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Everything You Need to Know about Crypto Taxes with Laura aka Crypto Tax Girl – Transcript

This is a transcript of the Podcast – Everything You Need to Know about Crypto Taxes with Laura aka Crypto Tax Girl – You can listen the audio here

 

Nye : What is going on everybody? What is going on? Welcome to another episode of the Evolvement podcast where we talk about bitcoin, cryptocurrency, and the future of our financial systems. Today, I have a very special guest on. I have Laura. Laura, aka CryptoTaxGirl, and she’s going to sit down with us today, answer a few questions about crypto taxes, capital gains taxes, how we’re supposed to navigate this whole realm. It’s very new and I think a lot of people are pretty confused on it.

Nye : Laura, how you doing?

CryptoTaxGirl : Hey, I’m doing great. Thanks for having me. Happy to be here.

Nye : Yeah, glad to have you here as well. I’m excited to sit down and discuss this topic. I think it’s really, really important. I think the government’s going to start coming down on people a lot harder because of taxes, especially with cryptocurrency gains and things like that. To be honest with you, I’m very, very, very new to the subject, so I’m excited to learn a little bit from you.

CryptoTaxGirl : Oh, good. Yeah. Talking about taxes and teaching people, it’s one of my favorite things. So you’re in for a treat.

Nye : Perfect. Perfect. Can we just start off with a little bit of an introduction of yourself? What is your background and how’d you get started in crypto?

CryptoTaxGirl : Yeah, for sure. I am a CPA, and I did not specialize in crypto tax my whole life or anything like that. Of course you couldn’t, but even like a year ago today, this was not even on my radar really. I was working at Ernst & Young, which is a big tax firm. It’s one of those “Big Four” ones, so it was a lot of long hours, pretty busy. And I really liked the work there, but I just kind of needed a break from those 90 hours a week.

CryptoTaxGirl : I actually just moved to Japan and was like, “I’m taking a break from taxes. I’m done with this.” Then I was going to be there for a year or so and then go back and work at Ernst & Young again, but then I was doing my own taxes and my husband and I, we’ve always been interested in crypto. I took a course in college back, I think it was like 2012 honestly. My professor was all in on bitcoin, like try to preach to everyone about how awesome it was. And so I got interested then.

CryptoTaxGirl : Then when I met my husband, I found out he also was interested in bitcoin and he had a few coins. We are poor college students, so it’s not like we were getting rich off that coin, but we were interested enough to like try it and start experimenting with it. And so in 2017, when it went up like crazy, we sold some and so then I was doing our own taxes for 2017, and I was like, “How do I treat all this crypto stuff?” I’ve worked as a CPA, I’m pretty familiar with individual tax and tax laws, but I had never worked with anyone who had sold any crypto yet.

CryptoTaxGirl : So I start diving into the tax laws and realized that it’s like a lot more complex than I would have guessed. And even with my tax background, I thought it was pretty confusing to calculate, took me some time to figure it all out. And I was like, “I don’t know how the average person with no tax knowledge …” I have a master’s in tax, I’ve worked in public accounting and I still was confused. So I was like, the average person is not going to be able to understand this. So I started helping our friends and family and realized that they were also confused.

CryptoTaxGirl : And then my husband’s like, “Why don’t you just start a Twitter account? Start tweeting out tax tips to help people out.” So I did. And now one year later, I’m the tax girl and I become the tax expert when it comes to any sort of crypto related issues. And I love it. I have tons of clients and I really think it’s interesting and some people hate taxes, but I actually really do think it’s interesting and I love helping people and teaching them how they can better use their crypto to save taxes, how to minimize things, how to do some planning and all that. That’s kind of a long introduction, but that’s me.

Nye : I like it. No, I love it. I love it. I mean, this is a huge issue for me. I reached out to you a few months ago ’cause I was just like completely oblivious of what was even going on in the tax realm for cryptocurrencies, how I should even treat any gains or losses in the investments that I made at the beginning of 2018 and beyond, things like that. I think it’s a big, big issue for the crypto space.

