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Author Topic: Paying myself in Bitcoins?  (Read 8201 times)
MoonShadow
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January 15, 2011, 11:02:46 PM
 #41

I strongly suggest that those with tax questions consult a tax professional.  They make their money off of getting you out of paying taxes, and they get paid a chunk of what you save in taxes.

If you are conducting enough business in bitcoins that if it were dollars you'd go to jail for not paying taxes, go down to H&R block, or your local tax professional, and ask them.  They don't generally charge for a consultation.

Not H&R Block, they are just using a program like TurboTax.  Go to a CPA, or stay out of the whole mess.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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Anonymous
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January 16, 2011, 02:11:54 AM
 #42

How do I even begin to separate personal bitcoins from business bitcoins?

Separate wallets?


Yeah thought about that.

there is also mybitcoin .
Kluge
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April 08, 2013, 01:27:51 PM
 #43

Arise!

Caveat: I'm not an accountant, and changed my major before there was any chance anyone would confuse me for one.

1. How will this work for taxes?
http://www.irs.gov/businesses/small/article/0,,id=130524,00.html
You must immediately translate into dollars all items of income, expense, etc. (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income taxl

I keep hearing I need to declare USD value when the conversion happens. What kind of evidence would be sufficient in an audit? Do I just write the date down, GoxLast (which fluctuates $20/hour anymore), and tell them to look up historical price charts? What if Bitcoins are only worth $20 on miou302ponz.info's exchange, but $190 on MtGox? Which do I use? Would the IRS even trust data from Gox?

How do I prove the transaction? "Oh, txID is 19512a921ec4b501faf5b2f56a1cf41129cef65cf46d3fa79b1b2034797793f2, Mr. Has-Me-By-The-Balls -- you can look it up on blockchain.info if you don't believe me and don't keep a copy of the blockchain around."

Don't mix your coins someone said isn't legal
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