Income tax. Not a particularly exciting topic, especially when it comes to paying them. But something we all need to deal with nevertheless. We are all (or at least should be) aware of what our personal tax returns entail. But are you fully aware of the implications holding crypto can have on your tax filing?
Clinton Donnelly, Founder of CryptoTaxAudit has done hundreds of tax returns for US citizens, both domestic and expatriated, and is an expert when dealing with filing crypto and Bitcoin taxes. He is also an Enrolled Agent, which means he meets the requirements of the IRS to represent taxpayers. Clinton has seen it all, and there's no situation too complicated.
In our interview with Clinton, we explored the ins and outs of crypto taxes for US citizens – it was an information-rich conversation. US taxpayers who hold crypto will learn what they need to report to the IRS, as well as the practical, concrete actions one can take to make sure they are complying with the Tax Code of the United States of America.
Topics covered in this episode:
Your tax obligations are as a cryptocurrency holderWhat you need to report and how you can prepare a Bullet Proof tax returnHow to put yourself in ths shoes of a IRS tax auditorWhat to do if you get an IRS audit letter (hint don't panic)The biggest mistakes people make when filing their tax return and the risks they faceWhat to do if your crypto transaction history is messyWhat proactive steps you can take to improve your situationEpisode links:
CryptoTaxAuditDonnelly Tax LawIRS Refused to Clarify Its Crypto Tax Guidance Isn’t Binding, US Watchdog SaysIRS Explains What Crypto Owners Must Know to File Taxes This YearClinton Donnelly, TwitterClinton Donnelly, LinkedinThis episode is hosted by Sebastien Couture. This podcast episode was sponsored by CryptoTaxAudit.com.