How do you do your taxes?
It's been a while since I had my last dPoll.
Feeling a year older and it's that time of season again. I'm talking about taxes. You know, the thing you can't seem to escape from besides death? It used to be so simple when I was a college student. Fill out a simple 1040 through TurboTax and I could file my returns within two weeks.
Oh, in case you haven't realized, this post speaks from the American perspective on taxes.
These days, things are more complicated. You add in your investments in stocks and bonds. You wait for some 1099 in the mail. The state itself even wants to know how much precious metal you sold during the past year.
To make things a bit more spicy, you are definitely paying crypto taxes in the US now unless you want to gamble. In this country, when IRS have their eyes on you, it's up to you to prove your "innocence". Or, you could go the lazy way and fork over 40% of your gains, I doubt they'd care when you opt to pay for the max rate for your gains.
As for your crypto purchases, it's been a lot easier since services such as Bitcoin.tax. They can help you calculate all the numbers if you provide the right data. For those of you who are against KYC, well, you may be out of luck. I tried doing those transactions by hand, and they were annoying, not to mention slow.
Point being, the tax laws will only become more complex as you diversify. So, what do you do in this case? I have been entertaining the thought of hiring a CPA to do my taxes. I have heard good things from my coworkers about getting credits on items they never knew about. At the same time, I'm not sure if I'm willing to spend more money unless I can get a sizable return.
Anyways, how do you go about doing your taxes?
View points from the US preferred, but others may contribute regardless.
- Do it myself with software like TurboTax, etc.
- Do it old school with paper
- Hire a CPA
- I don't pay taxes
- Other (please specify)
Answer the question at dpoll.xyz.