Hello I have started accepting payments with bitcoin due to its anonym state. Should I state them at my taxes as payments? Should I just spend them as a bitcoin on groceries and under 1,000 payments? Also, is it worth it to take them in cash using a crypto atm? What is my best option to not get this money tracked and taxed?
First i am not vast in tax laws but in my country, there is what is call income tax which means every amount that enter.an individual accounts is taxed.
And also company tax is there and since you said, you recently start accepting bitcoin as payment means you have an existing company whcih is registered and duely taxed.
But in the absenceof the above points ecery other ways and means you got your Bitcoin payment untaxed means a tax invasionand if you are guilty, you may face penalties.
if you are not well versed in the methods of legal tax avoidance, either find an accountant or dont take the risk
because if you dont follow the loopholes that allow tax avoidance legally, you are then doing tax evasion whichcomese with stiff penalties far beyond what you can save(if you are discussing amounts under $1k)
Yes a lot of individuals and companies in my country have been involved in tax invasion and because of weak tax laws in my region quite a good number of them are doing it but at the long run, the law will cash upon them.
And from the title of the thread, one can easily see how ops mention laundering which points to potential tax invasion, and best for oos to take time and under the legal implication of tge crime and what it will cost him to be up.to date and the vest way to do that is through income tax.