Search results for tax

  • RT Jaetzy08: I finally used up my 60 energy. It's really fun to play @AxieInfinity origin. @Axie_Tech @bestaxies @RareAxies [twitter.com] [pbs.twimg.com]

    RT Jaetzy08: I finally used up my 60 energy. It's really fun to play @AxieInfinity origin. @Axie_Tech @bestaxies @RareAxies https://twitter.com/Jaetzy08/status/1558222507294932992/photo/1 https://pbs.twimg.com/media/FZ_qIGhUEAAG_aD.jpg:large

  • RT bestaxies: Here we go, the next chapter of our journey begins 🚀 [twitter.com]

    RT bestaxies: Here we go, the next chapter of our journey begins 🚀 https://twitter.com/AxieInfinity/status/1557879757853032449

  • As Investment In Crypto Stays Complicated, Are Accounting Firms Ready For The Tax Implications?

    Bitcoin and other cryptocurrencies have lost more than half their value in recent months, dropping from a market capitalization of $2.9 trillion to $870 billion, triggering renewed calls for regulators to do more to protect consumers from volatility in the market.  And with new regulations expected to be implemented in October, tax season is likely to get more complicated for crypto investors.  “It’s very hard for a consumer to be managing their own position in the central crypto market with current tools,” Harvard Business School professor Scott Duke Kominers told the Harvard Gazette in a story published July 18.  But just because crypto has experienced giant losses lately, it doesn’t mean the virtual currency will go away.  The global user base of cryptocurrencies increased by nearly 190% between 2018 and 2020, accelerating further in 2021 when El Salvador became the first country in the world to accept Bitcoin as legal tender, according to Statista.  While many people are still not invested in crypto, they are becoming increasingly familiar with the industry. In 2021, 18% of the U.S. population had never heard of it, down from 21% in 2019, according to Statista.  The public’s increased familiarity with crypto is likely the result of the price increases of Bitcoin (CRYPTO: BTC) in early 2021, Tesla Inc.’s (NASDAQ: TSLA) growing involvement in crypto and PayPal Holdings Inc. (NASDAQ: PYPL) making it possible to buy virtual currencies using a PayPal wallet. Tallying Taxes Transactions with virtual currency such as BTC or Ethereum (CRYPTO: ETH) are taxable just like transactions in any other property.  Crypto transactions have so many nuances that it’s important to have software to track them. But even though everything is recorded on the blockchain, extracting data for accounting purposes isn’t as easy as it may seem.  Accountants and tax professionals can reportedly simplify crypto bookkeeping by using software such as QuickBooks, Xero Ltd. (ASX: XRO) as their general ledger and Ledgible as their subledger, which integrates with Quickbooks, Xero and every other accounting software. As an example, financial institutions, corporations and accounting firms use the Ledgible platform for tax, accounting, and 1099 generation for billions of dollars of crypto assets.  Atlanta-based Ledgible has two core business lines — professional tax and enterprise accounting.  The company’s tax practice focuses on the professional market, including accounting firms, certified public accountants, tax advisers and the customers who use these services. Ledgible has reported that firms can connect their clients’ portfolios and automatically calculate gains and losses to properly report crypto transactions. Its accounting practice serves enterprises, companies that hold crypto and banks and institutions that handle crypto. The Ledgible Crypto Enterprise Accounting application is meant to streamline cryptocurrency and digital asset accounting operations for enterprises and institutions.  This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Featured photo by Pierre Borthiry on Unsplash © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • @Pleun_V @Jihoz_Axie @Psycheout86 @AxieLima @ZyoriTV @zioaxie @SpikeNFTv @bestaxies @RareAxies @amypeniston @ChuckFresco @Axie_Queen @philipla @Axie44 @AxieAur @AxieElon @cloudwhiteNFT @brycent_ @Axie_Tech @dzastr_eth @Elijah_MT8 Awesome story, glad that Axie has become such an important aspect of your life! Happy anniversary 🤜

    @Pleun_V @Jihoz_Axie @Psycheout86 @AxieLima @ZyoriTV @zioaxie @SpikeNFTv @bestaxies @RareAxies @amypeniston @ChuckFresco @Axie_Queen @philipla @Axie44 @AxieAur @AxieElon @cloudwhiteNFT @brycent_ @Axie_Tech @dzastr_eth @Elijah_MT8 Awesome story, glad that Axie has become such an important aspect of your life! Happy anniversary 🤜

