In this video, we break down the complexities of cryptocurrency taxes for USA investors especially when it is time for the tax extensions to be due. Jessica from Beta Virtual Assistance provides a comprehensive overview, covering crucial topics like reporting crypto transactions, penalties for late filing and payment, the importance of reporting losses, estimated taxes, and more. If you want to … [Read more...]
Ep. 010: Defi: The Double-Edged Sword of Crypto Investing – How to Stay Sharp
Join us in this podcast episode where we delve into the world of Defi (Decentralized Finance) protocols. Discover what some common Defi protocols are, their potential rewards, and the critical risks you need to be aware of. We also touch on the complex topic of tax implications when investing in these protocols. Stay informed, stay safe, and learn how to navigate this fascinating but challenging … [Read more...]
Ep. 009: Crypto Tax Adventures: Real-Life Stories of Managing Cryptocurrency Taxes
In this podcast episode, join Jessica from Beta Virtual Assistance as she delves into the world of cryptocurrency taxes. Discover the significance of importing all your crypto transactions into your tax software, even the smallest ones, to establish accurate cost bases. Jessica shares real-life challenges and solutions, from missing data to provider changes, offering valuable insights into … [Read more...]
Ep. 008: Simplifying Crypto Tax Reporting: What Info Your Accountant Really Needs
In this podcast episode, cryptocurrency tax expert Jessica shares valuable insights on how to prepare and present your crypto transactions to your accountant or tax preparer. She breaks down the essential steps, from generating tax reports to summarizing trades, ensuring your taxes tell the right story. Discover the key elements to provide your accountant, demystify crypto tax reporting, and … [Read more...]
Ep. 007: Crypto Payments in ICO Coins: Risky Proposition or Hidden Gem?
In this podcast episode, Jessica from Beta Virtual Assistance explores the world of cryptocurrency investments and the potential pitfalls that come with Initial Coin Offerings (ICOs). Discover the risks and rewards of ICOs, learn why accepting payment in ICO coins can be risky, and get a glimpse into the complexities of coin minting. Jessica also sheds light on the volatile nature of the crypto … [Read more...]
Ep. 006: The Surprising Truth About Crypto Losses and Tax Savings
In this podcast episode, we explore the common misconception surrounding crypto taxes: that you don't need to report them if you've experienced losses. We reveal the truth about crypto tax reporting and how facing losses can actually lead to substantial tax savings. Learn why it's essential to understand this aspect of cryptocurrency investments and how to navigate the tax landscape for a more … [Read more...]
Ep. 005: What to Do If The Data From Your Crypto Account Is Messed Up
This podcast episode provides important tax tips for crypto investors facing issues with their exchange accounts. We emphasize the significance of maintaining detailed account history and offer strategies for reconstructing transactions if access is lost. Being proactive, downloading transaction history regularly, and keeping records of deposits and withdrawals are crucial. We also recommend … [Read more...]
Ep. 004: Navigating the Volatile Crypto Market: A Closer Look at Bitcoin and Dollar Cost Averaging
In this podcast episode, we delve into the current state of Bitcoin and explore the concept of dollar cost averaging as a strategy for navigating the volatile crypto market. Bitcoin's price has been fluctuating, with experts suggesting that it could drop to $20,000 if it fails to surpass a certain line. We also discuss the upcoming halving event, which involves reducing the rate at which Bitcoin … [Read more...]
Ep. 003: Crypto Tax Tips: How to Navigate Different Types of Crypto Income
In this podcast episode of Thursday Tax Tips, we discuss the various types of crypto income and their impact on taxes. From the buy-and-hold strategy known as "Holding" to income from staking and interest-bearing assets, we explore the tax implications of these activities. We also discuss the concept of return of capital and the importance of choosing the right tax software for accurate reporting. … [Read more...]
Ep. 002: Crypto Loan Pitfalls: Avoiding Tax Traps in Volatile Markets
In this podcast episode, we explore the intriguing world of cryptocurrency loans and their tax implications. Discover how borrowing against your crypto holdings can be a smart strategy if you avoid common tax traps, helping you avoid capital gains taxes when selling your digital assets. We also share essential tips for managing crypto loan transactions for tax purposes. However, be careful about … [Read more...]