Many people want to earn money via the Internet. But what if it works out in the end? In this case, you certainly have to pay taxes on the profits, don’t you? This is the question many people ask themselves when they use the Bitcoin Billionaire software.
Bitcoin Billionaire is a software that makes it possible to trade Bitcoin or other cryptocurrencies over the internet. This can lead to very high profits in the long run, so that you should ask yourself at the latest whether you have to pay tax on the profits or not.
This question is very important, especially in Germany, as the tax office keeps a close eye on this and you may get into trouble if you have not declared the winnings of Bitcoin Billionaire.
At what amount does one have to pay taxes on Bitcoin Billionaire profits?
First of all, you need to be in a position where you can actually make profits from the Bitcoin Billionaire software. But if one has managed to do that, one has to pay taxes on the profits from an annual amount of 600 euros.
But even if you can only make less profits, they have to be declared. Since you don’t have to pay taxes on small profits, you can do this without any problems.
When do you have to pay the taxes and when can you also defer this?
You decide completely on your own when to pay tax and when not to. As mentioned above, you only really have to pay tax on everything above 600 euros anyway. But you can also decide for yourself when the tax burden is allocated to you.
If you decide to have the money paid out, you also have to pay tax on it in that year. If you wait until next year to withdraw the money from Bitcoin Billionaire, you don’t have to pay tax on the winnings until then.
So it doesn’t matter when you made the profit, but in the end it only counts when you had it paid out.
What actually is the profit?
Profit is quickly explained. Actually, it is just the positive difference between all incoming payments in a year and all outgoing payments in a year. If you see a positive number here, this is the complete profit you have to declare at the end of the year.
Again for explanation: If you have received profits from trading at Bitcoin Billionaire, you have to file a tax return and state exactly how much you have won. If you don’t do this, you may get into trouble after filing your tax return.