Colorado is the first US state where you can pay taxes with Bitcoin. With this, Governor Jared Polis a promise Which he did earlier this year.
Bitcoin Taxes
It seems from Reporting By Axios Denver. The governor announced the new fee system Monday during Denver’s opening week.
According to the report, citizens can use cryptocurrencies to pay their own income taxes. But income tax for companies and turnover and so called WithholdingTax is included. And if that’s not enough, you can also pay excise duty on fuel and severance tax with Bitcoin.
The state government’s revenue department has now listed “cryptocurrency” as a mode of payment. This gives Bitcoin a well-known form of payment and a place as cash alongside credit cards and others.
Bitcoin payments must be sent from a PayPal account. So these are KYC’ed bitcoins bought on a regulated platform.
The Colorado Department of Revenue writes:
“Only PayPal personal accounts can make payments with cryptocurrencies. Users must hold the full value of their bill in one cryptocurrency in their PayPal Cryptocurrencies Hub.
Citizens paying their taxes with Bitcoin pay a $1 fee plus a 1.83% surcharge.
American states
Colorado’s plan has been in the fridge for a while. Earlier, the governor shared that the incoming cryptocurrencies will be immediately converted into US dollars. This change is important to comply with accounting standards.
There are already many states where bitcoin taxes are flirtatious. In Arizona, for example, a bill was drafted earlier this year to make bitcoin legal tender. Located in Florida People are busy too Gov. Ron DeSantis is on the way to accepting bitcoin for taxes.
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