Crypto Tax Consultation

Service Description

Unlock the complexities of cryptocurrency taxation with our expert Crypto Tax Consultation, tailored for small businesses and individuals. This one-hour consultation, offered virtually or in-person, provides comprehensive guidance to ensure your business remains compliant with federal and state tax regulations while maximizing deductions and optimizing reporting strategies. Our experienced tax professionals specialize in navigating the intricate landscape of crypto taxation, addressing unique challenges for DMV small businesses engaged in cryptocurrency transactions. Whether involved in trading, staking, mining, airdrops, or NFTs, we provide personalized advice to align with IRS guidelines and local laws, including 2025 updates like broker reporting on Form 1099-DA. We help understand key obligations such as classifying crypto as property, tracking cost basis (no universal wallet method), and reporting income from activities. During the consultation, we review your crypto transaction history and portfolio details from the intake form to identify deductible expenses like transaction fees, software costs, or operational expenses. We guide on record-keeping to streamline tax preparation and minimize audit risks, plus strategies for DeFi or crypto payroll compliance. Our service offers actionable insights on reporting requirements (Form 8949 for capital gains, Schedule C for business income) and tax-saving opportunities like loss harvesting or deferring liabilities. What to Expect: Step-by-Step Consultation ∙ Introduction & Assessment (10 mins): Review intake form; discuss business crypto involvement and goals. ∙ Tax Fundamentals Education (10 mins): Explain IRS rules, classification, cost basis, capital gains rates (10-37% short-term, 0-20% long-term), and income types. ∙ Transaction Analysis (15 mins): Examine history for gains/losses, taxable events; incorporate 2025 broker reports. ∙ Deduction Identification (10 mins): Pinpoint eligible expenses to reduce taxable income. Reporting & Compliance Guidance (10 mins): Detail forms, digital asset reporting, penalty avoidance. ∙ Optimization Strategies (5 mins): Explore loss harvesting, transaction structuring for tax efficiency. ∙ Q&A and Action Plan (5 mins): Answer questions; provide resources and next steps for ongoing compliance. This consultation is ideal for small business owners, freelancers, or entrepreneurs seeking crypto tax clarity. Let the JECI empower your business to thrive with confidence.