Posted by Best Crypto Tax Accountants Near you to Help You Avoid Cryptocurrency Scams
What is cryptocurrency and what are tax implications?
Cryptocurrency is a digital form of currency that is used to buy and sell goods and services online.
In the United States, cryptocurrency is not considered as legal tender. Therefore, it is subject to different tax implications than traditional currencies.
Cryptocurrency taxes are based on the type of transaction, how much you earned from it, and how long you held it for. In general, if you made a profit from trading cryptocurrency or mining it, any gains are taxable as capital gains. If you spent money to buy cryptocurrency instead of using your credit card or bank account, then any expenses incurred will be deductible against your income.
Taxing Cryptocurrency was founded to guarantee that members of the crypto community pay the least amount of crypto taxes that they are legally required to pay to the government in relation to their transactions. We promise that your tax return will be done by a licensed CPA with deep knowledge of tax structure, deductions, and credits, allowing you to maximize your tax refund or decrease your tax burden. The IRS is ratcheting up its enforcement of bitcoin tax regulations and implementing their digital currency standards, and Taxing Cryptocurrency provides a solution to this reality.
Complex tax concerns may arise as a result of this relatively new asset type. An audit may be avoided if you file your tax return with the help of an experienced cryptocurrency accountant. You should also learn more details about cpa firm long island.
Taxing Cryptocurrency has completed hundreds of reconciliations and reconciled billions of dollars in cryptocurrency transactions, making it one of the country’s leading crypto tax firms. Our tax professionals are accessible all year to assist you with your tax needs and to answer any questions you may have. The knowledge and awareness of the crypto ecosystem that our CPAs and tax professionals have is not confined to Bitcoin and Ethereum. The Taxing Cryptocurrency team has expertise across a wide range of cryptocurrency markets, such as Alt-coins, NFTs and other crypto assets like ADA, SOL, LUNA, AVAX, MATIC and FTM.
What is the Difference Between Crypto Taxation in the United States & Other Countries
Cryptocurrency taxation is a new phenomenon that has been gaining traction over the past few years. Different countries have different tax policies for this digital asset.
The US has no specific legislation on crypto taxation, but it does have the IRS guidelines. The US government agency states that they are not going to treat cryptocurrency as a currency, but as property. This means that cryptocurrencies are subject to capital gains tax in the US.
Other countries like Canada and China don’t tax cryptocurrency at all because it is not classified as a currency or property. They instead hold onto their own policy of taxing crypto-to-crypto exchanges and mining activities.
What is Crypto tax accountant cost?
For $100 per state, state income tax returns can be added to the Federal Package. The Crypto Winnings Package is an extra service that we provide to clients who need help calculating their cryptocurrency gains. We’ll compute your capital gain or loss by reconciling your cryptocurrency transactions.
READ: Top 10 Richest Cryptocurrency Billionaires in the World
Here are the Best crypto tax accountants in USA 2023;
- AKIF CPA
- Bit Bookkeeper LLC
- Happy Tax CPA
- Sprintax
- TDG Advisors Ltd
- The Bitcoin CPA / Kirk Philips
1. AKIF CPA
CPAs specializing in crypto, DeFi, and Web3 who serve businesses and individuals across the United States. The requirements for blockchain finance and cryptocurrency tax accounting are rapidly changing. You’ll get the most out of your investments and preserve your valuables with our committed team.
Whether you operate an established Bitcoin-based business or regard cryptocurrency as a personal interest, you’ll get the most out of all the benefits of cryptocurrency and stay ahead of the curve with our business-based approach to bitcoin accounting. We put you on the path to long-term success.
The Internal Revenue Service’s (IRS) policies and tax laws are rapidly evolving to keep up with blockchain financial technology. Our professionals are familiar with cryptocurrency tax duties as well as the specific requirements of various altcoins and exchanges.
4151 Southwest Fwy Ste 630 Houston, TX 77027
2. Bit Bookkeeper LLC
CPAs and public accountants with a passion for cryptocurrency established Bit Bookkeeper.
CPAs and public accountants with a passion for cryptocurrency established Bit Bookkeeper. Our staff is made up of highly qualified and talented accountants that are proud to work for a company on the cutting edge of the cryptocurrency industry.
We’ve added essential people to our team with expertise in finance, legal, and information technology over the years. Our mission is to help our clients realize their full potential for growth so that they can continue to pursue their aspirations and succeed.
1000 Brickell Avenue Suite 320 Miami, FL 33131
3. Happy Tax CPA
Happy Tax was founded out of a need to help crypto traders across the country understand their tax obligations and liabilities, as well as to provide a fully-assisted solution to file your crypto and standard taxes accurately and securely, all while maximizing your deductions for both crypto and standard tax needs.
