Mining and taxes

Nothing. But you don't "register as a business."


Incorporate yourself. For something like "mining" I'd say probably an LLC. In you report for the SoS, legally speaking, you could probably get away with claiming that you;

"Rent/lease equipment to users over the internet" since your mining is supporting the blockchain.

However "writeoff" doesn't mean "free." The items of value you receive for the rental will have to be declared and you will pay taxes on it when you pay yourself.

The "writeoff" is the expense involved compared to your profit, which is capital that isn't spent at the end of a fiscal year. Also electricity is a utility and depending on where you are you can't "write it off."


The holes in the logic are that you seem to have gotten your info about what businesses do from an echo chamber of "normies" who get their ideas from movies and TV and shit.

Starting and running a business is expensive as fuck. And the idea that people have that businesses or employees can "write it off" and not pay taxes (or get reimbursed? I'm not sure what these retards think happens) is fucking hilarious.


You're going to pay taxes if you incorporate. The difference is that you will only pay taxes on your salary while the business will pay any revenue taxes, unless like I said you're an LLC or S-Corp and the business pays the tax up front and you get your dividends from the shares.

But your corp has to have employees, and you have to be one if you're operating the shit. So you have to be paid a salary. This isn't optional.

I wouldn't do it, unless you're planning on doing some heavy research on business laws and tax code for your state.

>>2297245
Nothing, except that you have to pay taxes after you break even

>>2297475
damnit. ok i guess 8949 it is.