Why is crypto accounting so important?
At Ingrams Accounting, we understand why crypto accounting is important. We help take away the pain of filing taxes if you buy, sell, or invest in Bitcoin, Ethereum, Dogecoin, etc. With all the excitement surrounding cryptocurrencies in 2022, the ATO is cracking down on crypto and NFT investors this year, and the penalties can be severe if you don’t disclose this income. Ingrams Accounting will work out the forms and regulations that are holding you back to become the crypto millionaire you’ve always wanted to be without getting in trouble with the ATO.
We’ll work out the administrative headaches that are holding you back so you can just tax-it-easy.
Why Ingrams Accounting for cryto reporting?
We’re certified leaders in crypto accounting.
New technology calls for new knowledge and a good understanding of how the world is changing, especially regarding developments in finance. We understand exactly what it takes to manage your digital assets and have the experience you need to make the most of your cryptocurrency investments.
Let’s chat today to discuss your crypto accounting needs.
We believe in a holistic approach.
Our professional accountants assist clients in a variety of cryptocurrency-related situations. Ingrams Accounting is the appropriate solution for you if you’re a day trader, a Bitcoin miner, an NFT minter, or anybody else involved with cryptocurrency.
We are here to help you with your crypto accounting.
We help make plans for your taxes before you need them
Are you making plans for the future and ensuring that you pay the necessary taxes on your cryptocurrency investments? Before the end of the tax year, we can assess your estimated gains or losses so that you can take advantage of the market and save as much money as possible.
Discover how can make pans for your crypto accounting.
Most importantly, we are here to help you!
The Ingrams Accounting team is here to assist our Melbourne and Australian clients in trading cryptocurrency with confidence, knowing that they are completely conscious of their tax duties. We look for flaws in your finances and seek out every advantage we can to assist you to save money.
We’ll help you tax it easy with your crypto accounting.
Investing in cryptocurrency
You’re certainly aware that purchasing and selling cryptocurrencies directly can result in taxation, but did you know that exchanging one cryptocurrency for another can also result in a taxing transaction? The ATO wants a share of any exchange, whether NFTs, Ether, Bitcoin or Dogecoin. With the Australian Government and the Australian Taxation Office overhauling cryptocurrency regulations, it is our recommendation is to obtain specialist cryptocurrency tax preparation advice in advance of tax time.
Discover how we are helping investors with their crypto accounting needs.
TRADING OR MINING
Trading and mining cryptocurrency
Traders of cryptocurrency hope to profit from short-term price swings over a few weeks or even a single day. This includes those who profit from price arbitrage, make calculated predictions using technical analysis and flip ICOs.
Cryptocurrency mining is akin to a digital gold rush, and everyone wants to get in on the action and mine coins to make a fortune and become the next Bitcoin millionaire.
There are a variety of conditions and types of mining that make each investor’s position unique. Still, fortunately for you, we at Ingrams Accounting are professionals in this field and can help you understand the tax requirements so you stay within the law’s limitations.
Contact us today for your crypto accounting needs.
Creating, buying and selling NFT’s
Non-fungible tokens (NFTs) are digital assets developed in limited amounts to ensure scarcity, such as artwork, domain names, music, and gaming characters. NFTs are not interchangeable in the same way that fungible digital assets like bitcoin or Ethereum are.
Each NFT is unique and recognized by a unique hash value. All NFTs are built on the blockchain and represent a digital certificate of ownership. It’s critical to understand your tax obligations whether you’re an NFT developer, investor, or collector.
If you want to know more about NFT and crypto accounting, follow the link below.
Receiving cryptocurrencies as payment
Congratulations on being an early adopter if your business already accepts or plans to accept cryptocurrencies. When a business takes cryptocurrencies as payment, there are often two tax implications.
For more information regarding receiving cryptocurrencies and your crypto accounting needs