Nye : I mean, Laura, I literally sent a tweet out maybe a few hours ago and I said, “What questions would you like answered if you could talk to a tax professional about your cryptocurrency taxes?” And I swear, I had multiple people on there asking how to avoid paying taxes and saying, “Oh, why would I ask anyone? I’m not going to pay my taxes.” I think there’s a lot of misconceptions and confusions around paying taxes for investments in cryptocurrency and things like that. What would you say is like one of the big misconceptions that you hear people talking about or you hear people discussing around cryptocurrency and paying taxes?

CryptoTaxGirl : When I first started my Twitter account, I think I got like messages day after day, like, “Oh, taxation is theft,” and all this stuff. It’s not like I am like I love paying my taxes either, but I do think it’s important to obey the law and report income when you receive it. And so I like to help people plan so that they can minimize it, but it’s not something that you can just like totally avoid in and that is definitely a misconception. I think a lot of people think because there aren’t necessarily always banks involved and there’s not a ton of regulation yet, that you don’t need a report your taxes, but it is a federal offense not to report your crypto taxes because you are required to report all income and crypto is classified by the IRS as property.

CryptoTaxGirl : If it goes up or down in value, it is supposed to be recognized as income. And so a lot of people think, “They can’t find me,” or “This is all anonymous,” but the way the blockchain works, you can connect any transaction super easily with a group of addresses. Like, I can go and either scan and a lot of my clients will come to me and be like, “Oh yeah, I’ve only used Coinbase,” or something like that. I’m like, “Oh really?” And then I’ll dive into their stuff and I’m like, “Well, what about this coin? What about this coin? What about this address?” And they’re like, “Oh yeah, I forgot about that.” So I don’t know if they’re lying to me and they’re trying to hide it or if they really did forget about it.

CryptoTaxGirl : But I am always able to find all the pieces to my client’s puzzles and put all their transactions together. And so if I can do it, I’m sure someone in the IRS can do it. And they’ve even hired companies to help link up while the addresses and put transactions together and link them up to people’s names. I mean, if you’ve used crypto to purchase something online, like maybe you used it on Expedia or Overstock, your name’s now associated with the wallet address. It all is connected somehow.

CryptoTaxGirl : And even if you use like privacy coins, yes, those aren’t traceable in the same way that like ETH is, but it’s still is required to be reported and if you’ve ever used an exchange, it’s really easy to get even a general grasp of what coins people are holding and so it’s not something that you want to shy away from, especially because if you don’t report it and then the IRS finds you later and then they request an audit or they request you to report it later on, you’re going to have to owe interest in penalties for years and years like that it’s been accruing and those can get really high.

CryptoTaxGirl : I would just go ahead and get compliant now. If you haven’t been reporting in the past like 2016, 17, 18 or even earlier, it’s not too late. You can still report, you can request a waiver of interest in penalties. It’s not always granted, but if you’re the one that goes to the IRS, you have a lot more power in requesting that waiver than if the IRS comes to you and says, “Why didn’t you report your crypto?”

Nye : Agreed, agreed. No, I like that a lot. I think it’s super important, and before we even get into all of the heavier details, for people who are completely ignorant about what they’re paying or how to even calculate their taxes and let’s even someone who’s completely ignorant about how cryptocurrency, what category it fits in, in terms of taxes, can we break that down a little bit? So kind of like what category does it fit in? What’s a capital gains tax? How does that work? Kind of things like that.

CryptoTaxGirl : Right. I got used to just using these words because I use them all day, but for the average person, crypto is considered property, but probably to you, that still doesn’t really mean anything because you don’t really know how the IRS treats property anyways. But basically, it’s not treated as a currency, which is unfortunate, but it is treated as property. It seem kind of like a stock. Most laws that apply to stocks also apply to crypto. There is exceptions, but basically just to make it as easy to understand as possible it would be like if you bought a bitcoin for $100, then it goes up to a thousand and then you sell it, you created $1,000 worth of value, but you only invested $100.

