Since that guy has gone, Biden has put in place some terrific environmental and ethical policies. He’s also created more taxes for higher earners. This week cryptocurrency became his target, and his announcement to double tax on crypto profit earnings, is the strongest sentiment in the market which wiped off around 9% of the value of the cryptocurrency.
So how does an amateur enthusiast cryptocurrency investor stay within the lines and declare their taxes? If you are trading foreign currencies its still exempt from taxes. So it seems a little unfair that crypto has to face more taxation. Here are my top tips
Keep records of capital deposited
And the prices at which you brought or sold
Check that the high street bank you are with accepts your payments to and from your cryptocurrency exchange
Both HSBC and Natwest have said they will not back business account owners where all or part of their business income is from cryptocurrency profits.
Maybe the future opportunity in crypto is also in sound cryptocurrency accounting methods, and transparent investment planning.
Algorand is a currency which is already aiming to be the greenest cryptocurrency available. 🙂