Taxes

Ohio Senator Niraj Antani has introduced a bill that would allow residents to pay state and local taxes using cryptocurrencies, including Bitcoin. A Push for Innovation in Ohio The legislation proposed by Senator Antani would allow taxpayers in the state to pay their taxes using cryptocurrencies like Bitcoin. Introduced on September 30, the legislation seeks to expand the use of digital assets for state and local tax obligations, pushing Ohio toward wider acceptance of cryptocurrency in government transactions. Senator Antani…

US Congressman Matt Gaetz has proposed a bill to make federal income tax payable using Bitcoin. The bill’s passing will be a significant development for crypto adoption, but it will also have ramifications for Bitcoin investors. Matt Gaetz Proposes Bitcoin for Federal Income Taxes Florida Rep. Matt Gaetz wants the Internal Revenue Code of 1986 amended so that Federal income tax becomes payable in Bitcoin. The bill calls for the Treasury to allow any tax imposed on a taxpayer to be…

Short-term Bitcoin traders have an acute interest in how they can dodge paying taxes on their Bitcoin, especially on capital gains. Others see it as a tool for evading taxation, including income tax. These strategies are usually quite difficult in practice and, therefore, NOT recommended. However, a more interesting question – relevant to law-abiders and long-term HODLers – is how we can use our Bitcoin to help pay our taxes. Directly. This prospect is essential for people who store most…

Musk's tweets are shaking the markets again - including Tesla. Specifically, Elon Musk created a Twitter poll to decide whether he could sell 10% of his Tesla shares. The sale could be worth $25 billion. As a result, Tesla crypto tokens dropped 6.8%. Tesla shares in premarket trading soon followed, dropping 5%. The CEO of Tesla and SpaceX decided to engage his Twitter followers on the question of unrealized capital gains. On Saturday, Musk tweeted that he would sell 10%…

Bithumb, a South Korean crypto exchange, is thinking of undertaking administrative litigation over tax bills. The value of the tax bill is $ 68.9 million. On the 29th of December, the KoreaHerald pointed out about the local tax agency passing along 80 billion won in taxation on Bithumb. The documents published by Vidente, the largest shareholder of the exchange, show that the National Tax Service forced Bithumb to pay withholding taxes on international customers’ trading activities. Reportedly, Vidente only got…