Ted Bauman is a philanthropist living in Atlanta. He is an editor at The Bauman Letter. He has a reputable academic certification. He obtained postgraduate degrees in economics and history from the University of Cape Town.
Ted Bauman has helped individuals to live a self-employed life by the utilizing the available resources. He has previously worked at low-cost housing projects, where he served as the funding manager. He founded an initiative known as Slum Dwellers International. The foundation has helped some individuals across the globe.
Ted Bauman is a specialist in asset protection and owns full expertise in investments of low-risk. As an author, he has published an article about the users of cryptocurrency. He offers worthy counsel to cryptocurrency users.
Early 2018, he together with Ian King, discussed what they termed as crypto assets. One of the issues that emerged from this dialogue was individuals who buy or sells modernized goods and services in other currencies, make a taxable profit or loss.
Ted Bauman, through his article, stated that majority of investors in bitcoin investors acknowledged that they had evaded paying taxes through their cryptocurrency deals. Some even admitted that they did not plan to pay their taxes henceforth. A federal court in 2017 gave an order to Coinbase to name out individuals and personal information of individuals who were to undergo vetting.
They were to be penalized and charged some interests. Being an advisor in cryptocurrency topics, Bauman has come up with various tips to aid its users.
Some these guiding tips include; all the transactions pertaining cryptocurrencies are taxable, Form 1099 should be filled by individuals transacting goods in cryptocurrency that are more than $600.
Computation of profits and losses of the market value of cryptocurrency should be done at the time of purchase and a business deal should not be considered a 1031 exchange. If the cash from the sale of the cryptocurrency is used to purchase another cryptocurrency.
He also recommends that officials of cryptocurrency should always note down each business deal taking place and report to Form 8949.