The Binocs Blog
Get tips and advice on managing your crypto investments, tracking your portfolio, understanding crypto taxation, new product updates and product features explained.
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According to a report by PwC, the total funds raised through Initial Coin Offerings (ICOs) globally in 2021 amounted to $9.5 billion. As the popularity of cryptocurrencies continues to grow, so does the interest in ICOs as a fundraising method for startups and other ventures. However, many people are unaware of the tax implications associated… Continue reading What is a Crypto ICO and How is it Taxed?
Gas fees are how validators get paid to do work on a PoS blockchain like Ethereum. You, as a user, are liable to pay them. But are they taxed? As you probably already know, there is no such thing as a ‘free transaction’ in the crypto space. Every time you move a token from one… Continue reading What is Ethereum Gas Fees & How Are They Taxed?
The rise of cryptocurrencies has been nothing short of a global revolution, disrupting traditional financial systems and captivating the attention of millions around the world. Millions of people are investing in digital assets like Bitcoin, Ethereum, and Litecoin. While these investments can offer significant returns, they also come with complex tax implications that can be… Continue reading How To File Your Crypto Taxes When You Can’t Find a Crypto Accountant?
The FTX US collapse is one of the most unfortunate events in the history of cryptocurrency. It has wiped out billions of dollars and led to the bankruptcy of more than 130 entities. The FTX has filed for Chapter 11 bankruptcy protection but the recovery of funds by these entities tied to FTX is unclear.… Continue reading FTX US Collapse: What it means for your taxes
NFT investors have had a tumultuous journey in 2022, with plummeting NFT prices, exchange failures, rug pulls, market constraints, and failed NFT projects. If you have suffered losses in the current bear market, take comfort that you are not alone. According to industry experts, in 2022, the NFT and the crypto market losses were… Continue reading How to use worthless NFTs to slash your crypto tax bill?
The perspective of the authorities on crypto taxes is unstable. As an emerging asset class, cryptocurrency attracts most investors but it comes with much confusion for them. One of these is the staking tax. In general, staking rewards are subject to income tax at the time of receiving as per the currency’s fair market… Continue reading Crypto Staking Taxes
Cryptocurrency has come a long way since the advent of Bitcoin in 2009, and yield farming has emerged as one of the most popular strategies for earning passive income in the decentralized finance (DeFi) ecosystem. Yield farming is a concept that enables crypto investors to lend, borrow, or provide liquidity to decentralized platforms in return… Continue reading How is Yield Farming Taxed?
While Bitcoin IRAs offer great diversification options, they are often considered high risk and involve several hidden costs. Read on to find out everything you need to know about Bitcoin IRAs. What is Bitcoin IRA? An IRA stands for Individual Retirement Account, where individuals can keep their life savings in traditional investments like… Continue reading Bitcoin IRA: What it is and how is it taxed?
PancakeSwap is a decentralized exchange that works on the BNB Chain. If you’re a trader working extensively with PancakeSwap, this article will tell you all you need to know about filing taxes on the platform. Introduction to PancakeSwap PancakeSwap is a decentralized exchange built on the Binance Smart Chain that enables users to… Continue reading Complete Guide to PancakeSwap Taxes
Here’s everything you need to know about IRS tax guidelines for incomes arising from Decentralised Finance Introduction to DeFi DeFi is an acronym for decentralized finance, which is an all-encompassing term for a large variety of financial apps that are built using the blockchain technology. DeFi aims to provide the utility and ease… Continue reading USA DeFi Taxes: The Ultimate Guide
Non-fungible tokens (NFTs) have become a popular topic in the world of digital art, collectibles, and investments. As more people become interested in buying, selling, and holding NFTs, it’s important to understand the tax implications of these transactions. While NFTs are a relatively new asset class, the IRS has issued guidance on how they should… Continue reading How are your NFTs taxed in the US?