  • 10 Things You Can Buy With Mega Millions Jackpot After Taxes: SPY, Crypto, Teslas, Real Estate, Sports Teams And More

    Friday’s Mega Millions jackpot has hit $1.1 billion, which could mark the second highest winning ticket for the jackpot game. Here’s a look at how much someone could take home and what they could choose to purchase with the winnings. Mega Millions Jackpot: The Mega Millions jackpot for Friday July 29 has hit $1.1 billion. A winning ticket could be drawn Friday night and would give a winner an important decision. Winners of large jackpots can take a lump sum cash payment or choose to be paid out the full amount over 30 years, with one payment upfront and additional payments each year going up by 5% to fight inflation. To win the jackpot, a player needs to match five white balls numbered 1 to 70 and a Mega Ball numbered 1 to 25. The odds to win the jackpot are 1 in 302,575,350. Matching five white balls pays out $1 million with odds of 1 in 12,607,706. Overall odds to win a prize of at least $4 from the $2 Mega Millions ticket are 1 in 24. At the time of writing, the cash payout is $648.2 million. A winner will have to pay federal taxes of 37% on the winnings and will be responsible for state taxes depending on where they reside. After federal taxes, the lump sump payout is $408,366,000, which could be saved, invested or spent on various items by the winner. Here’s a look at 10 items that could be considered. Related Link: Mega Millions Jackpot July 29: How To Play, Where To Buy Tickets And Where Winning $1 Billion Lottery Ranks  1. S&P 500: If a winner decides to invest the money in the SPDR S&P 500 ETF (NYSE: SPY), which tracks the broad based S&P 500 Index of 500 of the largest U.S. companies, the $408.36 million won could purchase 997,961.88 shares of SPY. For perspective, investing the same amount in the SPY 29 years ago (July 29, 1993) would be worth $3.7 billion today, which would beat the 30-year payouts from the winnings. 2. Cryptocurrency: A potential investment for the winner could be to put the money in cryptocurrency, which is often more volatile than the stock market. The winnings could be split between three popular cryptocurrencies of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE). The winnings would turn into 5,680.74 BTC, 79,240.67 ETH and 1,970,783,263.36 DOGE based on prices at the time of writing. Related Link: How To Buy Cryptocurrency  3. Meme Stocks: Two of the most popular meme stocks over the last two years have been GameStop Corp (NYSE: GME) and AMC Entertainment Holdings (NYSE: AMC). Split evenly, the winnings could buy 6,151,943 shares of GameStop and 14,419,703 shares of AMC. 4. Investing with the Oracle of Omaha: Legendary investor Warren Buffett has been one of the top stock pickers of the last 50 years. While Buffett would tell the winner to put their money into bonds or index funds to preserve wealth, the winner could buy 1,364,631 shares of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B). Berkshire Hathaway shares are up 250% over the last 10 years. 5. Apple Stock: One of the top performing stocks of the last 10 years is Apple Inc (NASDAQ: AAPL). Worth $2.5 trillion, Apple is one of the largest companies in the world and likely to remain a market leader for years to come. The $408.36 million could purchase 2,539,432 shares of Apple. 6. Tesla Stock: Winning $408.36 million would not put the person on the Bloomberg Billionaires list like Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, who tops the list at $248 billion. It could however, allow the winner the opportunity to buy 474,656.53 shares of Tesla. 7. Tesla Model Ys: One of the most popular electric vehicles is the Model Y from Tesla. A winner could choose to buy a collection of Tesla Model Ys for themselves or to give them away to family members and friends. The winnings could buy 6,188 Tesla Model Ys based on a price of $65,990 each before savings. 8. Real Estate: One popular option for investing at least a portion of the winnings could be real estate. The average home price in the U.S. is $354,165, according to Zillow Group (NASDAQ: Z). The winnings could buy 1,153 average priced homes in the U.S. The winner could hold the homes to gain value over the years or choose to rent them out. Benzinga has a guide on how non-lottery winners can invest in real estate here. 9. Sports Teams: For the ultra wealthy, buying a professional sports team has been a way to preserve and gain wealth. Despite the large winnings of $408.36 million, the winner would only be able to buy a NHL or MLS team among the largest sports leagues in the U.S. Buying a team in the MLB, NBA or NFL would set a person back at least $1 billion, $1.5 billion or $2.3 billion, respectively, according to recent team valuations. The Columbus Blue Jackets, Florida Panthers and Arizona Coyotes are all valued at around $400 million to $480 million among NHL teams. In the MLS, the Colorado Rapids, CF Montreal, Vancouver Whitecaps and Orlando City are all valued at $370 million to $400 million. 10. NFTs: Another potential high risk/high reward investment could be non-fungible tokens (NFTs). The winnings split between two of the largest NFT collections of all time could buy 1,369 Bored Ape Yacht Club NFTs and 1,700 CryptoPunks NFTs. Prices are based on floor prices and the winnings would likely buy less than this number, as there are not that many listed at the floor price. Benzinga Users Chime In: Benzinga polled its followers on Twitter Inc (NYSE: TWTR) on Friday with the question regarding the Mega Millions. “What would be the first thing you’d do if you won the $1B jackpot?” Benzinga asked. While several of the options above center around investing, user @stephen18644932 said they would “delete my trading app so I’m not tempted to lose it all.” User @official_MrRic followed #3 above and said they would invest in AMC, GameStop “and many, many other plays.” User @DOGEmanDex offered some potential safe advice by saying they would invest in “safe deposit box, attorney and trust fund.” Benzinga follower @RichardJudge17 followed #7 above and said they would “buy real estate.” User @Mo_Rockett said they would also invest in real estate but would also buy some cryptocurrencies like Bitcoin, Ethereum and Floki Inu (CRYPTO: FLOKI). Twitter follower @ABuffalo4lyfe may have the best investment piece of advice by saying they would “Buy Benzinga.” This article is not intended as investment advice.  Photo via Shutterstock.  © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Japanese Lobbying Groups Demand Tax Reductions to Stop Crypto Talent from Leaving