CryptoTaxGirl : And so there’s a $900 gain there, or it would be the same if you invested 100,000, it went up to 200,000 or if it went the opposite way, you invested 10,000 and it went down to 8,000, then you lost value there, so there’s a $2,000 loss that put to that. So it goes both ways. But basically, the things that trigger these recognitions of your gains or losses, they’re called taxable events. And so there’s three main taxable events when it comes to trading, which is, if you sell it to USD, so like my example, you buy it for $100 and then you sell it for $1,000, and so you actually take out a thousand dollars cash, that is selling your coins and that is taxable event.

CryptoTaxGirl : Then the other two are a little more obscure. And people who probably don’t know a lot about crypto taxes or just taxes in general, these ones are a little bit harder to wrap your mind around. But if you, in the same situation, you buy bitcoin for $100, it goes up to a thousand and then you trade it for ETHE, even though you’re not actually taking $1,000 in cash from that transaction, you’re still getting something worth $1,000, which is another property, ETHE in that case, that’s worth $1,000 so there’s still a $900 gain there, even though you didn’t actually touch the cash.

CryptoTaxGirl : So anytime you trade from coin to coin, there’s always a taxable event. And so that’s where a crypto taxes get really confusing because I have clients with thousands, like even some of them will have over a hundred thousand transactions and each of those are a taxable event. Normally, if you trade stock, all of this would be calculated for you by Vanguard or Fidelity or Robin Hood, whatever trading company you use. But with crypto you’re responsible for calculating all these gains or losses because … For example, the reason why you need to this is if on Coinbase, let’s say I buy a coin on Coinbase, but then I send it to Binance and then I do some training there, Binance doesn’t know how much I bought that coin for one Coinbase.

CryptoTaxGirl : They don’t know how long I’ve held it. And so they’re not able to calculate it for me. And then Coinbase isn’t able to calculate it for me either because they don’t know what I ended up doing with that bitcoin I sent to Binance. It gets kind of messy because of that and you’re required to just calculate it all yourself. So that’s where it gets kind of confusing. And then I went on a little tangent there, but the third taxable event, back to your original question is, so the first one was selling for USD, the second one is trading for another coin, and then the third one is spending it.

CryptoTaxGirl : If I wanted to spend my bitcoin on a new computer or something, let’s say it’s $1,000, but I bought that bitcoin for $800 and then it went up to a thousand and I used it to buy a new computer, then there’s a $200 gain there. Anytime you trade, spend or sell your crypto, those are all taxable events and all of them will have a gain or loss associated with it.

Nye : Man, I can see how this gets extremely confusing. I don’t know how you do your job. With all of these different taxable events, obviously it’s confusing specifically with like privacy coins and getting into all of those different areas. How do you break this down percentage wise? Let’s say someone made $10,000 of capital gains or of gains in their cryptocurrency investments, how do you even calculate what percentage this fits into or what percentage is going to be taken from those gains?

CryptoTaxGirl : It’ll depend on your tax rate. If you had a $10,000 capital gain, it totally depends on whether you’re married or single because there’s different tax rates for both. And then it depends what your income bracket and it also depends if you’ve held it for more than a year or less than a year. So it’s kind of a few different factors. The most two tax you could ever pay is 37%, which is if you’re single and you may have over 500,000 or you’re married and make over 600,000. So if you make $600,000 in your normal job or normal income, and then you had $10,000 in crypto gains on top of that, you would pay $3,700 in tax if you’ve held it for less than a year. But if you’ve held it for more than a year, there is more favorable rates. They’re taxed at what’s called capital gains rate.

CryptoTaxGirl : And so it’s really important. This is all where like that tax planning and tax strategy comes in because you can look at selling coins that you’ve held more than a year instead of selling ones that you’ve held less than a year when you’re trying to make trades. And if you do, those longterm capital rates go down a lot, they actually go down to 15% mostly. If you make up to 479,000 anything below that between … There’s kind of a range. Anything below 77,000, if you’re married or a 38,000, if you’re single, they’re completely tax free.

