Reason #147 I’m a Libertarian: I made a whole $88 this years trading cryptocurrency. I’m going to spend at least $100 in tax compliance to pay about $10 in taxes (on paper, since we probably have an overall negative income tax). All this time and money wasted just to protect us from the legal violence the Federal Government can use against me and my family.
Pay to Prove Your Tax Status
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…but keep talking about how these complicated tax laws are there to make the rich pay their fair share. Ridiculous!
actually they probably allow the rich to pay less, which means they’ll never go away. š¤·āāļø
The rest of the Facebook comments involve a discussion about filing taxes related to cryptocurrency earnings and the challenges that come with it. Carrie Poliksa suggests manually filling out tax forms for free, and William explains the complexity of tracking crypto transactions, especially with frequent trades and the need for accurate cost basis calculations. He mentions his 587 transactions and expresses frustration with the complicated process. Carrie suggests a simpler reporting option for small amounts of crypto income, and William acknowledges the difficulties in finding a good solution, including the potential legal risks of getting it wrong.
Shawna Hunt shares a link to Credit Karmaās free tax service, which William finds appealing due to its affordability compared to TurboTax. Other users, like Jason Gillman Jr. and Jamie Akom, comment on the overall cost of tax preparation. Justin Young inquires about claiming crypto tax loses, and William explains he’s unsure about the specifics, suggesting professional help for such cases.
Are you paying taxes on your crypto?
I knew a gal who had hundreds of dollars in fines over (literally) a few dollars that were miscalculated by HR Block almost 7 years prior. So while she was working overseas, she had to remotely deal with having her paperwork rounded up, double checked, and resubmitted. So, besides it being ethically correct to “pay my fair share”, I pay ALL MY TAXES just to make sure I’m protected from The State! All the crap about “if you’re poor, don’t worry about Politician A’s tax plan” is rubbish. If they can make an example out of you, they will!
But the government doesnāt know how much crypto you have lol
They know I have SOME when I check the box that says, “have you traded crypto this year”. And I’m sure they also have a database of the names that were sucked up when Coinbase was subpoenaed a few years ago. They’re even working on tools to digest the information from privacy coin blockchains. Just claim it, pay the 15% or whatever and avoid going to jail.
That said, the real reason I make sure to pay everything I owe isn’t because I really care about supporting the government, but I don’t feel like I can make the case that taxation disproportionately hurts the poor unless I’m living it. Just because poor people CAN cut corners and probably get away with it, doesn’t mean we should expect that they do.