Crypto Taxes Are On The Way And Personalised Strategies Are The Way To Go

Cryptocurrency has been facing some of the largest leaps in growth ever since the pandemic started. Bitcoin grew 100% and Ethereum 470%. The next big crypto, Solana has seen an upscale of 13,300% and even Doge the meme coin is up by 49,000%. We all know that big money means big taxes. We can expect taxes soon although the trajectory is not yet known. Cryptocurrency Trading is considered as an investment or an asset just like a stock. Selling assets get the government big profits through taxes particularly if coins are owned for a year or less. The interest that is earned while staking or lending is also taxable. There is no direct calculation for crypto taxation. It depends on how the holders and investors trade, use and so on. 

The US government is expecting to raise $28 billion in the next ten years with crypto taxing. The currencies stored in the digital wallets will be the record shown to report tax information to brokerages upon which the owner of the wallet will be taxed. As of now, starting from 2024 anyone who receives more than $10,000 in crypto should report with the required identification details about the sender of the currency, just like how it works with fiat. 

Since this is a new concept even for finance experts, investors are having to do their own accounting because most digital-asset exchanges don’t release form 1099-B. In such cases, people like Yerusalem Your Crypto Tax Strategist offers crypto tax coaching.  

Just like how one has to learn to properly invest in crypto to have positive gains from it, it is also advisable to learn tax strategies that can help you avoid humongous taxes on your coins. This could be a very essential piece of knowledge because crypto is definitely the future and given that we cannot avoid regulation and the rate at which it is growing only adds to the stance. The key is to prepare in advance with the correct tax strategies and to be proactive. It is better to work with a crypto tax expert who invests in crypto and someone who can give customised ideas. Everyone is going to be taxed differently and thus there is no one strategy that works for all. Yerusalem Your Crypto Tax Strategist schedules calls with individual clients and helps prepare a strategy just for them. 

Other than crypto tax services, Yerusalem Your Crypto Tax Strategist offers inclusive Tax Planning and Strategizing for all combined income. 

About Yerusalem from Yerusalem Your Crypto Tax Strategist

Yerusalem has been a  tax practitioner for 6 years and investing in the crypto space for 4 years. Her enthusiasm for blockchain technology, decentralization, and web3 have led her to combine her love for tax strategies and crypto together. Yerusalem works with a team of experts who bring in in-depth knowledge to ensure that the client receives quality individualized crypto tax strategies. To schedule a crypto tax strategy session, visit the website www.cryptotaxstrategist.com 

Leonard Gibbs
Leonard Gibbshttp://kryptoscroll.com
I have been in the Crypto industry for over 4 years now and have written many articles on this niche. I am considered one of the best authors in the space. My work has been featured on top news sites such as CoinDesk and Bitcoin Magazine. I have also been a guest on popular podcasts such as The Bitcoin Podcast and Epicenter. In addition to my writing, I am also an active investor in several blockchain projects and hold a seat on the advisory board of a few companies.

Similar Articles

Most Popular

Football lengend David Beckham joins Greed island

On November 5th, the English football superstar David Beckham announced that he would join the Greed Island team, and the whitelist application channel has...

The NFT Project Driving Freedom of Speech in The Metaverse

"Schooling" The Metaverse On Free Speech, Tanked Gil Schoolies NFT's Use Comedy to Fight Cancel Culture With Freedom of Speech Under Attack in and around...

Potential projects to get whitelisted on Solana and Ethereum

The rapid expansion of the NFT sector over the last year has made possible a plethora of innovative new endeavors. The early identification of...

THE Ape-Revolution of the Defi Space

What do you get when you combine game-changing utility, an experienced team in Defi and a frenetic committed community? A monster coin in the...

The Sublimation of Metaverse Experience: Visualization, Multi-scene, Immersion

DID, Metaverse, Immersive Experience, On-chain Visualization, On-chain Interaction In recent years, the "metaverse" has become the new consensus of the global technology giants on the...

Funex Club Announces the Launch of its Upcoming Multi-Chain Decentralized Crypto Wallet – Funex Pro

VILNIUS, LITHUANIA / ACCESSWIRE / October 17, 2022 / After the successful launches and presale programs of its native currency, i.e., Funex Coin - Funex Club is...

NuriFlex successfully completed 1st round of NuriTopia $NBLU token private sales

VANCOUVER, British Columbia -- NuriFlex Holdings Inc. (www.nuri.ca, “NuriFlex”) announced that it has successfully completed 1st round of $NBLU token private sales. $NBLU token...

Bowled.Io To Build A Multilateral Community In Partnership With Prominent Web3 Ecosystem Players

Gaming is the fastest-growing entertainment industry in India. The number of online gamers in India has nearly doubled to 510 million from 269 million...