How do I avoid tax on crypto

[BeGoods]

If I make money on crypto currencies. How do I avoid as much tax as possible?

If you want to avoid paying taxes on crypto, then there are both legal and illegal methods to do that. If you want to go the legal way, then I'd ask you to hire a good tax consultant. If you want to take the illegal way, then you can do that through pre-paid debit cards or cash on mail.

I think tax consultants will not be able to avoid you on the taxes that will be given to you. maybe the accountant can do a good calculation and reduce the amounts taxes that may be given to you. but I think avoiding taxes with crytpo is so easy? you know that crypto is decentralized and anonymous. you can hide your income very easily right ?

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[Bagaji]

If Bitcoin and crypto currency in general is taxable income in your country or region and you are finding ways in which you you not pay tax i see you as an enemy of your government and i will not advise you to do such a thing as is contrary to the law of your country. But if you leave in a country like my country where Bitcoin and crypto currency in general is accepted as a means of exchange for goods and services and the our government didn't adopt it then you need not to pay tax and that is what we enjoy here in my country.

[BTCeminjas]

If Bitcoin and crypto currency in general is taxable income in your country or region and you are finding ways in which you you not pay tax i see you as an enemy of your government and i will not advise you to do such a thing as is contrary to the law of your country. But if you leave in a country like my country where Bitcoin and crypto currency in general is accepted as a means of exchange for goods and services and the our government didn't adopt it then you need not to pay tax and that is what we enjoy here in my country.

It seems like here our country we much enjoy using cryptocurrencies because our government did not take an action on bitcoin to put a tax on it, the good thing is our government recognized bitcoin as a part of a currency where able to have transaction online.
I think the tax that we paid is in the wallet company that we have, through conversion bitcoin to cash we have already deducted by the transaction fee, and then when we cash out our fiat there is transaction fee in remittance to claim our fiat. And that way we could pay tax

[jrrsparkles]

If I make money on crypto currencies. How do I avoid as much tax as possible?

If you try to avoid paying taxes to the governments then it will be considered as illegal action so it will be better to pay the necessary taxes.BUt if you are using crypto currency as crypto currency then you no need to pay any taxes but if you cashout that crypto the problem will start.

[Maxxbill]

After the newly written U.S. tax laws recently passed, cryptocurrency investors realized the tax-free exemption filing 1031 for IRS reporting is no longer applicable to their digital asset investments. The law also implies that a lot of people will have to pay taxes on every single transaction they processed.

[imsotiredofmoviereboots]

If I make money on crypto currencies. How do I avoid as much tax as possible?

It depends on how your country's law tax your profits. In some countries, I've read that long term trading or holding will tax you much more so you just need to adjust to that and only do short-term trading to reduce it.

[RodeoX]

I feel bad for the people who think that not paying taxes is an option. They are going to turn the investment of a lifetime into a jail sentence. It is foolishness.

[Aerilaya]

Minimizing your tax liability through careful planning is always a good idea. Evading taxes, however, it's not.
Failing to pay the required taxes on your Cryptocurrency investments will land you in real hot water with the IRS or any other tax organization.
For peace of mind reach out to cryptocurrency account at HappyTax. They are specially-trained to help you with your tax exposure

[Ivandvanko]

not the time we chose not to pay taxes  ... now taxes on everything, even what you bought for your money, you have to pay the state, although it did not help you at all.  such a policy.  and the same with the crypto currency, someday we will be charged for each transaction with which the interest on the exchanges is already taken ...

[ethereumhunter]

I think if in your country, there are any tax for crypto, you don't have to avoid the tax but you need to pay the tax because this means you are still supporting your country so you can help your country. besides that, you can avoid breaking any law or regulations that need to pay any tax for the citizen of that country. and I think the tax is not too expensive if you compare with your income from the crypto so you could still enjoy your profit and you have your money from crypto.

[lycipher]

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes.

Sometimes it is currency, and sometimes it is not. But avoiding taxes is a question not related to Bitcoin itself, rather than one made profit from trading. Hire a finance guru for that

[makolz26]

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes.

Sometimes it is currency, and sometimes it is not. But avoiding taxes is a question not related to Bitcoin itself, rather than one made profit from trading. Hire a finance guru for that

Why not just comply with the regulations of our country, we are always looking for a best result from our government but we are doing everything just for us to avoid tax, is it fair? I don't think that it would be a good idea too, we should also comply with our obligation for us to have the right to complain when our government are not doing their job too.

[Mukarram Tariq]

First of all in my country bitcoin is still illegal so I don't pay Tex on my profit on bitcoin.

Last month the IRS issued a serious warning through a press release to anyone that does not pay taxes on their cryptocurrency profits. The statement says that “taxpayers could be subject to criminal prosecution…Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000.”

Unfortunately, few people understand how to account for cryptocurrency gains on their tax returns.

[ranman09]

Unfortunately, few people understand how to account for cryptocurrency gains on their tax returns.

I agree, but wasn't there a tax added to a transaction when you are transacting in a country with bitcoin is legalized?

[mekie]

There are two things to consider: firstly all the essential services that you use come out of the taxes you pay-so morally and ethically you should pay tax.

But if you want to avoid them it will depend on how much you are making and where you live how you do it. For example: it is possible to set up an offshore company with bank account with bearer shares (no names on them) with nominee officers for a couple of thousand dollars the bank will still want to do it's due diligence but it's not a major difficulty to pass. You then need to work out how your going to spend all this money without attracting attention-it's no point putting on your tax return that you are making for example ($50,000 per year) and then drive around in a Rolls Royce or Ferrari! 

Offshore companies have been for decades, and are still used by the rich and by businesses to minimise their tax burden. PM me if you need more info.       

[1Referee]

The statement says that “taxpayers could be subject to criminal prosecution…Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000.”

Does it make sense that you are subject to these barbaric threats when you are just protecting yourself from the biggest thief on the planet (ie, the government)? Instead of making me pay tax, these threats once again convince me NOT to pay tax. I am not here to financially support governments to extort people. The more we pay, the stronger they become.

Unfortunately, few people understand how to account for cryptocurrency gains on their tax returns.

It's not all that difficult, but in most cases people think that just because governments don't explicitly refer to crypto, or that it isn't legal yet, they don't have to pay tax, which is completely wrong. Some even think that due to crypto's 'anonymity' they can freely do everything they want without paying tax.

[Creation-arts.com]

Is there a Dutch thread on this subject? Because I read a little bit on the dutch tax system, from what I understand, it's pretty relaxed 

[act now]

Very actual issue! But with the launching of regulation, tax evasion will become more and more difficult. How to cash out the profit? After all, the banks are at the same time with the tax authorities!

[Hannahanto]

It depends upon the laws of your country. For crypto tax is available in your country then it is good to pay tax.  If you earn money but your are not ready to pay tax means it is scam and you have to face lot problems. I thinkmost of the countries are not announced tax for crypto currencies.  So check with your country rules and regulations and act according to that.

[astrid.uchiha24]

Is there a Dutch thread on this subject? Because I read a little bit on the dutch tax system, from what I understand, it's pretty relaxed 

you may check local boards
good for you if your tax system is a bit relax on crypto profits, most 1st world countries have a serious law on taxation when it comes to crypto market because they notice a large number of people getting a good wealth in the past years.