4. Sprintax
If you work in the United States as a non-resident, you are surely aware that you must pay taxes. But did you know that your cryptocurrency earnings are also taxable? With Koinly and Sprintax, you can quickly file your non-resident US crypto taxes!
Hundreds of thousands of international students, J1 employees, interns, trainers, professionals, au pairs, and councilors have used Sprintax to complete their tax returns in the United States. Federal e-filing is now available as well.
Sprintax can now handle the crypto tax responsibilities of non-residents living in the United States thanks to a cooperation with Koinly, a crypto tax calculator.
Sprintax Inc. 757 3rd Ave 20th Floor New York, NY 10017 USA
5. TDG Advisors Ltd
TDG Advisors offers crypto investors in the United States expert tax, accounting, and financial management services. Before deciding on a crypto tax expert, it’s a good idea to inquire about the tax professional’s personal experience with cryptocurrency. If the pro has less than $20,000 in the bank, he or she is probably not the appropriate fit for you. We are personally invested, mine, participate in DeFi projects, and accept cryptocurrency in exchange for our services.
28 East Peter Lane, Hawthorn Woods, IL 60047-7510
6. The Bitcoin CPA / Kirk Philips
Kirk Phillips, aka The Bitcoin CPATM, has been specializing in cryptocurrency for over 5 years, providing tax, accounting, business process, and security advice. In the crypto world, we build long-term connections with both corporations and individuals. Every crypto situation is distinct, and we approach each customer individually. We are familiar with crypto because we use it.
Here are the Best crypto tax accountants in UK 2023;
- Accounts and Legal
- Awoc Accountants Limited
- Capitax Financial Ltd
- Complete HQ
- Crunch
- Cryptax UK
- eCloud Experts
- Howlader & Co
- KAAB Chartered Accountants
- My Crypto Tax
1. Accounts and Legal
If you’re looking for a legal and accounting firm that specialises in cryptocurrency, accounts and Legal is the company for you. With its reputable reputation, it is one of the front runners in the industry.
Hop Exchange, 24 Southwark St, London SE1 1TY
2. Awoc Accountants Limited
AWOC Accounting is glad to be able to offer our cryptocurrency accounting knowledge. HMRC is actively transitioning into looking at crypto firms, dealers, and investors to ensure that everyone involved in cryptocurrency is paying their taxes.
Allow AWOC Accounting to help you with your bitcoin tax compliance so you don’t get hit with an unexpected charge or fine. The competent and personable team at AWOC offers a comprehensive range of accounting services, and they have a wealth of knowledge to guarantee you are tax effective and compliant.
Unit 53, Basepoint Business Centre Winnall Valley Road Winchester SO23 0LD
3. Capitax Financial Ltd
Capitax Financial is a North West London-based firm of Chartered Accountants, Tax Consultants, and Business Advisors that is independent and forward-thinking.
Whether private people, entrepreneurs, investors, families, partnerships, or corporations, we provide a full range of accounting, tax, and business services to a wide spectrum of UK and international clients. Our clients pick us because of our extensive expertise and experience, which enables us to provide them with high-quality bespoke tax and financial solutions tailored to their specific circumstances and requirements. We are backed up by a dedicated crew that collaborates with our clients with zeal.
Devonshire House 582 Honeypot Lane Stanmore Middlesex HA7 1JS
4. Complete HQ
Complete’s purpose is to assist people in focusing on what they enjoy. It’s what keeps us going. We’re passionate about seeing businesses succeed, and we love putting our technical expertise to work for you so you can get your finances in order and start the business of your dreams.
Everything we do is geared toward removing roadblocks and alleviating the stress of running a business so you can concentrate on what matters most. We also like assisting others in achieving their objectives. Often, these aren’t even business-related objectives.
You may like to spend more time with your family and friends. Whatever it is, it is significant to us. That’s why we’ll always take the time to learn about your goals and desires, and then we’ll make it our top priority to assist you.
Eden House, Forge Lane, Saltash, Cornwall, PL12 6LX
5. Crunch
Crunch is a tax and accounting software that is popular among UK single traders, limited corporations, contractors, and small businesses.
Crunch provides HRMC-friendly accounting software, guidance from licensed accountants*, internet tools, and support to UK taxpayers for one affordable monthly charge.
Even better, Crunch has partnered with Koinly, a crypto tax calculator, to make your crypto tax computations even easier! Koinly will integrate all of your crypto transaction data into a single dashboard view, calculate your taxable position, and combine the data into one easy-to-read summary after you connect your Koinly and Crunch accounts. Crunch may then use those summaries to assist you in filing a straightforward and accurate tax return!
