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Title: Mining pool fees an expense? Post by: jetbird on June 06, 2018, 05:12:02 PM Should I treat mining pool fees as a separate business expense?
Thanks, Jeff Title: Re: Mining pool fees an expense? Post by: olubams on June 06, 2018, 08:01:34 PM Should I treat mining pool fees as a separate business expense? If this is related to filing of returns to the tax authority, by all mean its going to be an allowable expense becusee the expense is related directly related to the income being generated which means that without the fees paid or deducted at source, you might not have generated such revenue. If you can get a tax consultant for you, this will go a long way in I proving your case as to why such expense should be a separate business expense.Thanks, Jeff Title: Re: Mining pool fees an expense? Post by: darkangel11 on June 06, 2018, 08:49:15 PM Of course. Just remember to gather proof (at least in the form of screenshots), so that when they ask where did that amount come from you will have something to support your claim. Receipts or invoices are the best, but you probably won't get anything like that from a pool, so transaction history will have to suffice.
Title: Re: Mining pool fees an expense? Post by: labhsikh123 on June 07, 2018, 04:09:03 AM There is need to pay tax.
Title: Re: Mining pool fees an expense? Post by: darkangel11 on June 07, 2018, 08:35:45 PM There is need to pay tax. Is that how you feel? I've seen many things in my life but never a person who feels a deep need to share part of his wealth with the government. ;D |