CryptoTaxGirl : If you didn’t make any other income and you only had $10,000 in capital gains and you have held it for more than a year, it’s completely tax free. You could actually make up to $77,000 all from crypto and it would be completely tax free, but if you have other income and then you have this on top of it, anything between 77 and 479,000 even just like very specific numbers, but just so you get to feel that’s all tax at 15% and then anything over that would be taxed at 20%, but still, even at the maximum rate, 20% versus 37% obviously it’s quite a big difference there. So it does definitely pay off to hold your coins for more than a year before you sell them.

CryptoTaxGirl : But I know obviously with this volatile market, you can’t always count on the value of something being worth the same in a year or a month or even the next day. There’s risk and reward there. But if you can plan for that, that always can help.

Nye : Okay, cool. Can we dive a little bit deeper into that your thing real quick? You’re saying, let’s say, I started investing in bitcoin in December of 2018, let’s say December 1st. If I hold those coins until December 2nd 2019, you’re saying there’s a different effect on my taxes?

CryptoTaxGirl : Yeah. Let’s say you bought a bitcoin. It was probably worth around 4,000 in December. Let’s say you bought it for $4,000 and then let’s say one year from now it goes up to $100,000. That difference between 100,000 and the 4,000, that’s like a $96,000 capital gain if you were to sell it. So if you sold it November 31st, you’re going to have to pay 37% tax on that. If you sell it December 2nd, it’s only going to be either 15 or 20% depending on your tax rate.

Nye : Okay, cool. Very interesting. Very interesting.

CryptoTaxGirl : That’s pretty simple if you just buy it, but let’s say you traded it. I had bitcoin on December 1st then I used that to buy some ETH January 1st, so every time you trade it, the holding period starts over. If I had bitcoin and then January 1st I traded it to ETH, that was a short term gain on the bitcoin because I only held it for a month. But then now that ETH has a new cost basis and a new holding period, and that starts January 1st and then I have to wait until January 2nd the next year.

CryptoTaxGirl : When you’re first starting out, it seems kind of like, “Wow, I’m never going to reach term capital gains,” but I also have tons of clients sort of like even myself and my husband, we got in 2012 or 13 with just a few coins. But then we just left it for a few years. We didn’t really do anything. And then now it’s like, oh great, it qualifies for capital gains. So it’s kind of, there is a waiting game, but if you’re in it for the long term, you’re just down to like buy and hold then longterm capital gains strategy can really help you out when it comes to taxes.

Nye : Okay, cool. That’s really good to know. That’s something I want to really highlight. You’re saying that even when I trade from bitcoin, Ethereum, that is considered a trade and it completely cancels out the long term, it has to start all over again. Correct?

CryptoTaxGirl : Yeah. Unless you’re holding other bitcoin. So maybe I have some clients that’ll have two sets of coins. They have coins that they bought maybe at the beginning of 2017 or even whenever they bought them. But they bought them and they’re not touching them. They’re in it for the long run. Those coins are staying there for 5, 10 years, who knows how long. But those are just like they buy and hold those. Then they have another set of coins that are a lot less significant. But they just use those to buy alts and things like that, technically with the way the tax laws written, if you combine all those, every time you buy or sell a bitcoin to buy an alt, it’ll chip off of your longterm holdings. And it’s because of a tax law called FIFO and it’s first in, first out.

CryptoTaxGirl : It’s like an accounting principle that says every time you sell something, you’re supposed to sell your oldest coin, and that if you’re not familiar with accounting can be a little bit hard to understand. But if you are in that situation where you have two sets of coins, feel free to reach out because we can separate your coins into two separate batches in a way and keep track of them on different accounting ledgers and so that the trading coins don’t impact your cost basis and holding period on your longterm holding coins.

CryptoTaxGirl : There are definitely strategies around all of this, but yeah. Every time you sell or trade though, in general does restart your cost basis and holding period for the amount that you sold or traded.

Nye : Very interesting. Very interesting. And how do fees play a role in all this? ‘Cause when I’m trading in between coins on per say Binace or Coupcoin or some other exchange there’s obviously fees involved in that, in every single transaction. How do fees play a role in how these taxes come out?

