Post
Topic
Board Bitcoin Discussion
Re: Can paying in Bitcoin save tax?
by
Mike Mayor
on 17/12/2017, 10:44:43 UTC
I don't think that changes anything. Even if you are earning Bitcoin it foes not exempt you from paying taxes as it is still counted as income from both earning and capital gains. Also i don't think that method will be legal as from what I know it is a standard procedure to Foreign Fiat Currency to be converted in your local Fiat Currency equivalent, which will also apply to Bitcoin. Remember that we cannot tax other currency we must convert it on our own to make it proper.

What a load of crap. You don't have to convert your Bitcoin to your local currency. It's yours you can keep it for as long as you like. You can spend it directly that's the whole point if btc. You don't need fist anymore because it is a currency. Wow dude please don't state rubbish like they facts.

Depends in which country you're living in so you should do your own research. In my country government has set no regulations on cryptocurrencies unless you're cashing it out into fiat. Yet there are VERY few places where you can pay using cryptos so there hasn't been any need for those regulations..
Anyways, if you're going to accept cryptos and not cash them into fiat you're probably not going to get in trouble but if I were you I'd cash-out some amount you have received, pay taxes for that and use remaining money. Then you're less likely to get in governments radar.

I use to think I couldn't spend crypto anywhere but you can. Did you look well enough? Don't only look for bitcoin look for a payment processor that supports Bitcoin. Many many websites use payment processors and they often support Bitcoin.