As we round the corner on the April 15th tax deadline, I wanted to take a moment to share some trends I’m seeing among our clients:
• Taxpayers opting to put their IRS balances due April 15th on a payment plan (currently ~7% interest) to free up cash for buying more Bitcoin
• Taxpayers selling their rental properties and businesses to acquire more Bitcoin
• Taxpayers liquidating their precious metals and other collectibles to acquire more Bitcoin
• Taxpayers making charitable contributions to Donor-Advised Funds to avoid capital gains and receive larger itemized deductions
• Taxpayers with substantial 1099 income forming S-Corporations, paying themselves a W-2 wage (with payroll taxes lower than self-employment taxes), and contributing to self-directed IRAs and Solo 401(k)s to acquire more Bitcoin
• Taxpayers harvesting capital gains or losses, taking advantage of the fact that Bitcoin is not subject to wash sale rules
The wealthy love finding ways not to pay their taxes.
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I find this to be generally true of at least the few very wealthy people I have known.
I'm not all that rich, but good for them. I hate these fiat games, but hate fiat taxes even more.
Point proven.
