The higher the bitcoin's price, the more topics related to taxes from cryptocurrencies appear.
There is one life hack on how to avoid paying taxes on cryptocurrencies. Until you cash out crypto, taxes can't be demanded from you. Therefore, when you want to make any purchase, use all your charm to convince seller to accept payment in crypto.
There is one life hack on how to avoid paying taxes on cryptocurrencies. Until you cash out crypto, taxes can't be demanded from you. Therefore, when you want to make any purchase, use all your charm to convince seller to accept payment in crypto.
You still owe taxes on this. This would just make you a tax cheat - a criminal.
Hopefully eventually here in the US (and well, same thing in other countries), Congress will pass a law that exempts purchases of a few hundred dollars or less in bitcoin from being taxed to encourage using bitcoin as payments. It has already been proposed a couple times in Congress though I'm sure it'll be a number of years until enough politicians care about Bitcoin to actually pass such a law. Whenever that happens though that would allow bitcoin to be spent on daily purchases without tax implications. This is a necessary requirement before bitcoin payments can start getting popular because until that happens the two options are you track your profit from every single payment or you are a tax cheat criminal. Of course we've got many years before bitcoin payments are even going to be implemented on the merchant side and until there are enough people who want to spend bitcoin to make payments a regular thing. But until we get such a law you can't simply convince someone to accept bitcoin as payment and now owe taxes on that lol. Let's not promote ideas that screw over people's lives and turn them into criminals. We want Bitcoin to HELP people, not hurt them.
