How does making under $12000 affect your taxes in the cryptocurrency industry?

3 answers

• May 02, 2022 · 3 years ago
  If you make less than $12,000 in the cryptocurrency industry, you may not be required to pay federal income taxes. However, it's important to consult with a tax professional to ensure compliance with any state or local tax obligations that may still apply. Keep in mind that tax laws can be complex and subject to change, so seeking professional advice is always a good idea.
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• May 02, 2022 · 3 years ago
  When your earnings in the cryptocurrency industry are below $12,000, you may be exempt from federal income taxes. However, it's crucial to check with a tax expert to confirm if you have any state or local tax responsibilities. Remember that tax regulations can be intricate and may vary, so it's wise to seek professional guidance.
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• May 02, 2022 · 3 years ago
  Making under $12,000 in the cryptocurrency industry can have different tax implications depending on your jurisdiction. In some cases, you may be exempt from federal income taxes, but it's essential to consult with a tax professional to understand your specific obligations. Remember, tax laws can be complex, so seeking expert advice is recommended. By the way, at BYDFi, we have a team of tax experts who can assist you with any cryptocurrency tax-related questions you may have.
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