EdenHazard
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September 25, 2019, 10:23:33 AM |
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You can think of that way-a business! You can threat it as your business where you get your daily/ monthly income. You take care of it, sorting out problems, writing up a plan to become successful, no boss and you can manage your time.
But for me, rather than business, I consider it as a job because we all know that business needs consumers while trading is a different thing.
No as long as you are work for yourself and not involving anybody also have no benefit to other person ... i think it's just a self employment ... it is money that make you on the job. your earnings are not considered to be earned income at some point you don't have to pay any tax. Unless if you are a broker who managing other people money ... then it's a business.
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semobo
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September 25, 2019, 12:27:02 PM |
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Is trading crypto on your own with no employees and no storefront categorized as a real business?
If you profit $300 per year from this stuff, is that considered a business?
How about profiting $3,000 per year?
Or profiting $30,000 per year?
Where does trading online take on all of the aspects of being a legitimate and identifiable business?
If you consider forex and stocks as business then crypto trading is also a business. When we are making profits or loss while doing something then its supposed to be business.
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davinchi
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September 25, 2019, 05:56:29 PM |
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Is trading crypto on your own with no employees and no storefront categorized as a real business?
If you profit $300 per year from this stuff, is that considered a business?
How about profiting $3,000 per year?
Or profiting $30,000 per year?
Where does trading online take on all of the aspects of being a legitimate and identifiable business?
Trading generally has been a recognized business for ages, before cryptocurrency was invented, people including government has been trading Forex and stock and making money from it, and I don’t think that bitcoin trading too is different from this, even right now, china recognizes it as commodity asset, it is the currency feature of it they are not okay with even the US, but when it comes to trading with it, I think it is well recognized even if it has not been documented yet. I respect anyone that is able to trade cryptocurrency very well than those trading stock and Forex, because the volatility of cryptocurrency is that which is really not so easy to manage or control. It has so much risk more than the other ones that I mentioned and which is even still the best of all for now.
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Theb
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September 25, 2019, 06:55:41 PM |
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Have you registered anything about establishing your own business with your government for you to trade? If the answer is no then you already know the answer you are looking for. In trading the most they can ask for you is KYC while if you want to put up a business then the process would entirely be different which will require you to have licenses and permits depending on what type your business you are building up. In trading even on stocks or foreign exchange what you earn is not income the gains you will receive or profit from it are capital gains which has a different tax compared to income. If you still insist of making it into a "business" then I don't see any benefit from it since income taxes are considerably higher compared to capital gains tax.
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Oilacris
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September 25, 2019, 08:05:44 PM |
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According to this link https://www.investopedia.com/terms/b/business.aspWhat Is a Business? A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause.
On general means trading isn't a business but for our own personal views we can consider to be one.
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MI6
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September 25, 2019, 11:13:38 PM |
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Anything that can give us profit is business. Or maybe can be considered as a job. About profit, how much is it is no matter because at least we get an income. Although not all people can do it, but some people can get their daily needs only with get profit in trading activity.
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bering
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Leading Crypto Sports Betting & Casino Platform
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September 26, 2019, 06:11:52 AM |
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I think all of it depend on people own definitions to see whether trading as business or not but in my own personal view i consider people who run business should be sell things or they have particular products to offered and there are costumers involved too but trading is different although there was sell and buy activities but basically there is no product so i think trading could not be categorized as business and more likely can recognized as a job
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audaciousbeing
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September 26, 2019, 09:22:01 AM |
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Is trading crypto on your own with no employees and no storefront categorized as a real business?
If you profit $300 per year from this stuff, is that considered a business?
How about profiting $3,000 per year?
Or profiting $30,000 per year?
Where does trading online take on all of the aspects of being a legitimate and identifiable business?
It actually depends on what the law in the location you are defines as a business but from the look of it in my opinion, it is not. Earning an income does not mean owning a business. Just like employees that works in a company, they are earning money in form of wages and salaries but does not mean they own a business. However, if that employee sets up a business by registering with the body responsible for such, and then invoices to be paid in that regard, then he is running a business which I believe is applicable to other jurisdictions as well. The difference here is that no matter how much an individual profits from its activities, he is subjected to tax as an individual if he income accrued to him directly rather than indirectly if he had set up a business for that purpose.
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joromz1226
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September 27, 2019, 06:44:07 AM |
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Is trading crypto on your own with no employees and no storefront categorized as a real business?
If you profit $300 per year from this stuff, is that considered a business?
How about profiting $3,000 per year?
Or profiting $30,000 per year?
Where does trading online take on all of the aspects of being a legitimate and identifiable business?
When we say business, it is very long explanation. Lot of people all around the world are earning without owning their business. Because if you own a business, it means that business must supposed to be register under your name. Therefore, if we are a crypto trader, while we do profit in trading, it means we are buying and selling under the business of any exchange platform that owning by other people not our own business.
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vintages
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September 27, 2019, 05:57:16 PM |
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It can be considered as a good business even if you don't gave employees or other co workers. If you are doing it alone, sooner enough, you can have other or employ additional hand. On the other hand, earning only 300 dollars per year or 3000 dollars per year to me is not a good business or right earning.