CryptoTaxGirl : It’s like the same way that a stock is calculated. If you ever got like a 1099-B from one of your stocks, if you look at it and look more in the details and how things are calculated, you’ll notice that fees are deducted from either the cost basis or the proceeds. If you were buying a coin for $100, but there was $10 in fees, then you would add those together and then that would become your basis. So it’d be like 110, and then on the opposite end if you are selling something for 500 bucks, but there was a $5 fee, then you would subtract that from your proceeds and then your proceeds would only be 495.

CryptoTaxGirl : It’s all like net of fees in the end when you’re calculating your cost basis and your proceeds. Keep track of those if you have them because you can deduct them in the end. If your total gain or loss from the year is like $10,000, but then you had $1,000 in fees, then you’re only going to have to report $9,000.

Nye : Interesting. Man, this is confusing. I don’t know how you do all of this, but it’s very, very interesting.

CryptoTaxGirl : It is definitely confusing, especially first getting into it. I’ve been in now for a year and I still am learning a lot and there’s always new things coming up in crypto. Even a few years ago, we didn’t even have airdrops or masternodes or staking. And so now with every year there’s something new and there’s no specific tax law to give us guidance. And so we just have to look at the tax law that we have for crypto and then other similar assets and make our best guess.

CryptoTaxGirl : I work with like a few other cryptos, CPAs and lawyers who if we ever have an issue we get together and discuss and come up with our best treatment and just hope that the IRS accepts it. But in general, most things are laid out, but there are some things that we definitely could use some more clarification on.

Nye : Yeah, I mean that was actually one of my next questions is, the community asked me a few questions and one guy was specifically asking about masternodes. He was wondering if you treated them as income, capital gains or neither. And I’m kind of curious about masternodes and airdrops. How do you normally approach things like that? Because for example, Ontology did an airdrop for signing up for their newsletter that ended up being, I think it was almost 5,000 to $10,000 at one point. How do you treat something like that with such a large value that’s been given away basically for free?

CryptoTaxGirl : Right. Masternodes and staking and then airdrops and forks are treated separately, but none of them are defined. For airdrops, these ones are definitely tricky because in general, you don’t do anything to receive an airdrop. Like for some of them you explain, you have to sign up for something maybe or give your address somewhere, but sometimes they just show up in your ETH address and you’re like, “I have no idea what this was. I didn’t do anything.” It’s just kind of more of like a marketing thing. Like it’ll just show up there. And so in order to be consistent across all coins, I just treat all of them as having a $0 million cost basis.

CryptoTaxGirl : There are a few different ways to treat it. The two options are one, treating everything as having a $0 million cost basis or two, treating it as income. And again, these aren’t like official standards, but these are the two ways that other cryptos, CPAs and lawyers that I’ve discussed this with, these are two ways that we see acceptable and we think could have some standing with the IRS if you are ever audited. The one is just, yeah, you treat it all as income. Like you said, if when you received those airdrops they were worth like $1,000, you would just recognize $1,000 as income. And then let’s say later you sold it for $5,000, then there’d be a $4,000 capital gains.

CryptoTaxGirl : There’s two separate parts. One is income, which is just treated like normal income and then there’s the capital gains, which is the separate part of 4,000. But because so many of these airdrops have values that are either basically worth nothing anyways or they’re indeterminable or maybe someone might say, “Yeah, my coins worth $100,” but it’s like, well then five days later it’s worth nothing, then that would suck to have to report $100 worth of income when you receive it because that’s what they valued it out, but then the market ended up taking in that coin or it ended up being nothing and it died out, which probably most airdrop coins end up happening to them anyways.

CryptoTaxGirl : And so just to be consistent across the board, I just treat all airdrop coins as having a $0 cost basis because you didn’t actually pay anything for them. You didn’t win them, you weren’t always actively seeking them. They just kind of showed up. But if later you go and you sell it and it has value to you at that point, then if that were the case, then you would recognize it as income. I just treat it as zero, but like you said, if I had a coin and then it went up to like $5,000 and I sold it, then I would just recognize the full $5,000 as the capital gains. So my cost basis is zero, my proceeds are like $5,000 in that case.

