Crypto users can now get their annual tax returns in the form of more than 100 types of cryptocurrencies, including Ethereum and Bitcoin. With the assistance of Coinbase and TurboTax, you can get your tax return check. Furthermore, according to your requirement and choice, it can be turned into a token or crypto coin.
On Thursday, the officials announced the partnership of TurboTax and Coinbase. This union is quite beneficial for the users because it will allow them to get their tax returns, and they can also convert them into a cryptocurrency automatically.
If you want to start it, you must sign up for TurboTax. After this, you need to file taxes via the Coinbase section. With the help of TurboTax, you are eligible to file your taxes without any cost for simple tax returns. It is worth mentioning that this tax return includes earned income tax credits (EIC), W-2 income, and child tax credits.
Besides the free version, TurboTax also provides a paid version. This premium version will assist you in fulfilling more advanced filing requirements or needs such as business income or investment. If you do not hold a Coinbase account before tax filing with Turbo Tax. You will get the guidance steps that will help you learn the tax return deposition with Coinbase’s bank Metabank.
According to the IRS, it will take almost three weeks to get returns after filing your taxes. Once you get your return, you can convert USD into any cryptocurrency according to your preference.
If you have plans to go for cryptocurrency, then it is of great worth to keep a few things in your mind. They will surely lend a helping hand in making your journey smooth and free of obstacles. So, let’s get started with it.
The values of cryptocurrencies are extremely volatile. Mainly if we talk about the last few months, the prices of two significant cryptocurrencies named Ethereum and Bitcoin have fallen to approximately 50% compared to their all-time highs. Hence it is imperative to comprehend all of these terms and technicalities of cryptocurrencies before actually diving into them.
There is a considerable possibility of loss owing to the volatility so ensure that you have risk tolerance; otherwise, rather than becoming wealthy and successful, you will end up with depression.
In addition to this, cryptocurrency has been facing a big issue, none other than theft. Last years’ worth of approximately $14 million cryptocurrencies was stolen. Conventional financial products such as debit cards are somehow more safe and secure. Digital assets are relatively more prone to such thefts and are an easy target for attackers.
Wormhole platform is another example of such thefts that faced a loss of $320 million. Although Coinbase has a good reputation and is comparatively less immune to such kinds of activities, according to the email of Coinbase last year, 6,000 customers have been deprived of crypto from their digital wallets.
Lastly, the US government plans to develop regulatory action that will affect crypto. It is too early to say whether it will positively or negatively impact crypto.
Do you possess cryptocurrency? Share your crypto journey in the comments section.