RE: It's Tough To Make a Buck

10 mo
LeoFinance
0 Min Read
66 words

For me, I need to be able to generate reports for taxes. This is why I don't delve too much into layer 2 here on HIVE.

Oh yeah I get that.
One question please. If I make my money in Nigeria through crypto and I move to a place like the United States, do I need to be worried about taxes?

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That’s not a clear answer. The USA 🇺🇸 and Eritrea 🇪🇷 are the only two countries that lay claim to all income you earn anywhere in the world. All other countries are different in this regard. In the USA, simply having residency gives them claim to tax.

The USA and other British colonies behave in roughly the same way. Tax laws are written to incentivize or discourage certain behaviors. I think we often read ill intent with respect to tax law.

Crypto taxes, for example. The laws do not say we should not own or trade them. They simply want you to keep good records and pay what is owed. They tell you what form to fill. The biggest problem so far is that they aren’t clear how to keep records. This is the uncertainty that is driving everyone crazy.

A good practice is to keep a journal. Accounting teaches to keep a general journal of business transactions, which can later be used to do your books.

It’s also a good idea to consult with accountants, if you can afford them. They can guide you on how to achieve goals while paying the least tax.

You can even find books that give you hundreds of ways you can deduct taxes from a home-based business.

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This is enlightening. Thanks a lot

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