Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Biodom]

...

Still have tax due in a few days...

How does the US tax system work? Does a business pay at the start of the new year, and citizens pay in April?

You can file to extend documentation to October, if you want, as long as you paid 100% in April.
Corp: by the 15th day of the third month following the tax year (March 15 for calendar year).
LLCs-flowthrough to individual tax if single member, then there are franchise taxes (TX-in May).
Last year I had to pay a bit, then they hammered me with high estimated payments and now it looks like I overpaid.
Impossible to get it right (either you have paid too much or too little almost every time).

I seem to remember people blaming early January bitcoin dumps on miners/traders having to sell to pay US taxes. Is that bullshit?

Not entirely because if you made sweet gains or mined lots of btc, especially at higher prices by the end of the year (as it happens frequently), then you might want to sell enough to fulfill your tax obligation (at least for estimated taxes) that come mid January. If you had a large realized gain (or income), but carried all of it to April, you would incur penalties and/or be unable to pay the tax at all. Example: gained $100 in Dec, need to pay $25 in April, but your btc declined to $20. You are out of luck: have to pay, but funds are insufficient.

[1715379575]

1715379575

[1715379575]

1715379575

[1715379575]

1715379575

[HI-TEC99]

... then you might want to sell enough to fulfill your tax obligation (at least for estimated taxes) that come mid January.

...

So miners/traders get an estimated bill/obligation in mid January?

[WastedLTC]

$1 million BTC bought every day, regardless of price

https://twitter.com/Capital15C/status/1512593429422919680/photo/1

You are welcome https://bitcointalk.org/index.php?topic=178336.msg59809876#msg59809876

Ah, didn't saw you posted earlier. Good Job

Here is the wallet link : https://bitinfocharts.com/bitcoin/address/bc1qw0pswznckx7s6tjmd2f5hrx4q6kc5nyrdxku50

Looks like they are a miner -- coins from F2pool

[Biodom]

... then you might want to sell enough to fulfill your tax obligation (at least for estimated taxes) that come mid January.

...

So miners/traders get an estimated bill/obligation in mid January?

They don't have to, but if they don't, then there is a penalty later on.
The obligation is self-calculated, nobody sends you a bill (in US), not initially.
Brokerages send a 1099 form that depicts P/L, but this is only for stocks, options, etc.
They tried to send those for bitcoin/crypto (i think Coinbase did it at some point), but reneged after much outcry (they were calling sending out btc from an exchange a 'sell").
My understanding that they do send such tax due bill in other countries.
overall, taxes in US are INSANELY complex.

[Arriemoller]

https://youtu.be/4XxTy1ItcGE

[ChartBuddy]

Explanation

[philipma1957]

...

Still have tax due in a few days...

How does the US tax system work? Does a business pay at the start of the new year, and citizens pay in April?

You can file to extend documentation to October, if you want, as long as you paid 100% in April.
Corp: by the 15th day of the third month following the tax year (March 15 for calendar year).
LLCs-flowthrough to individual tax if single member, then there are franchise taxes (TX-in May).
Last year I had to pay a bit, then they hammered me with high estimated payments and now it looks like I overpaid.
Impossible to get it right (either you have paid too much or too little almost every time).

I have decided to pay too much on purpose every year since I got into BTC.  No worries that way.

I filed my 2020 taxes in Oct 2021 with a six month extension from April 2021.

They are yet to refund me 4292 + juice say 4400 last year my fed refund came in June of 2021.  This year it may come later say July.

But I do paper returns to deliberately slow everything down. If I had done online return in Oct I would have been paid around Dec 2021. They pay high interest rates than a bank does so I am hoping they refund me in August or Sept.  


Oh I did file extensions for state and fed.  So I do not file until Oct 2022 for 2021. I also paid estimated tax for 1st quarter.  With btc and other mining my business I can roll profits into gear and pretty much write my own ticket as to what I report as profit.

Last year I added a lot of gear to offset taxes.

And to the WO. you can do all the TA you want but we are still in the 28-69 k slot and have yet to leave it since dec 2020

We won't leave it until August or later.

[Toxic2040]

you can do all the TA you want but we are still in the 28-69 k slot and have yet to leave it since dec 2020

We won't leave it until August or later.

[NoorulHuda]

Bitcoin will "fall" below $400,000 next.

