It's tax time, what are you doing?

It’s tax time and I’m trying to decide whether I should deduct my mining costs. I just started mining last year and suspect many of you have as well. What are you doing?

What are the pros and cons about forming a registered business to take tax deductions against my rigs and operation costs? Should I just suck up the startup costs and continue to fly under the radar or is that playing a fool’s game?

Thanks in advance,

Farallon

I'm reminding everyone that 'taxpayer' is a legal term and, as I'm neither qualified to make my own legal determinations nor inclined to automatically agree with anyone based only on their say-so, my remaining options are to ignore anything to do with a subject I don't understand or to challenge the person making such determinations to lay out the facts that brought them to such a conclusion.

Tax.. That was a good one :stuck_out_tongue:

1 Like

A lot will also depend what country you are in and what "registered business" you want to form. In the UK for example, there are several types all with different tax implications.

The last thing i want is the bloody tax man getting into my profits!! It's bad enough zcash dev take 20% .... tax man would probably want another 20%!!!

Just imagine - you could be earing 100% of nothing instead. What a deal!

2 Likes

coin devs tax, miner devs fee, pool fee, market fee, electricity cost, vat, income tax, social security tax... 80% of what i mine is taken from me, rest goes for living expanses

2 Likes

And what's worse is that there's a gun to your head - you have no choice, you have to mine Zcash or else.

there is no gun to my head, but it is sad that everyone is so greedy (including me)