keccers
@keccers.eth
So I worked on this today, and initiated the Coinbase withdrawal or whatever to cover it just so I don't totally drain my liquid fiat [this seems to be working BLESS!!! They literally have everything on me from my bank acct # to my SSN so please trust me Coinbase please don't cause me problems lolol] Where it gets brutal is the fat salary reduction I took leaving NYC/working at early stage startup To safe harbor you have to pay 100%+ of what you paid last year, or 90% of this year's taxes I have no idea what I will owe this year. So I'm like take the path of least resistance and just match last year But the income difference means that what I've paid in federal taxes to-date is no where close to last year, leaving me with a YUGE bill to cover But the upshot is then I'll probably get a refund. Maybe. Hopefully. While no penalties for not paying in over the year on all this crypto stuff lolololol [NOT AN ACCOUNTANT BARELY KNOW WHAT I AM DOING]
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matthewb.eth
@matthewb
tldr; on what safe harbour means in this context?
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keccers
@keccers.eth
So I am not sure if I ducked up last year by not paying estimated tax on any of my crypto earnings (from Degen, Moxie, etc) Now I am worried I might get penalized for this Do not want If I pre pay and āsafe harborā it doesnāt matter Itās like a little escape hatch from my own potential mistake https://www.hrblock.com/tax-center/irs/tax-responsibilities/avoiding-underpayment-tax-penalty/amp/
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matthewb.eth
@matthewb
ahhhh interesting, thank you for the context!
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keccers
@keccers.eth
No prob!! I am happy to talk about it too cause I feel like no one does and then maybe I can help someone š or at least provide some reassurance we are stumbling through the dark together I donāt have super meaningful earnings compared to many on here though. I have seen realized gains of 6fig++ !
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keccers
@keccers.eth
At that point, get a professional š
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matthewb.eth
@matthewb
haha we have to deal with canadian taxes so a totally different animal appreciate you talking openly about the process, crypto taxes are under-discussed imo
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