Due to the upcoming PIT payment deadline, many investors are wondering whether and what fees on profits generated with cryptocurrencies should be paid to the tax office. In this text, we will answer the above questions, with the help of the Taxo accounting office.
One thing you can be sure of
We will immediately answer the key question that many beginner crypto-investors are asking themselves today. Do I have to pay tax on the profit we have made on cryptocurrency exchanges? The answer is clear: yes!
Unfortunately, the exact calculation of the tax that we should pay to the tax office is not always easy. Cryptocurrencies are still a young market, so its regulations still arouse some controversy. Therefore, in such a subtle issue, it is worth using the offer of accounting offices. Especially those that have specialized in the settlement of crypto-transactions.
Bet on experts!
Taxo is one of the very few accounting offices in Poland that is able to comprehensively service both a natural person who trades in cryptocurrencies, and a company from this market.
– “Our team includes experienced specialists in cryptocurrencies and their accounting. We professionally service entities dealing with virtual currencies. We also work with tax advisers and lawyers – we try to provide comprehensive services for our clients, ”says Sandra Kurpisz, member of the company’s management board.
It is worth noting that some people still have a poor understanding of the subject of paying tax on earnings that they managed to obtain on cryptocurrency exchanges. Hence, as Taxo notes, there are still investors who should submit tax returns not only for the past year, but also for the previous years. Moreover, the declarations already submitted, due to previous discrepancies in interpretations of tax regulations, it is always worth checking for their correctness.
– “The client can settle the tax on cryptocurrencies comprehensively, i.e. if he has never settled before, we also settle the previous years. Then he receives an additional active grief from us, which he submits to the Tax Office in order to effectively avoid sanctions for failure to settle on time, ”explains Michalina Behrendt-Budych, President of the Management Board of Taxo.
From the customer’s perspective, the matter is not very complicated. As the accounting office itself emphasizes, in order to settle accounts with the tax office, only API keys with limited rights or a file with the history of transactions that we have concluded using cryptocurrencies should be delivered to TAXO. The latter is most often generated by the exchanges themselves in the form of xls or csv. Importantly, based on the history itself, the company can make a free quote for the service.
If we decide to take advantage of the Taxo offer, at the very end we will receive a PIT completed by accountants, which is ready to be submitted to the office.
More complicated transactions
What may be of interest to some of our readers, the bureau’s experts also help to settle transactions that we concluded on the platforms of foreign brokers who do not issue PIT-8C to their users.
– “We do it as long as the client is able to generate their operations in an Excel file – the pricing is also individual depending on the number of operations” – adds Behrendt-Budych.
It may be more difficult – due to the lack of precise regulations – to settle the profits obtained by using the leverage. As Taxo emphasizes, at the client’s request, the company may apply to the appropriate office for an individual interpretation. This will help to correctly and reliably settle and such complex transactions.
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