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)
Topic: Bitcoin payment laundering in order to avoid taxation - page 2. (Read 275 times)
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. 
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.
Unfortunately, this forum is not oriented towards helping someone who clearly wants to break the law.
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.
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
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
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.
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.
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?
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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