- Frequently Asked Questions -

- TAX LAW -

Question

Is the COVID-19-related $600 unemployment benefit taxable?

Answer

Yes, regular unemployment insurance and this extra bonus is counted as income and taxable. All unemployment insurance benefits are required to be disclosed when taxes are filed. The December 21 bill (the “Second Stimulus Bill”) provides a refundable tax credit of $600 per individual ($1,200 for married filing jointly) along with $600 per child under the age of 17. The credit phases out starting at $75,000 of adjusted gross income ($150,000 for married filing jointly).

Question

Are taxes constitutional?

Answer

Yes, taxes are constitutional.

Question

Do I need to pay taxes on Bitcoin trading profits?

Answer

Yes, Bitcoin trading profits will be considered part of your gross income and be subject to income tax.