eddie.gouws (OP)
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December 29, 2022, 08:51:49 AM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
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Edwardard
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December 29, 2022, 08:59:38 AM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Its not completely anonymous. Its pseudo-anonymous (others can still look at your transactions and holdings through your given public address). Should I state them at my taxes as payments? You should if its taxable in your country. If you try to break the laws, you maybe charged more with penalties later. Better pay your taxes legally on time.
Alternatively, if you're doing bigger deals in crypto, why not move to a more crypto friendly country who take none or very less taxes on crypto (you can find many on google by yourself). Btw, would you mind posting your country's name?
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so98nn
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December 29, 2022, 09:19:35 AM |
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At some point you will have to spend the money for living so you may end converting bitcoin into the local currency or get it from crypto ATM. As far as ATM considered they will not ask you for KYC for limited cash but after that you may have to go for taxation.
The best way- Pay only at shops where bitcoin is accepted. Pay to the peer directly from your wallet. Or Convert amount of bitcoin into fiat which is your calculated expense on monthly basis. Keep rest into bitcoin. Only pay taxes for expenses which will get reduced anyways since they are expenses.
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mk4
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December 29, 2022, 09:27:11 AM |
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Safe: just declare the payments and pay your taxes
Risky: don't declare and don't pay taxes, but could potentially be a problem for you in the future if they affiliated you with your wallet addresses and dug up your transaction history
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EarnOnVictor
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December 29, 2022, 10:01:52 AM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
My simple advice to you in this regard is that you should be transparent about this as possible you could. Let me start by saying that it's the fault of the government of many countries for not making the adequate provision for a thing like this so that they could genuine tax transactions as it's being made. Instead, they are fighting crypto which supposes to earn them more revenue. As this is not your fault and there are no adequate provisions by law in this regard in most cases, just continue with your business and let your bank tax you only when you move monies from crypto to fiat.
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noorman0
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December 29, 2022, 10:07:21 AM |
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Compared to fiat, actually using bitcoin is easier to avoid taxes. Just coming back to personal decisions, if you want not to be haunted by worries all the time, then it's better to be tax compliant. Unfortunately, this forum is not oriented towards helping someone who clearly wants to break the law.
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Charles-Tim
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December 29, 2022, 11:51:09 AM |
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Pay your tax. Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
Know that bitcoin is not anonymous, its transactions can be linked to addresses used to send it and the addresses the coins are sent to. Linking it to your identity may be difficult, but not impossible. Compared to fiat, actually using bitcoin is easier to avoid taxes. Just coming back to personal decisions, if you want not to be haunted by worries all the time, then it's better to be tax compliant.
It is nothing new again that fiat is used to evade tax.
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franky1
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December 29, 2022, 01:07:26 PM |
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if you are not well versed in the methods of legal tax avoidance, either find an accountant or dont take the risk
because if you dont follow the loopholes that allow tax avoidance legally, you are then doing tax evasion which come with stiff penalties far beyond what you can save(if you are discussing amounts under $1k)
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Aanuoluwatofunmi
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December 29, 2022, 01:24:36 PM |
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Hello I have started accepting payments with bitcoin due to its anonym state. There's a way you can achieve been anonymous with your bitcoin transactions but know that it's not something embedded by default since the blockchain is an open distributed ledger and you need to take your transactions off the chain using the later 2 protocols or you can also get a mixing service to secure your transactions from public, the kind of wallet you use also determines this, when you make use of a decentralized one or run a full node transaction on the blockchain, you're secured but always ensure you avoid the centralized exchanges wallet to achieve this.
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tranthidung
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December 29, 2022, 01:55:08 PM |
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It is good to pay tax to contribute to your nation and communities you are living in if you think your government is good enough or at least acceptable, not unacceptable corrupted. Congress killed a landmark wildlife bill to preserve a massive crypto tax loophole. This article mentioned about wash sales to avoid tax in cryptocurrency market and there are proposal bills to control it like in stock market. In stock market, you can not sell your stocks around a year ending and buy them back a few days later in a next new year. To avoid tax in stocks, the period should be 30 days minimally.
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bittraffic
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December 29, 2022, 01:57:39 PM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
It does mean you have a business that you now are trying to accept BTC from the products and services you offer. If the BTC address is not linked to your business, I guess that BTC is not recorded in your cashier's ledger and maybe it's safe to just use the BTC but if it's recorded there then it's taxable. Pay up your tax, after all, you are a citizen of your country.
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avikz
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December 29, 2022, 02:38:13 PM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
Why do you want to avoid taxes? Be a good citizen and pay your taxes honestly to avoid future hassles. Personally I don't recommend anyone to avoid taxes. In my country, I am legally liable to keep all records of my income for 7 years. The income tax department can contact me if they need any clarification for the transactions done 7 years earlier. So it's a serious matter. If you absolutely don't want to pay taxes, use anonymous cryptos like XMR or Zcash. Bitcoin is not fully anonymous!