    Easing the crypto taxation could nurture the local digital asset sector. Continue reading Japanese Lobbying Groups Demand Tax Reductions to Stop Crypto Talent from Leaving at DailyCoin.com.

  • The President Of The Philippines Plans To Tax Digital Services

    After gaining office a month ago, Philippine President Ferdinand Marcos Jr. called for the taxation of digital services. Continue reading The President Of The Philippines Plans To Tax Digital Services at DailyCoin.com.

  • New Senate Bill To Make Small Crypto Transactions Tax-Free

    A new bill that will exempt small crypto transactions from Capital Gain Taxes entered the Senate today. US Senators Pat ...Read More...

  • US Lawmakers Race To Introduce Bill Aiming To Exempt Small Crypto Transactions From Capital Gains Tax

    A bill has been introduced to the U.S. Senate that would make small cryptocurrency transactions exempt from capital gains taxes. What Happened: The Virtual Currency Fairness Act, introduced by Sens. Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) would establish a de minimis (of little importance) exemption from reporting taxes on purchases made in crypto. Finbold noted that the bill is part of Toomey’s commitment to helping the crypto sector by using his position in the Senate before retiring at the end of his current term. If approved, the benchmark would be raised to reflect inflation and would only apply to transactions with a value of less than $50. The House is still considering a measure similar to the one filed in July that would exempt transactions worth $200 or less from paying capital gains taxes. Read also: Coinbase Under SEC Probe Over Crypto Token Listings: Report The bill has received support from a number of significant crypto lobbyists, including Coin Center, the Blockchain Association and the Association for Digital Asset Markets. Although the IRS hasn't typically pursued crypto users for failing to disclose small transactions, the general lack of clarity with tax reporting obligations is a significant problem for users, holders and traders of the crypto. Congress has been hesitant to move on cryptocurrency-related legislation, and the Senate has barely moved any of it, The Block noted. Many stakeholders in the cryptocurrency business claim that regulatory authorities are overstepping their authority because there is no legislation. Photo: Igor Faun via Shutterstock © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Bipartisan Bill Seeks to Eliminate Taxes on Crypto Transactions Under $50

    The measure was introduced by senators Patrick Toomey and Kyrsten Sinema.

  • Famous US Senators Stand For Tax-Free Crypto Transaction

    US Senators Proposed a tax-free bill for small crypto transactions. The bill demands cryptocurrency transactions less than $50 be exempt