No one is worried about taxing your Zaps, they are already taking a third of your paycheck before it hits your back account.
PSA: The tax deadline for individuals and corporations is today. If you haven't filed already, file for an extension. It takes 5 minutes and can save you thousands in penalties for late filing.
Inflation ruins our ability to accurately present a company's true financial picture in traditional financial statements.
But this is one more thing that bitcoin fixes!!!
Find out how in our new blog post from nostr:nprofile1qqsrgjpq6kaadn0dahp4hthqyn0vjz3fn7w4nkj8apmx5aftn3kae8gpzfmhxue69uhkummnw3ezua3sdshxjmcpzamhxue69uhkummnw3ezumr0wpczuum0vd5kzmqth0qvj, linked below.
https://satoshipacioli.com/the-fiat-fog-how-inflation-distorts-financial-reality/
They still can, this provides more time for that to get that done.
Although maybe they punt because Treasury has taken the pressure off.
For now, but they have said more clear guidance will be coming for what is needed from foreign entities.
Big win for privacy here for small business owners. The BOI reporting requirement is off under guidance directly from the Treasury.
We'll look for additional ways to optimize.
Great, we made an update with historical price data saved in the file, so google doesn't have to pull as much information every time. If you go to the same link you can try out the new version.
Thanks for the feedback, we'll check it out.
February means tax season is officially in full swing!
We often get asked about the best tools for tracking bitcoin taxes and most of what is available focuses on serving crypto broadly and is not customizable. So we put together a simple spreadsheet to share with the community.
There are two versions, one in google sheets and the other in excel.
https://satoshipacioli.com/new-google-sheet-excel-template/
This is our first version and we would love to make continued improvements based on user feedback.
Currently it tracks gains/losses based on FIFO/LIFO/HIFO and your current cost basis of coins held.
👀
nostr:note14pjq5fuku2ftt7njsucw8cc6axf6hlk7qe9g2ler00psfazlm49s7x8dea
We've got something really cool* in the works we'll be releasing soon.
Drop a guess of what you think it might be below 👇
*cool on the accounting/tax scale, your adjective may vary.
https://www.irs.gov/pub/irs-drop/n-25-07.pdf
TEMPORARY RELIEF UNDER SECTION 1.1012-1(j)(3)(ii)
So the rule got delayed 1 year?
nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx nostr:npub10atn74wcwh8gahzj3m0cy22fl54tn7wxtkg55spz2e3mpf5hhcrs4602w3 nostr:npub1drlw0wmu9tq37usx4qt3u6u4zj44mrf3zsfa6xhcdyrh3n4wpmgqr4rfg0
Yes, that appears to be the case. FIFO on hold for one more year.
https://finance.yahoo.com/news/irs-delays-implementation-crypto-cost-173100985.html
Business owners: Are you missing out on this tax-saving opportunity? 🏠💼
The Augusta Rule lets you rent your home to your business for up to 14 days a year, tax-free. Your business deducts the expense, and you pocket the income without paying taxes on it.
Example: Rent your home for $1,000/day x 14 days = $14,000 tax-free income while reducing your business taxes.
This works for meetings, events, or trainings—but you must document everything and use a fair market rate.
Don’t leave money on the table. Let’s talk about how to make this work for you!
CD147: TAX PLANNING AND NEW IRS RULES WITH SATOSHI PACIOLI
- nostr:npub1drlw0wmu9tq37usx4qt3u6u4zj44mrf3zsfa6xhcdyrh3n4wpmgqr4rfg0
https://cdn.satellite.earth/6997ecb26e2271ecd9dfe37c7f0de29d24f619b9bad51c9730214923cdbbc60c.mp4
Appreciate nostr:nprofile1qqsqfjg4mth7uwp307nng3z2em3ep2pxnljczzezg8j7dhf58ha7ejgprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet5qyt8wumn8ghj7un9d3shjtnswf5k6ctv9ehx2aqpr9mhxue69uhhxetwv35hgtnwdaekvmrpwfjjucm0d5klqft7 having us on to discuss the new IRS cost basis guidance, on such short notice.
Hopefully there are some valuable takeaways from this conversation.
Do you know any accountants who are looking to work in bitcoin full or part-time? Please send them our way!!!