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Ojima-ojo
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December 29, 2022, 03:25:03 PM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
First i am not vast in tax laws but in my country, there is what is call income tax which means every amount that enter.an individual accounts is taxed. And also company tax is there and since you said, you recently start accepting bitcoin as payment means you have an existing company whcih is registered and duely taxed. But in the absenceof the above points ecery other ways and means you got your Bitcoin payment untaxed means a tax invasionand if you are guilty, you may face penalties. if you are not well versed in the methods of legal tax avoidance, either find an accountant or dont take the risk
because if you dont follow the loopholes that allow tax avoidance legally, you are then doing tax evasion whichcomese with stiff penalties far beyond what you can save(if you are discussing amounts under $1k)
Yes a lot of individuals and companies in my country have been involved in tax invasion and because of weak tax laws in my region quite a good number of them are doing it but at the long run, the law will cash upon them. And from the title of the thread, one can easily see how ops mention laundering which points to potential tax invasion, and best for oos to take time and under the legal implication of tge crime and what it will cost him to be up.to date and the vest way to do that is through income tax.
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stompix
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December 29, 2022, 03:42:38 PM |
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I think too many are focusing only on the spending part and not on the way they got these bitcoins in the first place. He is getting paid in BTC for services or products sold or offered by his company, which means that this must be a registered sale with an invoice, that it must be registered in his accounts, and not declaring it makes it tax evasion in the first place, and if he ever gets a thorough fiscal inspection they will see that there are products he purchased, he did not sell because he hasn't registered it and they have not been returned either, so this will be the moment the nightmare begins.
In business relations, you always have to remember you're not alone, if a guy that has bought stuff for you thousands of dollars gets audited and when they check your books there is nothing there you're done for, no matter how cleverly you've been with spending those coins yourself.
Also, it would have been helpful to know what taxes are you looking at in your country for those payments and how many you think you can get because if your plan gets you an extra $50 without tax at the end of the month it's not worth even researching it, let alone doing it.
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spectre71
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December 29, 2022, 04:42:44 PM |
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Yeah pay your taxes your fingerprints are everywhere especially when go through exchanges with AML/KYC.
I would keep a business wallet and personal wallet never mixing the two. Learn about tax harvesting as well to offset gains.
Depends on where you are (laws)
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Findingnemo
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December 29, 2022, 04:59:15 PM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
It depends you are running a business then you can't evade because IRS will know what you are getting so you will be forced to pay taxes if you evade but avoidance isn't illegal so learn to use avoidance but never ever try to evade since its illegal and also this forum doesn't encourage any kind of criminal activities in any jurisdiction. Crypto assets aren't made for tax evasion and you can evade with fiat too so its just the medium and it doesn't help you when you decide what you are going to do. Crypto ATM conversion isn't that cheap so you are paying premium price or they take big chunk as commission.
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eddie.gouws (OP)
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December 30, 2022, 07:47:12 AM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
It is interesting that the cryptos are about and based on anonymity but most say to declare payments and be transparent. Thank you guys a lot I think I lean more towards the clear and transparent option.
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dothebeats
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December 30, 2022, 10:39:32 AM |
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You're looking at a lot of problems if you're a registered business and you're not declaring your profits and your proceeds. Normally I'd say "fuck the governments" when it comes to bitcoin and crypto, but this one you have a lot of things on your plate—your business and its legality—so you really should just go ahead and be safe than sorry.
Question is, would the amount of bitcoins you have received as payment enough for you to not give a fuck about the future problems it may cause to you and your business? If the answer is yes, then go ahead and don't declare it as part of your profits; launder it as much as you can. If the answer is no, then just go to your tax department and ask for consultation on what needs to be done in order for you to continue receiving bitcoin payments and not cause a hassle to yourself in the future.
It all just boils down on the amount of bitcoins received (at least for me), and I'm pretty sure the same goes to you as well.
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buwaytress
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December 30, 2022, 11:51:31 AM |
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Pay your tax, it's just your dues. You might even end up getting more benefits in some countries if you're doing business/entrepreneurship and are using new technology. You'd be surprised at how much you can get if you just ask. if you are not well versed in the methods of legal tax avoidance, either find an accountant or dont take the risk
because if you dont follow the loopholes that allow tax avoidance legally, you are then doing tax evasion which come with stiff penalties far beyond what you can save(if you are discussing amounts under $1k)
Seems pretty clear OP's interested in evasion, not avoidance. Bitcoin then is really not the currency you want to use for this.
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NotATether
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December 30, 2022, 11:57:17 AM |
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Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
You don't have to pay taxes on Bitcoin unless you bought them with fiat money. Since you obtained all that Bitcoin through business payments, they are not subject to any tax, though that depends on the country you live in. What I'm writing applies to the US. Of course, your business may have to pay taxes to the country it is incorporated in based on the relevant country laws. But if you have no company, you don't need to worry about this.
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