Nye : Interesting. Interesting. And how does it work with masternodes? What’s the process with something where you’re staking and receiving rewards based off of that?

CryptoTaxGirl : Yeah, masternodes is totally different because it’s more of like an active process and same with mining. Like you don’t like accidentally mine or accidentally need to do masternodes or staking. All of this is like intentional, you’re using your resources, your coins. In mining your electricity, you might pay someone to set up the masternode for you. There could be expenses there. In that case, all of this is treated as income. And so the only notice or like information that we have from the IRS is from 2014, and in that notice they say that mining or for example, using computer resources to maintain a public ledger and retrieve coins … Though this is the definition of mining back in 2014, it also is pretty similar to the definition of masternodes and staking, so I think this would all kind of fall under that same category.

CryptoTaxGirl : And the IRS said that if you mine or you use computer resources to retrieve coins, then it’ll be treated as income equal to the value of the coin on the day you receive it. Yeah, with mining, if you mine a bitcoin, let’s say you get like 0.001 bitcoin and let’s say it’s worth like 30 bucks or whatever, you recognize that $30 as income on the day that you successfully mine it and then same with like masternodes and staking rewards, whatever the value is of those coins, you recognize it on that day and then that becomes your cost basis in it.

CryptoTaxGirl : If later it goes up from there or later it goes down, you recognize gains or losses at that point if you sell or trade them later on, but at the time of receiving them, it’s all treated as income.

Nye : Very interesting.

CryptoTaxGirl : Yeah. Even if you receive stuff through masternodes or staking and then let’s say you … I have some clients who through masternodes and stuff, they have 50 or $500,000 worth of coins that they’ve acquired. When they first acquired them, they weren’t worth that much, but then now if they sell them, they could get those capital gains. But if you had stake rewards today that were worth like a thousand and then I just turned around and sold them the next day, they didn’t really go up or down in value, there’d be no capital gain or loss. There would just be that income there.

Nye : How does all this play? I’m going to make the assumption that you’re mostly talking about for the United States tax laws.

CryptoTaxGirl : Yeah. I’m a U.S.CPA. There are similar laws in other countries, but I’m definitely not an expert in other countries. And so if you live somewhere else outside the USD make sure you talk to a local tax pro because … Even just like Canada, they have totally different laws with the way losses are treated and everything like that. In general, most countries calculate their gains and losses the same way, but they report them and treat them differently.

Nye : Interesting. Okay. Interesting. I mean, I think this is a lot of information for everyone and I think this is like a really, really good topic and I’m really glad that you’ve come on here. And I really only have one more specific question for you. I’m going to ask this specifically just because we’ve seen this theme go on consistently with people in the space, whether they’re influencers, whether they have large followings or whatever, but we see a common theme of people getting “hacked”. Whether or not they’re getting hacked is not the discussion and not the argument, but it is a common theme. It does seem to occur a lot.

Nye : What happens if someone gets hacked and loses their bitcoin or loses their cryptocurrency? How does that play into all of these tax laws?

CryptoTaxGirl : It depends what year the hack happened. As you might know, there were some different changes to the tax law in 2018 under the new tax regulations that they put out. And so if it was in 2017, it was actually a thing called the casualty loss, which hacking falls under. And the same thing would also be if you lost your private keys or lost your coins or something like that, those all go into the same category. If that happened in 2017, you can deduct the value of the coins, but since we’re past 2017, I’m not really going to dive into the details of that.

CryptoTaxGirl : With 2018, that law has gone, but there are still ways to take advantage of getting a tax deduction on hacks. So if that is the case, so for example, one, if you send coins to an ICO and it ends up being like a scam and you don’t get your coins back, you can just treat those as a sale for USD or zero USD. So if you like, let’s say you sent $5,000 worth of ETH but obviously you get nothing in return, so $0 is what you’re trading it for, then you would just treat it as a loss equal to the cost of the coin.

CryptoTaxGirl : Maybe you bought that ETH for $6,000, now it’s worth five. You sent it to the ICO, you can take a $6,000 loss there, but if you bought it for like a hundred dollars and it went up to 5,000, you can only take $100 loss. So it just depends on your cost basis. And that’s just the same way that I’ve also treated hacks directly into your wallet or basically just like it’s this coin no longer has value to you, so I just zero it out and then you get to take the loss equal to the amount of the cost.

