Are you shure that there is even the need to declare such low profits? Usually there are some amounts that can not be declared since it is more effort for the tax agency to calculate the tax then what they will actually earn from it. Usually it is helpful to just call the tax agency since they can tel, you in one sentence what you are supposed to do.
You are required to declare any profit, if it is written in the law. There are licensed accountants in the US and companies that do it for you. The tax office may not check your declarations. I listened to stories from people that they have not been called to the tax office for more than 15 years, and the period of verification is limited to 3 or 5 years, I don’t remember. But for so long, people are required to keep supporting documents. Therefore, declaring small profits can be a good expense for the taxpayer if he uses intermediaries, but not for the tax. 
Topic: Quarterly estimated taxes For Bitcoin in the US (Read 315 times)
Are you shure that there is even the need to declare such low profits? Usually there are some amounts that can not be declared since it is more effort for the tax agency to calculate the tax then what they will actually earn from it. Usually it is helpful to just call the tax agency since they can tel, you in one sentence what you are supposed to do.
https://www.coindesk.com/business/2023/04/28/crypto-tax-plan-could-come-in-12-ish-months-says-irs-official/
" The U.S. Internal Revenue Service hopes to issue crypto tax guidance ready in "12-ish" months, Julie Foerster said from the stage at Consensus 2023 on Friday.
The digital assets project director also said the IRS is planning to change how it looks at cryptocurrency and wants to work more with the industry.
Foerster, who stressed her views are her own and not necessarily those of the IRS, said her five-person team was with her at Consensus, presumably moving through the convention center, talking to people about taxes and what the U.S. agency can do better."
" The U.S. Internal Revenue Service hopes to issue crypto tax guidance ready in "12-ish" months, Julie Foerster said from the stage at Consensus 2023 on Friday.
The digital assets project director also said the IRS is planning to change how it looks at cryptocurrency and wants to work more with the industry.
Foerster, who stressed her views are her own and not necessarily those of the IRS, said her five-person team was with her at Consensus, presumably moving through the convention center, talking to people about taxes and what the U.S. agency can do better."
Taxation of bitcoin was started all over the world by the name of the legalisation.Why you are using of Binance for consuming some fees,instead of using FTX.Which doesn’t possess any fees for the transaction as compared to all the exchanges.It was trusted one with 0$ fee for the transaction.So many experience people uses FTX instead of binance for the transaction of bitcoin.Some still had a love towards the binance and using it blindly.
I've made a whopping 2 dollars from trading Bitcoin and I might have less than 200 Blockchain transactions, do I now have to do bookkeeping and accounting for my non-blockchain transactions on my checking account being that I used my checking account to send money to FTX and Binance or do I just focus on using crypto accounting software to do bookkeeping and accounting for my Blockchain transactions?
When does crypto start to be considered a business rather than personal? What is the threshold?
Use my EIN# or use SSN# to file quarterly estimated taxes?
Are business expenses deductible from Bitcoin short term capital gains taxes?
When does crypto start to be considered a business rather than personal? What is the threshold?
Use my EIN# or use SSN# to file quarterly estimated taxes?
Are business expenses deductible from Bitcoin short term capital gains taxes?
First off you mention ssn and you mention ein
these are usa numbers.
thus i assume you are usa based and want usa advice.
binance or binance.us
you belong on binance.us
so before i say any advice are you on the correct binance?
I've made a whopping 2 dollars from trading Bitcoin and I might have less than 200 Blockchain transactions, do I now have to do bookkeeping and accounting for my non-blockchain transactions on my checking account being that I used my checking account to send money to FTX and Binance or do I just focus on using crypto accounting software to do bookkeeping and accounting for my Blockchain transactions?
When does crypto start to be considered a business rather than personal? What is the threshold?
Use my EIN# or use SSN# to file quarterly estimated taxes?
Are business expenses deductible from Bitcoin short term capital gains taxes?
When does crypto start to be considered a business rather than personal? What is the threshold?
Use my EIN# or use SSN# to file quarterly estimated taxes?
Are business expenses deductible from Bitcoin short term capital gains taxes?
As long as you are doing transactions on centralized exchanges the exchanges may report all of your activities to the IRS so yes you have to report all of them even if it happens of the chain.
Crypto is being considered as an asset neither a business so short term and long term capital gains are applicable for whatever gains you made from investing that capital. The tax rates varies from states to states and also from countries to countries so better refer the local auditor for accurate information.
Are you worried about how you will have to declare that $2 of profit?
In this case, obviously, it is not going to be worth your while to pay a tax advisor.
See if someone who knows how it works in the US can help you.
As far as I know, in most countries in the world, if they don't have an IRS or equivalent body that is inquisitorial, nothing will happen if you don't declare that $2.
Another thing would be that the legislation counts as capital gains every trade in which you make money, but does not deduct the losses, so that, despite earning $2 net, you would probably owe hundreds of dollars at least to the IRS. But it sounds to me that in the USA they are not so imbecilic as to count it that way.
In this case, obviously, it is not going to be worth your while to pay a tax advisor.
See if someone who knows how it works in the US can help you.
As far as I know, in most countries in the world, if they don't have an IRS or equivalent body that is inquisitorial, nothing will happen if you don't declare that $2.
Another thing would be that the legislation counts as capital gains every trade in which you make money, but does not deduct the losses, so that, despite earning $2 net, you would probably owe hundreds of dollars at least to the IRS. But it sounds to me that in the USA they are not so imbecilic as to count it that way.
I've made a whopping 2 dollars from trading Bitcoin and I might have less than 200 Blockchain transactions, do I now have to do bookkeeping and accounting for my non-blockchain transactions on my checking account being that I used my checking account to send money to FTX and Binance or do I just focus on using crypto accounting software to do bookkeeping and accounting for my Blockchain transactions?
When does crypto start to be considered a business rather than personal? What is the threshold?
Use my EIN# or use SSN# to file quarterly estimated taxes?
Are business expenses deductible from Bitcoin short term capital gains taxes?
When does crypto start to be considered a business rather than personal? What is the threshold?
Use my EIN# or use SSN# to file quarterly estimated taxes?
Are business expenses deductible from Bitcoin short term capital gains taxes?
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