Crypto Tax and Trading Must Knows?

Can someone shed some light on how I can make sure I am above board with taxes when trading crypto currencies. The last thing want to do is earn x and find that I haven't equated the right %s for the taxman.

Yes yes not one of us wants to pay taxes and yes yes it's totally against the mantra of crypto but can someone explain how the taxation for short terms and long term holdings come into play when I convert BTC back into Fiat.

submitted by /u/tyliumted
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