Telecom House, 125-135 Preston Road, Brighton BN1 6AF
6. Cryptax UK
Cryptax UK is a tax firm that specializes in assisting clients with cryptocurrency transactions. We provide tax compliance, tax counseling, and tax planning services in close collaboration with our clients. Our entire team has Crypto investments, and we work hard to ensure that our clients’ tax matters are managed as efficiently as possible. We are based in the North West of England, but we serve clients all around the country. While we specialize in cryptocurrency, we also provide a full spectrum of accounting services and deal with clients from a variety of industries.
Thursby House, 1 Thursby Road, Bromborough, Wirral, CH62 3PW
7. eCloud Experts
The eCloud experts are a company specialised in providing unique services related to cryptocurrency. They can receive clients in Staines and Hammersmith in London, UK. eCloud is a UK based tax specialist which offers an array of tax planning solutions for cryptos. eCloud experts are crypto tax specialists who have helped many clients in the UK and abroad with their taxes. The firm has a team of qualified CPA’s and a variety of other experts on-hand to help with all your taxation needs.
10 Simmons Place, Staines, TW18 3HW
8. Howlader & Co
Howlader & Co is one of the few crypto firms with Chartered Accountants (ICAEW), Chartered Tax Advisers (CIOT), and Chartered Certified Accountants (ACCA) on staff, allowing them to cover every aspect of tax, business, and crypto.
Because our practice is always transparent and ethical, you won’t be spending your time and money on unethical accountants.
The Institute of Chartered Accountants in England and Wales (ICAEW), the world’s most prominent accounting organisation, holds chartered accountants completely accountable.
Choosing a chartered accountant benefits your company since HMRC respects and takes our advice seriously.
56 Leman Street, London E1 8EU
9. KAAB Chartered Accountants
For a long time, we’ve been involved in the taxation of crypto assets. We keep up with the latest UK crypto taxes on a regular basis, which allows us to prepare your crypto taxes in the most expedient manner possible.
We use publicly available crypto tax software to ensure that your crypto taxes are accurate, up to date, and in compliance with UK tax laws.
45 Circus Road St. John’s Wood London NW8 9JH
10. My Crypto Tax
My Crypto Tax is a UK-based accounting service that specializes in bitcoin taxation and blockchain accounting.
My Crypto Tax is a registered independent Chartered Management Accountancy firm situated in the United Kingdom that specializes in bitcoin tax and blockchain accounting. My Accountancy Team is controlled and monitored by the Chartered Institute of Management Accountants (CIMA) as a member in practice, and is licensed to practice accounting and taxation in the United Kingdom.
My Crypto Tax has partnered with Koinly, a cryptocurrency tax calculator, to provide the simplest way to report bitcoin and cryptocurrency taxes.
22 Woodford Avenue Ilford IG2 6XG
11. Optima Creative Ltd
Optima Creative Ltd is an HMRC-approved agent. Our Limited Company is headquartered in the English town of Dunstable. We have over ten years of accounting experience in the UK and have been involved with crypto since 2014. We offer a variety of crypto services, including:
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Tax advice on cryptocurrencies
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Tax advice on cryptocurrencies
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Tax optimization for cryptocurrencies
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Self-Assessment Capital Gains Tax Return for Crypto Assets
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Miners’ Income Tax Return
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With Koinly software, you may support staking and employment accounting, among other things.
Our pricing are reasonable and tailored to your needs.
19 Apex business Canter, Sedgewall House, Boscombe Road, LU5 4SB, Dunstable, England
12. Rawlinson Pryde
Rawlinson Pryde is a Bedford-based accounting firm that was founded in 1991. Our chartered accountants are knowledgeable, proactive, and professional, with a lot of expertise, and they are governed by the ICAEW and CIOT professional bodies. Chartered Tax Advisers are part of our team.
Since 2017, Rawlinson Pryde has been advising crypto asset clients. Our crypto team has a thorough understanding of the various facets of crypto assets, including staking, farming, NFTs, and loans.
Argent House, 5 Goldington Road, Bedford, MK40 3JY
13. RPG
RPG is a tax and accountancy firm that helps consumers through the UK’s increasingly complex taxation system and offers advise on how to reduce their tax payments.
RPG has now included an online cryptocurrency tax to their list of services. RPG has partnered with Koinly, a cryptocurrency tax calculator, to provide quick and accurate Bitcoin and cryptocurrency tax filing. With RPG and Koinly, you can ditch the spreadsheets and save hours of work.
The Copper Room Deva City Office Park Trinity Way Manchester M3 7BG
ALSO SEE: Top 10 Next Penny Cryptocurrency to Explode in 2023
How are cryptocurrencies and cryptoassets taxed?
The main issue is that no specialized crypto tax legislation exists. As a result, profits in the United Kingdom are taxed differently based on the taxpayer’s activities and circumstances. When it comes to purchasing, trading, and acquiring cryptocurrencies, capital gains tax, income tax, and inheritance tax all come into play.
