Are there any online platforms that help with crypto integration to business websites? What tax implications should I be aware of before I initiate the process for my ecommerce site?
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Crypto payments are revolutionizing payment in e-commerce. After all, these virtual currencies are continually increasing in popularity. Thankfully, there are online platforms that integrate cryptocurrency into business websites. You can take advantage of the crypto payment gateways accepting cryptos. However, there are tax implications involved. For example, your crypto is taxable if you sell it for cash and get a profit or earn it as an income. Alternatively, if your customers pay for your services and goods in crypto, it attracts taxes. Thus, using crypto in transactions attracts taxation. If you live in the US for instance, you must report your crypto sales, payments, conversions, and income to IRS.