Cryptocurrency Tax Accountant and Advisor
Cryptocurrencies are largely unregulated. This means their usage is able to bypass the purview of governments and traditional intermediaries like banks and payment processors. But it’s important to understand that just because they’re not regulated, does not mean they’re not taxed.
At Mercer Street, we help our clients take advantage of these revolutionary digital assets while still adhering to the law. That’s because we specialize in cryptocurrency tax advising. These services extend to the use of both cryptocurrency coins (e.g., bitcoin and ether) and Non-Fungible Tokens (NFTs).
Cryptocurrency Tax Advising
The unregulated nature of crypto also allows for them to be used in nontraditional ways. Cryptocurrencies can be traded 24/7 all year round, used internationally, and exchanged for stablecoins that mirror values of traditional currencies like the USD. And that’s just the tip of the iceberg!
The point is, cryptocurrency use can get complex quickly. And whether buying, selling, exchanging, or even mining cryptocurrency, Uncle Sam may be owed. For these reasons, and many others, you’ll want someone in your corner come tax time. That’s where we come in. Our cryptocurrency tax advising services include, but are not limited to:
Education on Relevant Crypto Tax Laws
Minimization of Crypto Tax Liability
Maximization of Crypto Tax Deductions
Avoidance of Crypto-Specific Tax Traps and Misconceptions
Adaptation to Crypto-Related Legislative Changes
NFT Tax Advising
Non-Fungible Tokens, or NFTs, are similar to cryptocurrencies in that they’re largely unregulated. But there are also many differences. For one, cryptocurrencies are “fungibile.” This means they’re interchangeable and can be exchanged for one another. But NFTs aren’t like this. Instead, they hold a unique, one-of-a-kind value, which means far different tax implications.
It also means a need for more nuanced tax planning. And again, we’ve got you covered. Our highly-specialized NFT tax advising services encompass all that we do for cryptocurrencies and more. These more nuanced services include, but are not limited to:
Assistance with Self-Directed Retirement Account Investing
Consultations Regarding Capital Gains and Losses
Strategize Preferential Capital Gains Tax Rates
In summary, we can work with you (and, if applicable, your tax professional) wherever you are in your journey with crypto taxes. We have the expertise and experience to devise planning strategies to ensure that you’re paying no more in taxes than you’re legally obligated to.