⚡️Hosted an AMA in the SaaS Founders Twitter Community with Patrick Larsen CEO of ZenLedger
🔥Topic: Crypto Taxes
Read the full AMA thread here in SaaS Founders Twitter
Key Takeaways from Patrick:
"If you are mining crypto, your hardware and electricity costs are tax deductible. Transaction fees are added to cost basis (gas), reducing your tax liability."
"Crypto is just a payment layer so buying crypto domains is a legitimate business expense."
"If you are going to have business operations in crypto you should create brand new business accounts and fund them with fiat from the business bank account first."
General tax optimization strategies:
🔥Topic: Crypto Taxes
Read the full AMA thread here in SaaS Founders Twitter
Key Takeaways from Patrick:
"If you are mining crypto, your hardware and electricity costs are tax deductible. Transaction fees are added to cost basis (gas), reducing your tax liability."
"Crypto is just a payment layer so buying crypto domains is a legitimate business expense."
"If you are going to have business operations in crypto you should create brand new business accounts and fund them with fiat from the business bank account first."
General tax optimization strategies:
- Keep good records
- Minimize transactions and capital events (selling, trading)
- Long/short term capital gains, tax loss harvesting to reduce tax liability
- Use crypto tax software to keep it all straight
Go crypto native.
- If you just bolt on then you don't control the token and there probably isn't 100% alignment. The team isn't there to execute. The economics aren't there.
- ENS- eth domain names. Drop a governance token. So they were SaaS but also crypto native.
- Lolli- BTC rewards for shopping.
Here is a special affiliate link for members of our community to buy Zen Ledger
I am not a tax professional and you should always consult your CPA. The AMA in this thread is not financial advice. Consult a crypto savvy accountant for tax advice.
*This post contains affiliate links for products I use and recommend to clients.