Cryptoassets and Inheritance Tax
Cryptoassets can be difficult to hold on to and the way that they are taxed makes it important for people to plan ahead. They fall under the same asset class as property, so inheritance tax and tax planning should be undertaken with this in mind.
What are the Different Types of Cryptocurrency Taxes?
There are many different types of cryptocurrency taxes. This includes income, capital gains, and transfer taxes.
Cryptocurrency Taxes: Income Tax
Income tax is the most common type of tax in the world. It is applied to all income received by individuals or corporations. It is also applied to some kinds of income received by individuals or corporations that does not fit into any other category, such as interest and dividend income.
Cryptocurrency Taxes: Capital Gains Tax
Capital gains tax is a form of taxation that applies when certain assets are sold for more than what they were originally bought for. The asset can be anything from a stock or bond to a house or car. Capital gains tax rates vary from country to country and usually depend on how long the asset has been held before it was sold.
How do i Pay my Cryptocurrency Taxes?
There are a few ways to pay taxes on cryptocurrency, but the most popular one is through filing your taxes with the IRS.
There are a few ways to pay taxes on cryptocurrency. One way is to file your taxes with the IRS and report your gains or losses as part of your annual income. The other way is to file an extension and wait until next year when you’ll need to report all of your cryptocurrency gains or losses for tax purposes.
If you’re not sure about how much you owe in taxes, it’s a good idea to consult a tax professional before making any moves.
What are my Tax Deductions for Cryptocurrencies?
Cryptocurrencies are digital currencies that use cryptography to regulate the generation of currency and verify the transfer of funds.
There are many tax deductions for cryptocurrencies. Here are some examples:
– Deducting the cost of mining equipment- This is a capital expense, so you can deduct that cost on your taxes.
– Deducting losses from cryptocurrency trades- You can only deduct losses up to $3,000 per year.
– Deducting trading fees- Trading fees are also deductible when you trade for personal use only.
What to do if You Suspect You Got Scammed in cryptocurrency taxation
If you suspect that you got scammed in the cryptocurrency taxation, then it is best to contact your tax professional.
If you are still not sure, then it is best to contact the IRS or local authorities and file a complaint. .
What are the penalties if I am not paying taxes on my business?
If you are a successful business then you will owe some self-employment taxes. You must pay quarterly estimated taxes to the IRS or local authorities. If you don’t, then there are penalties. For example, if the penalties amount to more than 2% of your total annual income.
How to Avoid a Tax Audit as a Crypto Investor?
The IRS doesn’t want to get their hands on your hard-earned crypto, so it’s important to understand how the tax code can affect your cryptocurrency gains.
If you’re unsure of how the IRS could find you and what they might want from you, make sure to contact a tax professional.
Do I need an accountant for cryptocurrency?
With the rapid rise of cryptocurrency in recent years, it is not surprising that many people are thinking about how to make a profit from this new digital asset.
Cryptocurrency has been booming in recent years and with the number of people who are investing in these digital assets, the need for accounting services has also increased.
However, cryptocurrency is not as regulated as traditional financial transactions. This means that there is no one-size-fits-all solution for accounting services.
Can the IRS track your cryptocurrency?
The Internal Revenue Service (IRS) has the power to track your cryptocurrency transactions. The IRS does not have a tax on cryptocurrencies, but it does have the authority to collect taxes for any transaction that is not a barter transaction.
If you are using cryptocurrency as a form of payment, you will be required to file Form 8938 with your federal tax return. The IRS will be able to use this information to track your transactions and determine how much in taxes you owe.
The IRS can also look at cryptocurrency trading activity by looking at the price of bitcoin and other cryptocurrencies on selected exchanges. This information is important because it can show if, for example, someone has been buying or selling large amounts of bitcoin or other cryptocurrencies in order to avoid paying their taxes.
How do I file cryptocurrency taxes?
Cryptocurrency taxes are a complicated process. This can be especially daunting for a new crypto investor who might not know what to do or where to start. You should consult with your accountant and/or tax professional so they can help you determine what the best course of action is for your specific situation.
Many people are concerned about the tax implications of cryptocurrency investments, but it’s important to remember that these are just guidelines and that each person’s situation will be different. The IRS has issued some guidance on how cryptocurrency should be treated, but there is still a lot of confusion about how this is all going to work in the future.
How much does crypto get taxed?
Cryptocurrency is a digital currency that is not controlled by any central authority. It allows people to do transactions without any third party interference.
Crypto gets taxed in different ways depending on the country where it was purchased or traded. Some countries don’t tax cryptocurrency at all, while others tax it as a capital asset.
In general, crypto is taxed as a capital asset and the capital gain or loss is calculated by comparing the initial cost and sale price of cryptocurrency.