Results Tax Accountants, a crypto advisor and tax accounting firm, recently published a couple of free tax video reveals that unveil some of the strategies being used by some high-profile crypto investors, traders, miners, and other professionals in the industry to keep their gains from taxes. The crypto tax experts stated that the move was to increase tax-paying clients’ knowledge on the subject.
“Cryptocurrencies are hot right now, but some people still have questions about how they work and why they are worthwhile. We’ve seen people become millionaires in a short time, which motivates beginners to hop right on the bandwagon, only to struggle to break even. And even when they do, the government still wants a piece of their pie,” the firm’s spokesperson noted.
Although, the subject of taxing crypto currencies sound controversial and ambiguous to beginners and even intermediate players, it doesn’t eliminate the fact that the government has the right to tax crypto currency gains. For profitable HODL of over a year, investors are subjected to capital gains tax rates. It even applies to sending and receiving payments.
The slightest change could result in thousands of dollars of taxes due. With a focus on avoiding legal issues with the IRS, many crypto investors hire CPAs and accounting agencies to help them navigate the tax waters. While it sounds relieving, most of these firms do little to help their clients plan and reduce taxes. A handful even outsource the returns overseas.
Such experiences leave the typical crypto investor or holder confused and exasperated. The sleepless nights spent crunching numbers, deciphering tax jargon, and calculating the gains or losses is just not worth the effort. The good news is that Results Tax Accountants offer solutions to counter these challenges, via the tax video reveals. The firm guarantees:
- Providing proactive tax planning and guidance via in-house certified and vetted crypto CPAs who are available round the clock.
- Reviewing running returns through a 73-point check to ensure compliance with the IRS standards. That way, investors, holders, traders, and miners are not found wanting.
- Applying the right tax codes to clients’ investments and transactions that scale complex audits.
- Auditing previous returns for financially draining errors to provide cost-effective solutions that can be included in current tax filing.
Not all CPAs are well-versed in handling cryptocurrency tax compliance issues. In actuality, there are few specialized firms and one would have to be very keen in spotting them to avoid falling victim of poor tax preparers.
“We believe everyone should have access to tax-advising experts, even if they don’t have large portfolios. If you’re planning to hold cryptos or have been holding them for more than a year, our tax consultants will give you a tax strategy that maximizes your returns while reducing your tax liability,” concluded the firm’s spokesperson.
About Results Tax Accountants
American-based crypto tax accounting firm, Results Tax Accountants, works with both individuals and corporations to ensure their crypto assets are treated fairly and in compliance with federal laws. With an impressive clientele that ranges from high net-worth HODLers to institutional investors, the firm is one of the go-to tax professionals in the industry. Among the services provided are crypto tax planning, tax filings, tax compliance, and tax implications consulting.
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