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RE: Crypto Tax Tips: Fundamental Keys To Minimizing Your Tax Debts...
Nice post!
I have been doing the worst thing of all. Ignoring it. This year I am gonna have to do something about it though. Thanks for reminding me!
I may just have to incorporate or otherwise shoot for business status. Seems like the smartest (but most tedious) way>
Depends on overall strategy.
A corporation MIGHT be good IF you’re doing a lot of trading and want to minimize taxes on INCOME. But that also depends on how you intend on moving funds out of the corporation and/or reinvesting them. And, it COULD end up more headaches with management and accounting than worth it, depending on exactly what you’re up to.
Sole proprietorship could be a simpler option. OR, in Canada, you don’t even have to actually register a proprietorship to still treat yourself like a business for tax purposes and write off expenses.
Again - many factors, depends on larger gameplan, and good to consult with multiple parties to gain different perspectives to help inform well...
Yeah. I was thinking more along the lines of an LLC which are fairly cheap and simple to set up and maintain here. My town has more lawyers and accountants than you can shake a stick at! Most of them hungry :-)