You could also just make an entirely separate bank account which your accounting software never sees. TLDR keeping books separate will be much simpler than trying to integrate them

A lot of business owners I know who primarily use USD have this workflow:

1. Do USD books like normal, don't try to integrate BTC into them at all.

2. Establish a wallet or exchange account. As you spend or receive BTC, write it down somewhere so you can go back and figure out what a tx was for, if needed. This could be the memo field in the tx, a separate text document, whatever. Just like when you use USD.

3. At the end of the year when doing capital gains calculations, mark all "incoming" payments to that account as as Income. So that's all accounted for, easy. Likewise, mark all outgoing payments as "expenses" if they are valid business expenses. Most crypto tax calculator sites have ways to do this in bulk.

4. Make sure you record any transfers from one of your own wallets to yourself separately so they don't get tagged as capital gains events in step 3.

5. Whatever account software you use, open a support ticket with them and ask them to add BTC support. They need to hear from people that want this feature, or it'll never get added.

I got a bunch of zaps from you, guessing you didn't mean to send all of them, so I sent some back :).

It all depends on your setup. For tax purposes though

1. When you receive BTC, the value at the time of reception is treated as normal income in USD

2. When you sell/dispose of/spend BTC, you pay capital gains on that

3. When you spend BTC (for example, on a business purchase), the equivalent USD value is the amount you would deduct as an expense.

The capital gains accounting is the only real difference vs USD. You can use tools like koinly, cryptotaxcalculator, etc for that.

It all depends on your setup. For tax purposes though

1. When you receive BTC, the value at the time of reception is treated as normal income in USD

2. When you sell/dispose of/spend BTC, you pay capital gains on that

3. When you spend BTC (for example, on a business purchase), the equivalent USD value is the amount you would deduct as an expense.

The capital gains accounting is the only real difference vs USD. You can use tools like koinly, cryptotaxcalculator, etc for that.

HAPPY SATURDAY FELLOW NOSTRICHES! 

GREAT VIBES THIS MORNING 💜

KICK SOME RELAY ASS TODAY! 💪

#nostr #grownostr #plebchain #gm #ai

It all depends on your setup. For tax purposes though

1. When you receive BTC, the value at the time of reception is treated as normal income in USD

2. When you sell/dispose of/spend BTC, you pay capital gains on that

3. When you spend BTC (for example, on a business purchase), the equivalent USD value is the amount you would deduct as an expense.

The capital gains accounting is the only real difference vs USD. You can use tools like koinly, cryptotaxcalculator, etc for that.

Enabling cryptocurrency by regulation is literally: "for something that before the regulation anyone could have done, you now need a special permit (license) and comply with regulatory bullshit".

Oh, but regulatory clarity!

What is not clear in "everything that is not forbidden is allowed"? What more regulatory clarity do you need?

Stop with this enabling statetalk, we don't need to enable anything, we are pre-enabled by default.

What if someone figures out a good way to fake the shells?

Idk, couldn't someone just breed the snails?

Good morning Nostr 🌞

Pick one: Simplex or Signal

#asknostr

I don't file taxes, so I have no idea how to answer your question.

However, this is still closely related: I suggest doing all bookkeeping in doggie coin or grams of silver, converting other units to and from your chosen unit for all transactions.

Doggie coin because it seems to be the strongest-performing money these days, and thus using it to record your profits & losses will tell you the true amounts of those profits & losses compared to someone just passively holding the strongest money. I expect pretty much every business to underperform against doggie coin for a while, so this helps keep yourself and others aware of what you're sacrificing financially to operate this business in service to the community, or as an investment for later. The "keeping others aware" part is important because it might be really really really really hard to explain to your grandkids (or some neo-soviet soldiers or whatever) how you ran a business at a loss and struggled with the psychological burden of taxes because the government had arbitrary rules preventing you from registering as a non-profit despite knowingly operating at a loss. Denominating your books in the currency you're losing the most in might really help with this.

Silver is my backup suggestion even though it might not be anywhere near as strong as doggie coin's market performance right now. It's a lot less volatile, more stable & certain, maybe stronger over a longer timescale, and still very strong in the short timescale - strong enough to reflect risk and possible losses, just not as severely as doggie coin.

Keeping books in Bitcoin is a middle ground that I don't suggest because a middle ground doesn't make sense here in my view. If you're willing to deal with volatility to calibrate your books to an asset with stronger performance, I don't see why not go for even more volatility and even more strength. If the volatility of doggie coin is too much of a problem, I don't see how Bitcoin would be stable enough compared to silver.