Taxes

How To Cash Out Large Amounts Of Bitcoin Safely

People who invested in Bitcoin wisely and now have a large sum of it, all have the same question: How to cash out large amounts of Bitcoin safely? In the same manner, this question bothers those who only plan to get rich on Bitcoin. Anyway, it’s good to know the answer, and we’re here to give you one. First of all, if you want to cash in a large amount of Bitcoin, then you are rich and should be extremely happy, not worried.

Back in the day, people started working with this cryptocurrency out of curiosity or getting familiar with a new trend, but with time some of them managed to get rich in Bitcoin. Today, money is the main driver behind most people, and if you are reading this because you are ready to cash in, we’re glad to have you on board. Let’s go through the sundries of getting Bitcoin withdrawn to your bank account and convert it to regular currency.

Source:cryptocoinsociety.com

First thing first – large amounts of Bitcoin attract attention. While you probably have no issues withdrawing a small amount of Bitcoin, but with cashing in large quantities, you need to be careful. If we’re talking about a really massive sum, then you can expect that after cashing in, nothing is going to be the same for you. This fact is the primary reason why you need to take this action seriously. First of all, let’s talk about withdrawal limits.

Withdrawal Limits

In order to accumulate Bitcoin, you’ll need to cooperate with an exchange. By now, you probably know this information. What you also know is that most exchanges have withdrawal limits. Depending on terms of service yours has, you can either withdraw only a couple of thousands at a time, or it can be hundreds of thousands. Whatever the case might be, you’ll need to know this in advance. If the sum you want to cash in is more significant than the one allowed, you’ll have your money sitting, without knowing what’s causing the delay. Other things you’ll need to pay attention to are banks and taxes.

Banks and Taxes

Source:guardian.ng

Your bank won’t sit idle while your bank account starts getting richer from Bitcoin money. If you begin receiving large payments into your account, the bank will look into it. If they get really suspicious, your account might even get frozen. To avoid this, you’ll need to get familiar with the policies your bank implements. After that, you have the second most certain thing in the world after death – taxes. Large amounts of Bitcoin turned into cash are taxable. And compared to the smaller amounts of Bitcoin, large withdrawal brings more charges. Before you cash in, you need to know how much is that going to cost you in taxes, so that you can stay in the clear from law enforcement agencies.

Converting Bitcoin to Other Currencies (Fiat)

Source:cryptomojo.com

Some of you used Fiat to buy cryptocurrencies at the beginning. It works the other way around. You can convert your Bitcoin to Fiat if that’s what you want. But, you need to be careful when doing this if you plan on converting large sums. This article revolves around the matter of converting a large amount of Bitcoin into a Fiat currency. Keep reading and learn what else you need to do.

Lawyer up

This is an essential step which you shouldn’t skip. To avoid tax and legal issues is better to have an attorney to show you the legal side of cashing out large amounts of Bitcoin. Tax fees are different from state to state. When you get ready to cash in, you’ll want to lose as little as you can to taxes. Because of this, you’ll need legal help. Lawyers also cost money, but they won’t waste your money or time. If the money you’ll receive from Bitcoin is life-changing, you’ll want it to be as clean as it can get, and someone familiar with tax law will help you with that.

Check Out Bank Policies

As we already said, if you don’t warn your bank, there’s a chance they freeze your account. To avoid this, you’ll need to talk to your bank. They need to know that you are about to deposit a large amount of money on your account. There’s even a chance that they won’t allow the transaction at all. Banks have different policies on cryptocurrencies, so you might also be forced to change the bank to find one which will accommodate your needs. Be sure that you are cooperating with the right one to avoid the unnecessary hustle.

Chop Your Withdrawals Into Pieces

Source:independent.co.uk

If we are talking about a really massive sum, it would be wise to withdraw your Bitcoin in smaller portions. If you try to cash out all at once, there’s a chance of something going wrong. If this happens, all of your money could disappear. Smaller withdrawals – more security. You don’t want to lose any of your money, so just be wise with it. There’s also an option of withdrawing your cash through different methods such as peer-to-peer, OTC, and cryptocurrency exchanges.

The Most Important Thing – Taxes

When you cash out all of your Bitcoin and a large amount of money is now on your bank account, you need to do one last thing – report your taxes. Yes, you can try to play out the state where you live, and there’s a chance that you’ll succeed. But, there’s an even bigger chance that you’ll get caught, and then there are legal consequences. You don’t want this to happen, so do not avoid taxes at any cost. Report your gains, pay the fees, and live without the paranoia that one-day authorities will knock on your door, as they definitely would.

Conclusion

The thing is simple – you have Bitcoin, and you want to cash in. Above, you have all the steps you need to take. Talk to your bank, get a lawyer, and pay your taxes. If something still remains unclear, you can look at other sources. For more information, visit https://bitcoins-digital.com, and get even more thoroughly acquainted with this subject.

