Accounting services Chicago IL

Maggie Daley Park

One of the latest pushes in economics is the elusive cryptocurrency. Giants like Bitcoin, Dogecoin and more are hot, with more and more people learning about these currencies. People are making, and have made, significant investments into cryptocurrency. However, most people do not realize the tax ramifications of cryptocurrency. To put it bluntly, cryptocurrency is taxable by the IRS. Jeff Badu offers tax preparation services for residents of Chicago, Illinois . He has carefully followed the cryptocurrency phenomenon and its potential tax issues for himself and many of his clients. He has been steadily reading and preparing for clients with cryptocurrency transactions. “There are several ways you will not need to pay tax on your cryptocurrencies. For instance, gifts and donations to 501(c)3 organizations are not taxed. However, using currencies to make purchases or traded for cash are taxed, and the IRS watches these transactions carefully,” said Badu, speaking as a busin...