Taxes are a challenging experience to most of us as many times we end up not submitting our returns on a timely fashion leading to fines. However, with the emergence of crypto mainstream adoption, tax agencies are warming up to the idea of having us pay taxes in crypto, and now the US tax man is making it possible for US taxpayers to receive their tax refund in Bitcoin.
To facilitate the above payment option, the taxman has turned to Refundo a known provider of tax services and products and now together with BitPay another reputable firm in the crypto arena, US taxpayers will receive their tax refunds in Bitcoin. Both firms are renowned for their expertise in their respective fields and combining their services ensures every US taxpayers scheduled to receive a tax refund get their cash. Furthermore, since BitPay provides VISA card services, one can easily walk into a store, restaurant and pay for services or goods through the card. Similarly, taxpayers are set to enjoy faster, safer and efficient services from the two service providers. Moreover, the fees charged for the services will be cheaper since BitPay provides its services at a flat rate fee of 1%. Furthermore, since Refundo has various payment options available and it’s focused on providing services to low-income communities, US taxpayers are set when it comes to tax refunds.
Taxpayers Required To Set Up an Account at Refundo
To receive your tax refunds in Bitcoin, first, a taxpayer has to create an account at Refundo platform. The account is then assigned a unique routing and account number whose sole purpose is to enable a taxpayer to input his/her tax returns. In addition to setting up an account, taxpayers are required to provide some additional details to take care of Know-Your-Customer Regulations and also submit their Bitcoin wallet address. Once done, as a taxpayer you are set to receive your tax refunds in Bitcoin once the IRS deposits the refund in BitPay’s coffers. Apart from the two entities above lessening the burden that comes with taxes, Ernst & Young has introduced a crypto tool followed by its EY Blockchain Analyzer all essential tools for filing taxes for investors in crypto space. The latter analyzes the investor’s losses and capital gain with results giving the crypto trader taxes due.