Taxes might not be your favorite topic, but ignoring this could cost you thousandsβand more. Before you hang up the tinsel, watch this video and take action on December 31st, 2024 π https://www.cryptotaxaudit.com/1099?afmc=yt It could mean the difference between keeping your hard-earned crypto gains or handing over a massive chunk to the IRS next year. π Important: Take your inventory snapshot by December 31st! Donβt wait. Step 1: Inventory Snapshot π₯ An inventory snapshot is your starting point. Itβs a comprehensive list of your holdings across wallets and exchanges on a specific date. Key Tip: Choose December 31st for simplicity. Step 2: Gather Your Data π οΈ Pull records from all exchanges and wallets. β Include detailed transaction history and balances. β Donβt forget cold wallets and staking accounts! Step 3: Calculate Fair Market Value (FMV) π Use historical pricing tools to calculate the $USD value of your holdings on the snapshot date. Tools like CoinMarketCap can make this easier. Step 4: Assign Cost Basis ποΈ Estimate the acquisition cost of each holding. If data is incomplete, allocate the cost proportionally based on total holdings. This step is critical for accuracy. Step 5: Document Everything π Keep a detailed record of your calculations, sources used, and any assumptions. This documentation will be your safety net in case of an audit. π Resources: Blog: Safe Harbor Plan Overview: Step-by-Step Guide to Inventory Snapshot Get started today with our comprehensive guide! https://www.cryptotaxaudit.com/blog/safe-harbor-plan-overview-step-by-step-guide-to-inventory-snapshot Missed our AMA? Watch here: Crypto Tax AMA Recap: Safe Harbor Plan Explained: https://youtu.be/VhpF9eAcDxk Please share with a friend or family member. If they are a US taxpayer & crypto investor, they need to see this! π Get Ready for Taxes: βπ» Sign up for our 2024 Tax Prep Waiting List today π https://www.cryptotaxaudit.com/tax-prep-waiting-list?afmc=yt Visit π https://www.cryptotaxaudit.com/1099?afmc=yt to organize your records and Safe Harbor plan. π¬ Connect with Us: Have questions about explorers or crypto taxes? π https://www.cryptotaxaudit.com?afmc=yt π Need Help? Schedule a consultation today π https://www.cryptotaxaudit.com/crypto-tax-consultation?afmc=yt #CryptoTaxes #SafeHarborPlan #CryptoAMA #CryptoInvesting #IRSRegulations #TaxPlanning #Bitcoin #Ethereum #CryptoAudit
β¬β¬β¬β¬β¬ SPONSOR β¬β¬β¬β¬β¬ π Sponsor: CryptoTaxAudit CryptoTaxAudit is the ultimate solution for ensuring your crypto taxes are precise and fully compliant with the latest regulations. With expert guidance and support, you can avoid costly penalties and enjoy complete peace of mind. Don't take any chances with your hard-earned assets. Become an IRS Guard Dog member today and take control of your financial future! Visit CryptoTaxAudit.com today. Visit π https://www.cryptotaxaudit.com/?afmc=yt β¬β¬β¬β¬β¬ NOTICE β¬β¬β¬β¬β¬ β οΈ πππͺππ₯π π’π π¦πππ π ππ₯π¦ ππ‘ π’π¨π₯ ππ’π π ππ‘π§π¦ ππ‘π ππ’π π π¨π‘ππ§π¬ ππππ‘π‘πππ¦ We will never ask you for your personal information on social media. Beware of people masquerading as our host, guests, or sponsor company. π Disclaimer All opinions expressed by the showβs host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.
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