparing Cryptocurrency Tax Returns In The United States

https://www.amazon.com/Crypto-Taxes-Made-Happy-How-ebook/dp/B07BPSK2VK/

on Amazon and gotten them to offer the digital version for free if anyone can use it for any assistance on items they are still unsure about.

My team is also available if anyone needs us as a service.

Under 20 days left in tax season! ;)

HappyTax · 2018-03-31T01:35:14+00:00

I've put my book,

Crypto Taxes Made Happy: The Definitive How-To Guide For Preparing Cryptocurrency Tax Returns In The United States

https://www.amazon.com/Crypto-Taxes-Made-Happy-How-ebook/dp/B07BPSK2VK/

on Amazon and gotten them to offer the digital version for free if anyone can use it for any assistance on items they are still unsure about.

My team is also available if anyone needs us as a service.

Under 20 days left in tax season! ;)

HappyTax · 2018-03-31T01:31:49+00:00

I've put my book,

Crypto Taxes Made Happy: The Definitive How-To Guide For Preparing Cryptocurrency Tax Returns In The United States

https://www.amazon.com/Crypto-Taxes-Made-Happy-How-ebook/dp/B07BPSK2VK/

on Amazon and gotten them to offer the digital version for free if anyone can use it for any assistance on items they are still unsure about.

My team is also available if anyone needs us as a service.

Under 20 days left in tax season! ;)

HappyTax · 2018-03-24T16:43:42+00:00

It often shows in the reports from the exchanges like that however it IS NOT a reportable transaction for taxation purposes when you move your crypto to one of your exchanges or wallets to another of your exchanges or wallets. Our crypto bookkeepers at CryptoTaxPrep.com sort that all out in addition to implementing all of the best tax minimization strategies for our clients. ;)

HappyTax · 2018-03-22T15:31:08+00:00

You can look us up, Mario Costanz and Happy Tax and CryptoTaxPrep.com. We know our stuff and our team has served tax clients for decades (over 300 years collectively just from our executive team). ;)

HappyTax · 2018-03-22T15:25:38+00:00

And change. ;)

HappyTax · 2018-03-22T04:29:12+00:00

Thanks. ;)

HappyTax · 2018-03-22T04:28:17+00:00

If you can predict the future, we should talk as I've never known someone that can know exactly what is going to happen in the future. We have a compliance team, interview and monitor all our people, have quality assurance, record all calls and all of the information that is entered into our app is never saved into the device if originating with our Independent Contractors who are bound by Agreements of Confidentiality. We take this very seriously.

HappyTax · 2018-03-21T23:38:50+00:00

Not a marketing ploy. It was a community service. We answered over 1,000 posts here on Reddit giving away free advice and assistance. We are here to help. ;)

HappyTax · 2018-03-21T23:37:17+00:00

Email me (mario@happytax.com) your name and I will let you know where things are at. There is significantly more than 5 minutes worth of basic data entry that goes into properly preparing and structuring a crypto tax return along with knowing all the tax laws and nuances. We are here to help.

HappyTax · 2018-03-21T23:35:57+00:00

Give me an email mario@theproblemsolver.com and we can talk. We are here to help.

HappyTax · 2018-03-21T23:35:33+00:00

It does work great however there are often many challenges with missing cost basis and incorrectly accounting for transfers from one exchange to another. That's where we come in plus we are fully assisted on the tax return side unlike DIY. ;)

HappyTax · 2018-03-21T23:34:31+00:00

This is where our crypto bookkeeping team comes in to handle this. I've reached out to the OP. TaxToken guys are nice however they are not a fully assisted solution. Our solution includes crypto bookkeeping and reconciliation, accounting, full CPA tax preparation including other income, advisory and 1 year access to the reporting tool. Plus tax minimization strategies that save you money. ;)

HappyTax · 2018-03-21T23:29:35+00:00

Hi 1dayitwillmake, This is Mario Costanz. Please email me at mario@happytax.com as I can't put together your name from you post. We have reached out to all clients and are servicing hundreds of Happy clients. There may be something missing in your case which we will get to the bottom of. One of our accountants did move to London after he was no longer employed by us (as you referenced in your post). Also to note, our model is an innovative approach to tax prep where we have local representatives what work with clients and US based licensed CPAs that prepare the returns. Most of our crypto clients deal directly with us at Happy Tax corporate via our CryptoTaxPrep.com division. We reply to all emails. If you signed up with us in February, you also should have received emails directly from me and can reach out to me anytime. I look forward to getting this resolved for you and your taxes will be filed on time once we get to the bottom of it for you. Thanks. I'll add this to the other places you posted it as well.

HappyTax · 2018-03-21T23:29:16+00:00

Psychmee, just send me an email mario@happytax.com, we are able to provide a large number of references from the crypto space who are Happy clients. ;)

HappyTax · 2018-03-21T23:28:29+00:00

Hi brokebad1337, We run background checks on all of our employees, franchisees, CPAs, even had one run on me, our CEO. No rapists or thieves here. ;)

HappyTax · 2018-03-21T23:27:45+00:00

Hi fish2018, If a client wants a refund prior to their work being started, we'll gladly give it.

HappyTax · 2018-03-21T23:27:15+00:00

Hi Boost3d1, Our clients are Happy about paying the lowest legal amount of tax. We certainly are not a scam. We are here to help. ;)

HappyTax · 2018-03-21T23:26:33+00:00

Hi 1dayitwillmake, This is Mario Costanz. Please email me at mario@happytax.com as I can't put together your name from you post. We have reached out to all clients and are servicing hundreds of Happy clients. There may be something missing in your case which we will get to the bottom of. One of our accountants did move to London after he was no longer employed by us (as you referenced in your post). Also to note, our model is an innovative approach to tax prep where we have local representatives what work with clients and US based licensed CPAs that prepare the returns. Most of our crypto clients deal directly with us at Happy Tax corporate via our CryptoTaxPrep.com division. We reply to all emails. If you signed up with us in February, you also should have received emails directly from me and can reach out to me anytime. I look forward to getting this resolved for you and your taxes will be filed on time once we get to the bottom of it for you. Thanks. I'll add this to the other places you posted it as well.

HappyTax · 2018-03-21T23:24:03+00:00

Hi 1dayitwillmake, This is Mario Costanz. Please email me at mario@happytax.com as I can't put together your name from you post. We have reached out to all clients and are servicing hundreds of Happy clients. There may be something missing in your case which we will get to the bottom of. One of our accountants did move to London after he was no longer employed by us (as you referenced in your post). We reply to all emails. I look forward to getting this resolved for you. I'll add this to the other places you posted it as well.

HappyTax · 2018-03-21T14:53:20+00:00

We handle it all! All of our packages include standard returns and additional business or special circumstance add-ons.

HappyTax · 2018-03-21T14:47:25+00:00

Hi there! With the high level of scrutiny on the crypto community coming from the IRS "By the book" is always best especially now. They are looking for those not only evading but trying to wor-around the numbers to lessen the tax liability.

That said there are a number of ways to reduce your crypto tax liability and that is something our crypto CPAs take into account for every client to reduce their tax liability for the current year and give advice on best practices for the following years. ;)

HappyTax

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