Bitcoin Champion – Do I have to pay taxes?

Last Updated: 11 April 2024

Bitcoin Champion is a crypto trading robot that allows you to make a lot of money in a short period of time and in a very simple way, because the crypto bot does all the work for you – from analyzing the market to placing individual trades. The profits that some users generate via Bitcoin Champion are gigantic, according to the testimonials. Some earn several 100 euros a day and some even several 1000 euros.

It would be nice if you didn’t have to pay anything to the tax office from these profits, but, because income from crypto trading is considered income, you have to declare it on your annual tax return.

How can you profit from Bitcoin Champion?

Step 1: Click on the link to go to the official website of Bitcoin Champion.
Step 2: Fill out the form to get a FREE license to trade.
Step 3: Follow the instructions on the platform to profit from bitcoin fast!

Which tax category do profits from crypto trading fall under?

Surely you will be interested to know where you have to list your profits from crypto trading in your tax return. According to paragraph 23 of the Income Tax Act, you declare your profits in the Schedule SO, because these are considered private sales transactions, such as sales via a platform such as eBay or the private sale of precious metals. From a tax point of view, trading in cryptocurrencies is completely different from trading in shares and no final withholding tax is due.

Bitcoin Champion Benefits

Reduce your tax burden by offsetting your losses

Although a trading bot like Bitcoin Champion generates mostly profits, there are occasional trades where you lose money, which in itself is not bad because you generate higher profits than losses with the bot, so you stay in the black. Besides, losses are actually a good thing, because you can deduct your losses from your profits and reduce your tax burden this way.

You are also allowed to deduct costs for your transactions from your profits. This way you minimize your losses because you pay less tax. Otherwise, you would have to bear the full tax burden and pay this money to your tax office.

As an entrepreneur, you can claim your business expenses on your tax return

You have certainly chosen the Bitcoin Champion trading robot for a crucial reason: you want to work independently and not sell your time for money, but make your money work for you and invest it. A wise decision, because it’s not easier for you to earn money on your own, because the bot does almost all the work for you. You are off the hamster wheel and can even become financially free in a short time.

You are your own master and an entrepreneur. Therefore, you can partially or even fully deduct costs and expenses related to your business from your tax burden. For example, your electricity costs, purchase costs of computer, laptop and smartphone and many other financial things. Therefore, it is strongly recommended that as soon as you have made your first profits, you consult a tax advisor to help you save on taxes.

Author
  • Luke Handt

    Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.

    Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.

    In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.

    When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.

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