CryptoTaxGirl : Unfortunately, not the amount equal to the fair market value, but whatever the cost is, I can just deduct that as a loss there.

Nye : Cool. I love it.

CryptoTaxGirl : It sucks to get hacked, but hopefully it is like a little bit of silver lining, and even, not getting hacked, like 2018 so many people saw their coins like tank and their portfolio is not worth as much as it was at the beginning of the year. So if that was you, then likely you can deduct these losses as well, unless you just held them the whole year and didn’t do anything. But if you did any sort of trading or selling or spending, there’s definitely some losses there that can be deducted. So it’s a totally different story last year than it was this year.

CryptoTaxGirl : Last year when I started helping clients, it’s “Everyone has a ton of gains, how are we going to pay this tax”? Now it’s, “Oh, I have a ton of losses, how can I take advantage of these while I can?” So if you do have those losses, definitely take advantage of them and deduct them because that’s a free deduction on your tax return. So yeah, if you need help with that, let me know.

Nye : Awesome. Laura. Thank you so much for coming on. Thank you so much for explaining all this to everyone, explaining it to me. I think this is super relevant and it’s something that people actually really need to pay attention to. I think there’s too many people out there that are saying, “Well, how can we avoid this? Why would I pay my taxes? I’m not going to pay my taxes,” but the matter of fact is whether we like it or not, taxes are law and like if you have made a large enough gains and maybe even if you haven’t made a large amount of gains, there’s still penalties that can possibly be paid. It’s just an extra stress that you probably don’t need by avoiding taxes.

CryptoTaxGirl : Right. You don’t want to be worried the IRS could show up on your doorstep or you get a letter or every time you check the mail you’re like, “Oh, how I’m I going to get out of this.” You don’t want any of that.

Nye : Exactly. Exactly. Might as well just do it right from the very, very beginning. And if people want to contact you, if people want to inquire about your services and possibly work with you, where can they find more about you? Where can they learn more about you? Where can they contact you?

CryptoTaxGirl : Yeah. I’m probably most known on Twitter, so if you just go to Twitter and search CryptoTaxGirl, you can tweet me or DM me there. But if you want help with your taxes and want me to … I’m a CPA like I said, so I can help you calculate your crypto gain/loss report, which is like the most probably complex part of the process. I can do that for you or actually if you want to do it yourself too, I have a course that teaches you legitimately how to do the entire process yourself.

CryptoTaxGirl : People who have no tax experience will take this course and they’ll be like, “Hey, I’m going to start taking this course, but I’ll probably need you to finish it up.” And they’ll take it and be like, “Oh, actually I was able to do it all myself.” So if you feel like up to it and think this is interesting and want to learn a little bit more about taxes, you can just go to cryptotaxgirl.com/learn and I’ll teach you exactly how to do that calculation and then how to report on your tax return. But if you’re like, “Yeah, this sounds way too confusing, I don’t want to touch this,” then I can do that for you as well.

CryptoTaxGirl : You can just shoot me an email at cryptotaxgirl@gmail.com or if you want to schedule a consultation, just like a 30 minute consultation, maybe you’ve done it yourself, but you just have some questions or you have questions before we get started, just go to my website, cryptotaxgirl.com and you can schedule the consultation there. Basically, if you need me, just Google CryptoTaxGirl and you’ll be able to find me.

Nye : Awesome, Laura. Thank you so much for coming on again. I really, really appreciate it. And yeah, everybody who’s listening taxes are a serious thing. Take them serious, get it right in the very beginning. Reach out to Laura if you need some help. And as always guys, it’s your boy Nye, this has been another episode of the Evolvement podcasts. We talk about bitcoin, cryptocurrency and the future of our financial systems. We will catch you next time. Peace.

Nye : This has been the Evolvement podcast with your boy. Thanks for tuning in. Head over to involvement.io for updates and join us next week for an all new episode. Peace.

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