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Title: CryptoMinded Releases Key Research: Experts Show the Top 5 Mistakes when Filing Taxes in 2024

London, United Kingdom, 22nd Mar 2024 - Research has shown that 22% of young adults don’t know how to file their taxes and that 56% of young adults are intimidated by the tax filing process. Filing taxes can be a complicated process and the statistics show that.With tax day coming up soon, the daunting task is inevitable. With even the smallest error leading to serious consequences, it’s important to get taxes done right, across all portfolios. CryptoMinded spoke to four accounting and cryptocurrency experts to find out the common mistakes that are made with filing taxes (and solutions to the mistakes).In the resource, the six salient points from the experts are:The IRS monitors all crypto activity; treat taxes accordingly.Many people don’t realise that cryptocurrencies are taxable, not recording crypto leads to omissions in tax filings.Filing before receiving all documentation leads to inaccuracies.Entering transactions multiple times - known as double-accounting - results in incorrect filing.Airdrops and hard forks are taxable; market value at receipt is reported.Claiming crypto capital losses can offset gains, reducing tax liability.The IRS has robust mechanisms to monitor cryptocurrency activity, through both centralised and decentralised exchanges. For those filing their own races, it’s important to record and report crypto transactions thoroughly. One of the key mistakes many online users make when filing their taxes themselves is to exclude cryptocurrency and digital currencies in their reports.  Carter Seuthe, the CEO of Credit Summit, commented that taxes include cryptocurrency investment, noting:“One of the most common mistakes I see with cryptocurrency taxes is people not understanding that they even need to file tax for their cr...

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