[Toxic2040]

the evening wall report



bitcoin is down steeply again today 6.25%...with most other markets following as continued worries about inflation and the ongoing war in Ukraine mount

stack sats and take it all day by day...a couple deep breathes every now and then dont hurt either

steady as she goes

dyor

4h


D

stronghands

[shahzadafzal]

If you think you are late to bitcoin? Consider this…

Only 3 out of the 32 #bitcoin halvings have occurred.

You're that early.

################################


https://twitter.com/documentingbtc/status/1513634167002734597?s=21

[Copetech]

you can do all the TA you want but we are still in the 28-69 k slot and have yet to leave it since dec 2020

We won't leave it until August or later.

So is that Fur-Ball in Hand?

[philipma1957]

I am hoping for a break down to 17.7k or a jump up to 95k.  Just as long as we leave the 28-69k slot. In August-Oct 2022

[ChartBuddy]

Explanation

[philipma1957]

Fuck you CB no soup for you or sandwiches!


Hey anyone remember having a can of campbells tomato soup and a nicely done grilled cheese sandwich for lunch.  I miss that can't have it anymore.

[Hueristic]

Fuck you CB no soup for you or sandwiches!


Hey anyone remember having a can of campbells tomato soup and a nicely done grilled cheese sandwich for lunch.  I miss that can't have it anymore.

I used to love dipping grilled cheese in cambells tomato soup.

I make the soup with half a can of milk rather than water and season it and it kicks serious ass, makes a great lunch.

[savetherainforest]

https://youtu.be/4XxTy1ItcGE

Interesting. Well, the problem was that they spoke a similar language for CENTURIES !! And facts like that made them easy to be assimilated into the conquering country that was invading and trying to dominate.

One step for them is to remove cyrilic alphabet from schools and replace it with latin letter alphabet.

War is bad. But independence is better. (Or the illusion of it at least.)    


*edit(): All of this is pointless. We will not have borders anymore in 50 years. (Maybe small places like The Citadel of Vatican. Citadel. ) .. But we will be fighting for Mars and other "Space turf".

[philipma1957]

Fuck you CB no soup for you or sandwiches!


Hey anyone remember having a can of campbells tomato soup and a nicely done grilled cheese sandwich for lunch.  I miss that can't have it anymore.

I used to love dipping grilled cheese in cambells tomato soup.

I make the soup with half a can of milk rather than water and season it and it kicks serious ass, makes a great lunch.

yep my grandma upped that to ½ and ½ rather than water. and made  nine slices of italian bread with a  set of 3 different cheese on three of the nine slices.

So 3 american 3 jarlsberg and 3 provolone. for her Italian/Norwegian American grandson (me)

Damn they were good. I used to do it on her birthday after she passed but too many carbs in it. Oh well

[xhomerx10]

Fuck you CB no soup for you or sandwiches!


Hey anyone remember having a can of campbells tomato soup and a nicely done grilled cheese sandwich for lunch.  I miss that can't have it anymore.

 I still make Campbell's tomato soup and grilled cheese sandwiches for my daughter but I can't have it either so I feel your pain but there is a very good alternative for Campbell's tomato soup though you're going to have to do some work:

https://www.resolutioneats.com/blog/keto-tomato-soup/

 I use Carbonaut bread (low carbs, no sugar) for my grilled cheese but I'm not sure it's available near you.  There must be many more options for low-carb bread in America though.   There's gotta be an Aldi near you:

https://www.eatingwell.com/article/7824201/is-loven-fresh-net-zero-carb-bread-healthy-keto/

[Hueristic]

Fuck you CB no soup for you or sandwiches!


Hey anyone remember having a can of campbells tomato soup and a nicely done grilled cheese sandwich for lunch.  I miss that can't have it anymore.

I used to love dipping grilled cheese in cambells tomato soup.

I make the soup with half a can of milk rather than water and season it and it kicks serious ass, makes a great lunch.

yep my grandma upped that to ½ and ½ rather than water. and made  nine slices of italian bread with a  set of 3 different cheese on three of the nine slices.

So 3 american 3 jarlsberg and 3 provolone. for her Italian/Norwegian American grandson (me)

Damn they were good. I used to do it on her birthday after she passed but too many carbs in it. Oh well

Well shit I am having this tomorrow now, only have chedder/swiss/provolone though but that should suffice.

Damn will have to run out for the Italian bread though so might as well grab 1/2&1/2 as well.

And CB will just have to suffer, no soup for it one year!