Master Crypto Tax Savings: Strategies, Loss Offsetting & Automation
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In this exhilarating episode of Whiteboard Crypto, the team delves into the thrilling world of crypto taxes. They unveil the secrets to saving your hard-earned cash after facing losses in the tumultuous crypto market. From bear markets to rug pulls and the infamous FTX Fiasco, they guide you through the treacherous waters of capital gains and losses. Long-term holding emerges as the hero, slashing tax rates and rewarding the brave souls who weather the storm for over a year.
The adrenaline spikes as they dissect crypto income, unearthing the hidden gems of staking, yield farming, and airdrops. Brace yourself for the ride as they break down how this income falls under the same tax brackets as short-term capital gains, leading to higher tax rates for the daring crypto adventurers. An electrifying example showcases the calculation of taxes on combined income, shedding light on the intricate dance between earnings and tax liabilities.
Hold on tight as the team zooms through strategies to offset income, including traditional IRAs, 401ks, HSAs, charity donations, and deducting business expenses related to crypto ventures. They reveal how losses can swoop in to rescue gains, offering a lifeline to those battered by market volatility. The pulse-pounding finale explores how losses from previous years can be carried over, turning the tables on tax obligations and potentially leading to a thrilling victory over the taxman. And in a heart-stopping twist, they introduce Coin Ledger as the ultimate tool for automating tax preparation, revolutionizing the way crypto warriors navigate the murky waters of tax season.
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