How to Calculate Taxes on Steemit Income
I'm still in the process of getting my cryptocurrency tax affairs in order. It's involved searching far and wide across the internet for useful tools and resources to help make the process a little less painful.
I was quite nervous about how I was gonna deal with Steemit. That was until I discovered a great website called steemreports.com. There are two pages that make it very useful:
Financial Accounts Report - http://www.steemreports.com/accounts-reporting-tool/ (for full transaction history & capital gains)
Financial Accounts Summary - http://www.steemreports.com/financial-accounts-summary/ (for income tax)
In this video, I provide an introduction to both of these resources and how they might help you calculate your own tax liabilities.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
stellar info as always! been wondering about this in particular...in regards to steemit and taxes. thanks for tuning me into steemreports.com
Thanks for sharing! Highly appreciate it!
Finally a post on Steemit Taxes! Thank you!
Yeah I was having trouble finding resources myself. Hence why I thought it would be worth putting a video together :)
@louisthomas I have some resources in my e-book you might like although it's geared for U.S. citizens. It's not a calculator/application, but it discusses the general theory with examples.
That being said maybe I will peer review this calculator from the perspective of, I have my theory of the tax law, so is the template doing everything in line with my expectations? (I just peer reviewed Coinbases's tool).
I really appreciate this post, it is very useful for all stemians. I also asked about this ... thanks
Thank you! I hope it can help as many people as possible
Thanks for the information, really useful. However, it would be better if we can find tools to evade taxes...XD. Seriously, I think that taxes is one of big issues for crypto-investor, because is a lot of uncertainty around tax laws in most of the countries
The government asks you to submit taxes from the income earned through Steemit.com? This is interesting.
I'm sorry, but it seems you are wrong. Government doesn't ask you to submit taxes from the income earned on Steemit. The Government is asking for help to open an account on Steemit and become a whale fast..XD.
This is interesting video, the tutorial worth resteem and upvote, this is a wonderful guideline to calculate taxes on steemit.
Thanks for sharing this information. I think the Government should welcome the blockchain technology, it is transparency makes it so easy to calculate tax.
I hadn’t even thought about Steemit income. Technically for those that make less than $600 in a year I don’t believe it has to be claimed on any tax forms, but over that our will.
I hadn’t started anything until 2018 crypto wise, so I am good to go until next year. Will keep these tools in mind until then.
Thanks!
In the U.S., there are misconceptions regarding the $600 1099-MISC threshold. Form 1099-MISC is a form that businesses ("payers") are generally required to issue for payments at/over $600 to contractors. The truth is, the $600 limit is only relevant as the threshold for the payers' obligation to report to the IRS the payments made to the contractor; however this has nothing to do with the contractors' obligation to pay taxes on income under $600.
For example, if a contractor earns $500, they might not receive a Form 1099-MISC from the business that paid them, because the business was not required to file Form 1099-MISC. In this case, the income is still taxable to the contractor even though it is less than $600.
Thanks for presenting that info, and your other great videos. I'm also based in the UK, and will be talking to my accountant about this stuff tomorrow as it happens. I believe there's a capital gains allowance of around £11,000, so that's something! It still doesn't take all the pain of declaring it away though.