I wish I had that problem.
One thing I will never understand about those who complain about big money problems, is that guess what, you have big money! There's a real easy way to fix big money problems....
I wish I had that problem.
filing quarterly
I'm not going to go into all the details of who does or does not have to file quarterly, but you can read the following to decide whether it applies to you:
https://quickbooks.intuit.com/r/taxes/pay-quarterly-taxes/
https://www.irs.gov/faqs/estimated-tax/individuals/individuals
(pick your poison)
Basically, if you expect to owe $1k or more from the sale of crypto within a given quarter, then you need to make a quarterly filing on that income, using form 1040-ES when you make a final filing by April 2018.
Also notice the payment schedule!
The phrase 'Mo' money mo' problems' is actually deeply profound.One thing I will never understand about those who complain about big money problems, is that guess what, you have big money! There's a real easy way to fix big money problems....
The phrase 'Mo' money mo' problems' is actually deeply profound.
You're pretty much SOL. That's the major risk, there's no FDIC to back up your crypto investment.http://fortune.com/2018/01/26/bitcoin-price-coincheck-nem-mt-gox/
What exactly happens when coins get stolen?
Yep, you're SOL and if I understand correctly, if you mined them and paid income tax on the mined account, you cannot even deduct your losses on your future tax returns just like you can't deduct any other stolen property on your tax returns. Basically you're really SOL.http://fortune.com/2018/01/26/bitcoin-price-coincheck-nem-mt-gox/
What exactly happens when coins get stolen?
Coins are stolen when a hacker obtains the private keys of peoples' accounts. The private key is what allows users to "sign" and verify a transaction and send the currency, so if a hacker obtains your private key, he/she can send your coins to any account. When you sign up for an account at an exchange, the cryptocurrency exchange holds your private key for you. Since all accounts are anonymous you can see the account that the coins were transferred to, but you don't know who owns that account.http://fortune.com/2018/01/26/bitcoin-price-coincheck-nem-mt-gox/
What exactly happens when coins get stolen?
Avast
Quitit. Just stick with Defender. It's good enough for 99.9%, and I haven't seen compelling evidence that any others are good enough for that last .1%.Avast keeps moving the excavator of nicehash to the chest, calling it a virus. I keep trying to put in an exclusion for its file path but it keeps doing it anyway.
I wish I had that problem.
might also be able to use w4 withholding in your main job instead of filing quarterly. that's what i do for side income.
Yep, you're SOL and if I understand correctly, if you mined them and paid income tax on the mined account, you cannot even deduct your losses on your future tax returns just like you can't deduct any other stolen property on your tax returns. Basically you're really SOL.
To be more serious, a lot of AVs have this same flaw, not accepting exclusions and/or taking a shit on anything crypto. They have the right idea but aren't getting it done right. Most cryptomining tools are blocked by AV because in the broader market, miners aren't introduced on a user's computer through their own actions. Yes, a lot of people have some form of legit crypto software that they installed themselves on purpose, but the vast majority do not, and don't even know what one is.
Quitit. Just stick with Defender. It's good enough for 99.9%, and I haven't seen compelling evidence that any others are good enough for that last .1%.
Please define "serious bank on the side", at least roughly. I'm looking at $500/mo, will that require quarterly payments?All I know is if someone made serious bank on the side, the obvious solution to tax liability is to use a 1040-V (or the online payment system), keep them quarterly payments up to date, don't neglect the 3.8% where applicable, and use 1040-ES come April.
I eat a lot of Ramen and McD's dollar value menu stuff.