We specialize in bookkeeping, payroll, income tax return preparation, and retirement planning, and serve a nationwide clientele consisting of individuals and businesses of all types and sizes (LLC, partnerships, C & S Corporations), as well as trusts and estates. As financial problem solvers, we provide practical advice and proactive solutions with personalized service. We are affordable, experienced, and friendly, and we tirelessly study and research the ever-changing world of tax law and regulation so that we can help every client realize the greatest possible savings and return on investments. Our office is conveniently located in Dover, Delaware. Please contact us today to find out more about how we can make YOUR life less taxing!Tax
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๐ฟ๐ค ๐ ๐ค๐ฌ๐ ๐ฉ๐๐ญ๐๐จ ๐ฌ๐๐๐ฃ ๐ ๐จ๐๐ก๐ก ๐ค๐ง ๐ฉ๐ง๐๐๐ ๐๐ง๐ฎ๐ฅ๐ฉ๐ค?
If you made money on the transaction, yes.
The IRS treats cryptocurrency as property. So selling crypto, swapping one token for another, or using crypto to buy something can create a taxable gain.
The real question is whether or not you received more than you paid.
To figure that out, you need to know:
โข What you originally paid
โข What you received when you sold or traded it
โข Any fees tied to the transaction
โข How long you held the crypto
Crypto held for one year or less is generally taxed as a short-term gain. Crypto held for more than one year may qualify for long-term capital gains rates.
If you made several trades, used more than one wallet, or arenโt sure what needs to be reported, reach out before you file.
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We're almost at the midyear mark of 2026. Which means you still have six full months left in 2026 to shape your tax outcome for this year.
So letโs look forward now while we can actually lower your bill.
Call us to book your midyear review today.
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๐๐๐๐ฃ ๐ฌ๐๐ก๐ก ๐๐ฆ๐ช๐๐ง๐, ๐๐ฉ๐ง๐๐ฅ๐, ๐๐๐ฎ๐๐๐ก, ๐ค๐ง ๐๐๐ฃ๐ข๐ค ๐จ๐๐ฃ๐ ๐ข๐ฎ ๐๐ช๐จ๐๐ฃ๐๐จ๐จ ๐ ๐ฉ๐๐ญ ๐๐ค๐ง๐ข?
For the 2026 tax year, payment apps and online marketplaces are expected to send Form 1099-K only if your business processes more than $20,000 in gross payments and has more than 200 transactions on the platform.
If you use a traditional direct merchant credit card processor, the 200-transaction threshold does not apply. Card payments will be reported on Form 1099-K regardless of the amount.
Not receiving a tax form doesnโt mean the income can be left off your business records or tax return.
If money came into your business, your records should show the gross sale, any processor fees, refunds or chargebacks, and the final deposit.
On a scale of 1 to 10, how confident are you that your payment app fees, refunds, and chargebacks are being tracked correctly in your books?
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First State CPAs & Associates |
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18 S. State St, Dover, DE 19901 |
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| (302) 736-6657 | |
| Business Hours | |
| January 1st January 31st | |
| MondayโFriday: | 8amโ5pm |
| Saturday & Sunday: | closed |
| February 1st April 15th | |
| MondayโThursday: | 8amโ6pm |
| Friday: | 8amโ5pm |
| Saturday: | By appointment |
| Sunday: | closed |
| April 16th December 31st | |
| MondayโThursday: | 8amโ5pm |
| Friday, Saturday & Sunday: | closed |