tonycarrera on Nostr: I have posted a similar question in the past with little to no engagement. Would like ...
I have posted a similar question in the past with little to no engagement. Would like to follow others sharing their experience as well.
I considered accepting but given everything other than holding is a taxable event, it’s tough to keep books. We sell lighting/fans/controls, and a significant portion of sales is COGS. Having to convert a large portion back to fiat to pay vendors adds additional complexity and triggers a tax event and additional bookkeeping (recording cap gains/loss for ex).
This seems much easier to do in a service based business, especially for a soloprenuer, where you might prefer to keep and don’t need to convert into fiat.
I’m aware of companies like bitpay which handle this conversion for you but I prefer not to deal with yet another merchant processor, seems to kind of defeat the purpose anyway.
Hopefully one day tax laws change. If someone thinks I’m mistaken, please let me know. Would be great to be proven wrong in this case, ha!
BTW, saw your repost via chriso (npub147w…jwdr)
I considered accepting but given everything other than holding is a taxable event, it’s tough to keep books. We sell lighting/fans/controls, and a significant portion of sales is COGS. Having to convert a large portion back to fiat to pay vendors adds additional complexity and triggers a tax event and additional bookkeeping (recording cap gains/loss for ex).
This seems much easier to do in a service based business, especially for a soloprenuer, where you might prefer to keep and don’t need to convert into fiat.
I’m aware of companies like bitpay which handle this conversion for you but I prefer not to deal with yet another merchant processor, seems to kind of defeat the purpose anyway.
Hopefully one day tax laws change. If someone thinks I’m mistaken, please let me know. Would be great to be proven wrong in this case, ha!
BTW, saw your repost via chriso (npub147w…jwdr)