THELOGICALINDIAN - Seminole Canton Florida has clearly become the actual aboriginal canton in the US to acquire Bitcoin to pay their taxes
In an official announcement anachronous May 14th, Joel M. Greenberg, Seminole County’s Tax Collector, appear that his appointment will be accepting both Bitcoin and Bitcoin Cash as agency for acquittal of altered casework alpha this summer.
For a continued time, users who chose to pay their taxes with a acclaim or debit agenda were answerable with ample fees. This was because they were application a third-party acquittal processor such as Visa or Mastercard. Now, as the bureau will activate accepting cryptocurrencies, these canicule will be no more.
Thanks to Bitcoin technology, the Seminole County Tax Collector will abate affairs fees and advance acquittal accuracy, efficiency, and transparency. Greenberg:
The bureau cautiously states that by acceptance its taxpayers to use Bitcoin and Bitcoin Cash, the abundant fees which are associated with application third-party acquittal processors will be eliminated. That’s great, but who’s the one who has to pay those fees in the aboriginal place?
“Interchange is a baby fee paid by a merchant’s coffer (acquirer) to a cardholder’s coffer (issuer) to atone the issuer for the amount and allowances that merchants acquire back they acquire cyberbanking payments,” MasterCard’s official website reads.
Thus, Seminole County’s Tax Collector claims that the capital apriorism of the new payments advantage is to abate the costs paid by the government. The added money adored on fees, the added tax money for spending for amusing benefits. Though, the words acclimated in the advertisement may advance taxpayers to accept that they will be extenuative money.
It goes after adage that an official tax bureau acquainted cryptocurrencies as an official payments adjustment is significant. But how all-important is it really?
There are two types of taxpayers: those who own cryptocurrencies and those who don’t. In adjustment for the closing to booty advantage of the built-in change, one would accept to jump through assorted hoops: analysis and apprentice how to use a Bitcoin wallet, annals on an barter and go through the KYC action to buy BTC or BCH, and alone again can they accelerate it to the Tax Collector’s accepting address.
This is absolutely aggravating and there doesn’t assume to be abundant allurement for the believer to use cryptocurrency to pay taxes compared to absolute methods.
The above accumulation about is added acceptable to booty advantage of the new acquittal advantage back they already accept cryptocurrency and are accustomed with how it works. But let’s stop for a moment and anticipate about this.
One of the better advantages of Bitcoin is its bearding privacy. Therefore, some may see this as a Trojan Horse accepting bitcoin holders to acknowledge their identities, and to the bounded taxman no less. What do you think?
Would you pay your taxes with cryptocurrencies if you could? Please let us apperceive in the comments below!
Images address of Pixabay; Bitcoinist Archives, Shutterstock
