Saim Akif
CPA, CFA, CAMS, Realtor
Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting
Saim Akif, CPA, CFA, CAMS, Realtor
I was trading Crypto as a hobby but now it’s a full time gig, what do I do?
Hello Saim, I now deal in crypto all the time and now its a full time gig. Which tax structure will benefit me in optimized tax amounts?
In such cases where you have moved from hobby to business, you need an adequate tax structure. In the current personal tax structure, your switch to business will mean you will need to pay self-employment taxes on your profits and file a business entity.
Self-employment Taxes can add up! That’s why you’ll want to make sure you set up a business entity with the right tax structure so you’re not overpaying your taxes so you can benefit from write-offs and deductions.
Speak with a cryptocurrency CPA on the best tax structure for you—it might be an LLC or it might be an S-Corp. It really depends, but a consultant with a crypto CPA can help you optimize your taxes.
© Saim Akif, 2021