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Real talk, you have to plan your bitcoin hodling around tax season, with the worst possible outcomes always in mind. Wait until next March, when US taxes are d
by yebyen 8y ago
Real talk, you have to plan your bitcoin hodling around tax season, with the worst possible outcomes always in mind. Wait until next March, when US taxes are due, or until next May after the timely returns have been paid off already...
"The market can remain irrational for longer than you will remain solvent." I certainly am not one who has made out, inasmuch, like a bandit as many Bitcoin investors may have, but I've been following Bitcoin for a long time (as long as it's been around) and the best, most outlasting advice, true in most markets and not unique or special at all in any way is still "don't put all your eggs in one basket."
If taxes come to be accepted in Bitcoin across the nation, this might turn out to be a game-changer. Or it might mean nothing. I don't know what the state taxes are like in Ohio[1], but this is an interesting development to be sure. Regardless, you should continue to plan around the uncertainty that comes on either side of "tax season." Bitcoin or not.
[1]: https://techcrunch.com/2018/11/25/ohio-becomes-the-first-state-to-accept-bitcoin-for-tax-payments/ https://techcrunch.com/2018/11/25/ohio-becomes-the-first-sta...
- deleted 8y ago[deleted]
- dragonwriter 8y ago> Wait until next March, when US taxes are due April 15 is usually not in March.
- Ologn 8y agoMarch 15 is when US S-corp and partnership taxes are due. April 15 is when US individual income taxes are due. When to pay (for some people, both days) depends on how a person has their finances set up.
- yebyen 8y agoI was basically assuming you're ahead of the game, since your paperwork must be in at March to be on-time, unless you file for yourself or if your accountant really likes you, I guess... you're right, the deadline is in April, and I assume similarly, charitably, that taxes paid in May as I said are mostly on-time, while that's not strictly true. YMMV IANAL this is not legal advice, if your tax budget is not already ready to be paid off in March, then I wish good luck to you.