Cryptocurrency Tax Preparation
Should you report crypto income on your annual tax returns? Yes. While cryptocurrency tax laws were vague in the past, these days there's no question. Whether you're a big time business investor or an individual that dabbles in digital assets as a hobby, its clear that this income must be reported on your tax returns. Delerme CPA specializes in crypto tax preparation services and will advise you on how to pay the lowest taxes possible while staying in compliance.
Filing Crypto Tax Returns
This is not the time to punch a few numbers into an online tax software and call it a day. The tax reporting requirements for digital currencies are much more involved than a regular business or personal return. To file correctly and be prepared in case of an audit, you need more than a tax return. You must gather all of the documentation associated with your transactions in case the IRS ever demands proof of where you got your numbers.
Filing Back Taxes
The federal government recognizes the potential for revenue from cryptocurrencies and they plan to get their share one way or another. If you don’t report your virtual transactions properly, the IRS may go after you for tax penalties and interest. Failing to report your gains at all is considered tax fraud and in some cases you could even face criminal prosecution. So if you owe back taxes on cryptocurrency, now is the time to get up to date.
If you need to catch up on back taxes or just want to be prepared to file this year's crypto tax return, contact us now. Request a free consultation online or call us now at 404-445-8095 to get started.