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Thank you to BGA for the platform this morning for his show. We spoke about taxes and this was my takeaways for members to educate themselves. As always your jurisdiction rules and we are not your expert. They are out there to give you real advice. This is entertainment to get you to go down your own research rabbit hole.
Hope you enjoyed.
Key points from our entire conversation:
Common Tax Misconceptions:
Not all income is taxable: In reality, almost all forms of income are taxable.
Cryptocurrencies are tax-free: In actuality, cryptocurrencies are subject to capital gains tax.
Cryptocurrency transactions are anonymous: Many cryptocurrency transactions can be traced and are subject to taxation.
Self-employed people can deduct everything: Only business-related expenses are deductible.
Self-employed people pay more in taxes: Self-employed individuals can access deductions that can offset their self-employment tax.
Income paid in cryptocurrency doesn't need to be reported: All forms of income, including cryptocurrency, are generally taxable.
NFTs are not taxable: Sales and purchases of NFTs are taxable events.
Advantages of Self-Employment for Taxes:
Business Deductions: Business-related expenses can be deducted from income.
SEP Plans: Higher contribution limits than standard IRAs offer substantial tax deductions.
Health Insurance Deductions: Self-employed individuals can often deduct their health insurance premiums.
Self-Employment Tax Deductions: The employer-equivalent portion of self-employment tax can be deducted.
Quarterly Estimated Tax Payments: Offer more control over cash flow.
Time and Location Flexibility: Indirect financial benefits from choosing when and where to work.
Hiring Family Members: Income shifting and potential tax savings in family businesses.
Cryptocurrency Airdrops and Taxes:
Airdrops are Ordinary Income: Airdrops are treated as ordinary income for tax purposes.
Taxable When Received: The income from an airdrop is taxable in the year it's received.
Fair Market Value as Basis: The fair market value of the cryptocurrency at the time of the airdrop becomes your basis for future capital gains or losses.
Tax Obligation upon Control: Tax obligation begins when you have control over the cryptocurrency.
Note that tax laws and interpretations can change and vary by location.
It's crucial for individuals to consult with a tax professional for the most accurate and up-to-date information for their specific situation.
Alpha Growth Mindset
Positivity, Adaptability, and Growth
Embrace a mindset of positivity, adaptability, and growth for today.
Positivity: Choose to approach the day with a positive outlook. Focus on the good, find gratitude in the present moment, and maintain an optimistic mindset. Embrace positivity as a powerful force that can uplift your mood, enhance your interactions, and attract positive outcomes.
Adaptability: Embrace the ability to adapt and adjust to changing circumstances. Be open to new ideas, perspectives, and unexpected situations that may arise throughout the day. Embracing adaptability allows you to navigate challenges with resilience and find creative solutions to overcome obstacles.
Growth-Oriented: Embrace a growth-oriented mindset that values learning and personal development. See every experience as an opportunity for growth, whether it's a success or a setback. Embrace challenges as chances to stretch your abilities and expand your knowledge, knowing that growth occurs outside of your comfort zone.
Present-Moment Awareness: Stay grounded in the present moment. Practice mindfulness and fully engage with the tasks and interactions at hand. Being present allows you to fully experience and appreciate the opportunities and joys of the day.
Today's mindset encourages you to cultivate positivity, adapt to changing circumstances, prioritize personal growth, and stay present in the moment. By adopting this mindset, you can navigate the day with resilience, seize opportunities for growth, and maintain a positive and proactive approach to whatever comes your way.
Art
Available on objkt
From Chaos to Grace
Summertime
Oriana
Available on OpenSea
蜡笔 ART OF MAGIC
Great art from greater Artist. Go and check them out for yourself.
Positive communities to connect with:
cryptocoffeepod.nft @CryptoCoffeePod ran by Jess @CryptoNCoffeee
If you're interested in learning about the latest developments in tech and web3, then you definitely don't want to miss out on these amazing spaces and podcasts. They're a great way to stay up-to-date with the most cutting-edge trends and ideas in the industry.
I highly recommend checking out the shows on Friday mornings, as well as any other times that they're available. You can find more information about these events by checking out their thread or following their social media accounts.
I highly recommend EverRise to anyone looking to get involved in DeFi. Their platform is easy to use, secure, and offers a wide range of features and benefits that can help users maximize their investments. If you're looking to start building with EverRise today, you're making a wise choice that will surely pay off in the long run!
Thank you for everyone that showed for this morning Spaces on Twitter. We got into some great topics and ended up being great value. Everyday we learn something new and today was no different.
Your time is coming.
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