For millions of Americans, the tax filing process mostly comes down to clicking"next" a bunch of times. Same address? Same employer? Roughly the same income? Check, check, check.
Cocoa prices are soaring to record levels. What it means for consumers and why ‘the worst is still yet to come' Even if you earned substantially less than that, you're supposed to report it. Generally, your financial institution will send you aIf you've already filed and have the document sitting in your inbox, don't sweat it too much. If it's a tiny dollar amount, the IRS likely won't be sending auditors your way, says Mark Jaeger, vice president of tax operations at TaxAct.
But with popular cryptocurrencies hitting new highs, it's worth remembering that any profit you realized from selling crypto is taxable at either the short- or long-term capital gains rate, depending on how long you held it.from the financial institution you use to trade crypto.