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futureofbitcoin
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September 27, 2019, 06:20:47 PM |
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How to Start a Bitcoin Exchange in 10 Simple Steps 1. Obtain proper legal counsel to ensure licensing requirements are met. 2. Attain funding for venture. 3. Find a cryptocurrency exchange software solution provider. 4. Connect your exchange with others for added liquidity. 5. Partner with a payment processor. 6. Implement best security practices. 7. Go live via beta testing. 8. Start marketing & PR campaign. 9. Offer customer support. 10. Maintain a legal team for ongoing compliance.
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Pamadar
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September 27, 2019, 06:31:33 PM |
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I can consider that as your business because you are earning money but make sure that you don’t need much money for your daily needs because trading can’t give you fix profit everyday. If you gain a lot of money from trading, treat it as your business and make a good decision for you to stay on that business.
You can treat it as a good business since you are already using it to generate earnings, there's different opinions about to this but the important thing is how you consider this venture. For people who can afford to generate bigger income from this field they can consider that it is an freelance business where you are the boss of your own income generating business.
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adzino
Copper Member
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www.Crypto.Games: Multiple coins, multiple games
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September 27, 2019, 06:47:08 PM |
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Is trading crypto on your own with no employees and no storefront categorized as a real business?
If you profit $300 per year from this stuff, is that considered a business?
How about profiting $3,000 per year?
Or profiting $30,000 per year?
Where does trading online take on all of the aspects of being a legitimate and identifiable business?
No that wouldn't be considered as a business. Just making profit doing something does not mean it is business. If you go by this definition of making profit, then gambling would also be considered as a form of business. But do we consider gambling as a business? Nope. Again, a business should have an organization that is engaged in commercial activity, but there aren't any when you are trading to make profit.
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Ucy
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September 27, 2019, 07:02:50 PM |
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Is trading crypto on your own with no employees and no storefront categorized as a real business?
If you profit $300 per year from this stuff, is that considered a business?
How about profiting $3,000 per year?
Or profiting $30,000 per year?
Where does trading online take on all of the aspects of being a legitimate and identifiable business?
Depends on your definition of real business. Lots of people make money selling things online, trading stock and Foreign currencies without employees and no storefront. I guess you don't consider this online businesses as real businesses as they can be done without employees and storefront . I really don't understand why alot of people think that online business aren't real business.
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tenakha
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September 27, 2019, 07:19:44 PM |
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If you profit $300 per year from this stuff, is that considered a business?
How about profiting $3,000 per year?
Or profiting $30,000 per year?
-You can consider crypto not as business, but as an additional source of income. If you can make enough money, yes, but when you want to meet your needs based on the earnings that come from crypto trading, you may starve for several months. IMO there should be the source of the fixed income, and the money coming from the trade should be seen as an additional. But if you think you are a professional in this business and can handle these risks properly, it is the best that you can do. -How much you want to earn depends on how you want to live and where you live.
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Upgate
Member
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September 27, 2019, 07:37:46 PM |
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Anything you do and you have the intentions of making profit or having gain either in a short term or a long term can be considered as a business. So I will think trading cryptocurrency as a business
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Dart18
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September 28, 2019, 05:07:33 AM |
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Not entirely.
A business is where you have products and with trading I dont think it is a product but more of just money circulating and decision making. With business you let it flow and you can do marketing strategies to make it sell to the public.
I dont think that is the same with trading. You are on your own and it is more like gambling your money. It is too far for a comparison.
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th3nolo
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September 28, 2019, 05:24:17 AM |
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Is trading crypto on your own with no employees and no storefront categorized as a real business?
If you profit $300 per year from this stuff, is that considered a business?
How about profiting $3,000 per year?
Or profiting $30,000 per year?
Where does trading online take on all of the aspects of being a legitimate and identifiable business?
For tax purposes? The IRS does not consider trading to be a business activity. Trading income is unearned income, not business income subject to self-employment taxes. There can be tax benefits to treating it like a business though. They are listed in the article I linked. The primary ones being - You can deduct business expenses (like computer, trading software/subscriptions, internet access)
- In losing years, you can deduct more than $3,000 per year in net capital losses
I'm not a US citizen but it's great to know that you can deduct some money per year in net capital losses, for me that sounds amazing. And also the benefits of treating trading as a business, I'm the kind of guy that thinks trading has only capital gains taxes, or that's considered investing?
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pieppiep
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September 28, 2019, 05:32:19 AM |
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I consider crypto trading by myself as a business, but I don't know what will people called it. As long as we can make money from what we did, it is called the business. Maybe people will not call that business because they see that business will need employee or place and have a product as you said. But with the growth of the technology, we break that because we can have an online store on the internet, we can sell some product in our website, we can work as a freelance and other else.
A business is something that we can do, and we can earn money from time to time so that it will give some return to us. I think that will be the same as what people did in their office.
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beej
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September 28, 2019, 06:50:44 AM |
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It may differ in some ways on how people interpret or perceive independent trading. Some may see it as a business but I think it's more of a source of income if your making and earning a reasonable good amount from it. I believe it's more like a progressive investment in a rapidly volatile yet lucrative market. It's hard to tell though, since when your talking of business it is a discerning concept that implies money making on a regular basis, both a long term and a short one in that aspect.
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