Paying Religious Taxes

All of you sports aficionados know Allen Iverson of the Philadelphia 76ers and his infamous frustration talk about “practice” during a press conference, which was held more than a decade and a half ago. No, I’m not here to talk about practice either. Someone wants me to talk about taxes; yes, taxes. Even though I already said I wouldn’t “blog” much this year because of too many upcoming commitments, I just couldn’t resist this request from someone who happens to dislike what taxpayers money gets used for. Besides, it’s tax season so why not. When asked about taxes and Christianity, the first response we often get is “give to Cesar what is Cesar’s.” Sadly, we use this quote from Jesus so much for taxes that we miss the overall message that Jesus was trying to send when he made the statement. By so doing, we ignore the most important part of His message. Read Matthew 22:15-22 and let’s talk taxes.

Before going into what Jesus’ overall message was, let me make some quick points on taxes. Should a Christian pay taxes? I hate to say YES but I don’t get to make the call or the rules. It’s the law and it does not contradict the scriptures. I saw a very persuasive email on all the “wrong things” tax payer’s money get used for. Some people are angry because of the things taxpayers money is spent on. To these people, I’ll say, let that be between the government and God. Do your part just like you would with a homeless person who may end up spending your money on something you don’t like. Obviously, in the later, you have more control of who you give your hard earned money to but doing what is right is not a matter of opinion, and I’ll clarify.

source: thoughtco.com

Matthew 22:17-21 – “…Tell us then, what is your opinion? Is it right to pay the imperial tax to Caesar or not?” But Jesus, knowing their evil intent, said, “You hypocrites, why are you trying to trap me? Show me the coin used for paying the tax.” They brought him a denarius, and he asked them, “Whose image is this? And whose inscription?” “Caesar’s,” they replied. Then he said to them, “So give back to Caesar what is Caesar’s, and to God what is God’s.”

Yes, they were trying to trap Jesus and didn’t ask about the law. Yes, they only wanted His opinion as seen in verse 17, so this should be a matter of opinion as some would say. My response would be, don’t you think that Jesus’ opinion should take priority over yours? Jesus called them hypocrites because they knew it was the right thing to do but they are looking for an excuse not to do it, while trying to have Jesus on their side. Don’t forget that these Pharisees, in the same verse also asked Him to tell them if it is the “right” thing to do, which means they were definitely asking for more than His opinion. The last time I checked, Jesus’ opinion is also His law. This was not the first or last time the Pharisees try to trap Jesus with a question and I believe soon after this event, the Sadducees had a question of their own too. In every instance, the answer Jesus gave was not only right but became the standard for the New Testament age.

Now, here is the bigger picture that we should be more concerned about. There is a reason Jesus asked them to look at the coin and say what image/inscription was on it. Jesus could have easily answered the tax question as a Yes or No but He needed them to understand why taxes should be paid to Caesar. Most importantly, Jesus wanted them to see the bigger picture by using this as a teaching moment, which was the spiritual comparison He made when He said “…and to God what is God’s.” Jesus was making a point that it is okay to do what is right or expedient because it is the law. But doing this or following the law of whatever government you are under is not the reason for our existence. It’s like saying “…man shall not live by bread alone but on every word that comes from the mouth of God.” – Matthew 4:4. This simply means physical food is good for us but the spiritual food is way more important and best for us. Jesus even told His disciples in John 4:32-34 the kind of food He is more interested in eating.

source: thoughtco.com

In the same way, giving Caesar his coin as a tax payment is a “good” thing to do but giving ourselves as a sacrifice to God is the “best” thing to do. We have bigger things to worry about than taxes because our salvation is not based on how much taxes we pay. Jesus’ message was deeper than just paying taxes; it was more about giving your soul to the owner. Denarius, the currency of those days, had the image of Caesar (an ancient leader) just as we have our various country’s currencies today bearing the images of our public leaders.

The government makes and regulates currencies. When the Pharisees looked at the denarius (coin) they saw the image and inscription of Caesar. When we look within us, we should see the image and inscription (word) of God; and so should others (2 Corinthians 3:2-3; Acts 11:26). The image and inscription represent ownership. You can’t put the image of a North Korean leader on Canadian currency. You cannot put the image of the British Prime minister on a US Dollar. In the same manner, we cannot occupy our hearts with evil, which will end up displaying characteristics of the devil (John 8:44).

Now, for those who hate paying too much taxes like me, don’t think you are alone. Most people I know don’t mind paying taxes but they hate paying too much taxes. I just want to quickly say that government around the world have always been and will always be corrupt. The problem we face as a society is not if there is corruption in government but how deep and how big or widespread the corruption is. In the past, people will have to dig hard to find something “bad” to say about someone. These days, “evil” is so widely accepted as normal that people now have to dig harder to find something “good” to say – what a reverse. A big widespread corruption produces an unstable government, which usually leads to anger and frustration among people.

source: npr.org

In my personal opinion, the tax cut that only favors a select few is a bad tax cut and described as a “trickle down” cuts. I made this comparison (as seen on the attached image) based on what we all can relate to when it comes to health and fitness. You can’t work on one part of your body and hope that the effect will trickle down to fully benefit the rest of your body. You may see a tiny misleading effect that is more of a mirage, and easily gets mistaken for reality. This false reality ends up producing results and that is not sustainable in the long term. It’s called trickle down economy for a reason.

