Since you have to hold your crypto at least a year for it to be tax exempt I'm really concerned about all the capital gains taxes I'll have to pay since I'll most likely be making most of my sells before the year ends.
Crypto taxes may differ from country to country, but I believe this should help.
There are two types of crypto taxes:
1. The short term capital gain
2. The long term capital gain
In 2020 the capital gains tax rates are either 0%, 15% or 20% for most assets held for more than a year. Capital gains tax rates on most assets held for less than a year correspond to ordinary income tax brackets (10%, 12%, 22%, 24%, 32%, 35% or 37%).
What is short-term capital gains tax?
Short-term capital gains tax is a tax on profits from the sale of an asset held for one year or less. The short-term capital gains tax rate equals your ordinary income tax rate — your tax bracket. (Not sure what tax bracket you’re in? Review this rundown on federal tax brackets.)
federal tax bracketshttps://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets/What is long-term capital gains tax?
Long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. The long-term capital gains tax rate is 0%, 15% or 20% depending on your taxable income and filing status. They are generally lower than short-term capital gains tax rates.
Are there any crypto tax resources or advice people on here would recommend? I'm looking at some sites like CryptoTrader.tax.
The best is to learn more about how crypto assets are taxed, you can read the PDF for better way to understand about it, it will help you to do the maths to know exactly what you should pay base on US standard.
https://www.irs.gov/pub/irs-pdf/i1040sd.pdf2020 Capital Gains Tax Calculatorhttps://www.nerdwallet.com/article/taxes/capital-gains-tax-rates