Lastly, this giving of self to God that Jesus was more concerned about is not only for unbelievers. Those who are members of His kingdom are also required to give ourselves to God for the growth of the entire body of Christ. For those who are not yet members of His kingdom, here’s more on HOW TO DO THIS or click HERE.

Contributed by: Abraham Inetianbor

A Quick Primer On Trade Wars And Effects

Since January of 2018, primarily in the spring and summer, much was said and speculated about a potential trade war on the horizon with the onslaught of the Trump Tariffs imposed on many countries that previously had longstanding trading relationships with the US. Countries like China, Canada, Mexico, and those in the European Union have been affected by the tariffs. Experts forecast that an ongoing trade war would have hazardous effects on international economic growth, trade activity, and supply chains; plus, there would be immeasurable confidence lost among corporations and consumers.

There are a few strategies to help businesses who rely on the health and efficiency of global supply chains but avoiding an all-out war would be the preferable option for the most parties. Reuters surveyed over 100 economists about steel and aluminum tariffs, and zero of them said these tariffs would benefit the US economy.

What exactly is a trade war and what are the effects?

Tariffs are taxes imposed on imported goods or services that are meant to encourage consumers and businesses to purchase goods domestically. They are meant to promote the health of businesses within a country. Naturally, companies buy from suppliers from where they can fetch the best prices, even with tariffs, so international trade is regular and frequent. A trade war occurs when one country raises tariffs on another, who in turn retaliates by raising tariffs on the first country.

This can begin in one industry or sector, like steel and aluminum, and then other goods and services get pulled in during the retaliation process. These tariff tactics end up affecting other nations involved in the supply chain who are forced to charge their own tariffs to attempt to compensate for the damage. Trade wars are a part of Protectionism, which is an ideological stance, set of policies, and laws that aim to inhibit or restrict international trade in the hopes of bolstering homegrown business and eliminate foreign competition.

Nations and businesses may try to cope by raising tariffs, duties, and taxes, altering supply chain strategies, and raising prices. Shipping with an Importer of Record that offers tax recovery services can help companies get a refund for indirect taxes incurred in foreign nations but only for certain types of goods and services and only between certain countries. If you’re dealing with the EU, you can get your import VAT refund with their assistance. Consumers lose confidence and investors may move their money away in response.

A trade war can affect the home nation negatively and in ways that are difficult to accurately predict. Businesses will always buy from where they can get the best price for comparable goods and services. Others will keep their supply chains as is but raise prices for consumers, angering the local population. With the prevalence of online shopping and global companies like Amazon and eBay, consumers will buy from wherever they can get the best deals. Lost consumer confidence can also mean purse-tightening and lower household spending.

It’s difficult to predict a rise or change in tariffs, but it’s wise for businesses to have multiple supply chain strategies in places for hypothetical scenarios and emergencies. In the case of tariffs being raised, a Plan B that includes alternative sources and partnerships, and changes in the percentages of materials coming from each country, can be switched to in a crisis, with less of a disruption in the supply chain flow. Getting help from experts to maximize refunds on import taxes, VAT, duty, co-location taxes, etc. will help lower costs, regardless of the current economic climate and trade war scenarios.

Donald Trump Supports Harley-Davidson Boycott

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According to the US President Donald Trump, it is “great” that many Harley-Davidson owners decided to boycott the company in this row of tariffs that escalates. Trump said that “most other firms… including Harley competitors” agreed to imposed tariffs on steel and aluminum imports.

As for Harley-Davidson, they announced that some of the production would be moved out of the United States, in order to avoid the tariffs set by the EU. As a response POTUS threatened the company with higher taxes. Instead of commenting, Harley-Davidson pointed to an interview CNBC did with Matthew Levatich last month.

He said that the company’s preference “in all cases is to supply the world from the United States.” However, he also noted that the firm invested in international manufacturing over the past two decades because “trade and tariff situations in certain markets” made it “prohibitive” without this investment.

“We’re only doing that because these are important growth markets for the company that, without those investments, we wouldn’t have access to those customers, at any kind of reasonable price,” he said.

image source: visordown.com

The warning came last month from Harley-Davidson that the profit margins of the company this year were most likely to halve due to trade tariffs. The added costs this year will be approximately $50 million because of the taxes imposed by the European Union. In June, the famous motorcycle maker said that they would have to move some of the production from the US to the assembly plants in Australia, Brazil, India, and Thailand. It is not specified which factory would start producing more.

Meanwhile, Trump declared that tariffs on steel and aluminum imports are essential to protect the US steel and aluminum industries. This has forced countries such as Canada, Mexico, India, as well as EU to react. The US has also threatened to hit billions of Chinese imports with import taxes, while the country also considers tariffs on foreign cars and vehicle parts.