#518 3 Simple Crypto Tax Hacks The IRS Want You To Ignore Main Street Business podcast

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#518 3 Simple Crypto Tax Hacks The IRS Want You To Ignore

4d ago 29:38

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In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen decode cryptocurrency tax tactics. They address the uptick in crypto ownership and IRS oversight, focusing on strategies like Charitable Remainder Unitrusts, tax-free trading with Roth IRAs, and LLC setups as S-corporations. They provide examples of significant tax reductions and steps to implement these strategies effectively.

Here are some of the highlights:

Mark and Mat point out how $28 billion in Bitcoin is being bought and traded every 24 hours.
How to use CRUT (Charitable Remainder Unitrust) for large capital gains.
The advantage of using Roth IRA or Roth 401(k) for tax-free crypto trading.
Mark and Mat address crypto mining, staking, DeFi lending, NFTs, and gaming.
Importance of reporting crypto transactions to the IRS.
The step by step process to set up and fund a crypto Roth IRA.
Combining W-2 income with investment strategies.

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Chapters

1. Cryptocurrency Tax Strategies for Savings (00:00:00)

2. Tax-Free Crypto Trading With Roth (00:10:59)

3. Crypto Tax Strategies for Earnings (00:18:14)

4. Tax Saving Strategies for Crypto Investors (00:26:52)

520 episodes

#Business #Mark J Kohler #Mat Sorensen #MBA #Entrepreneur #Mark J Kohler And Mat Sorensen #Tax Strategy #Legal Compliance #Business Structure #Tax Tip #Accounting #Irs Updates #Financial Reporting #Tax Prep #Tax Reform #Estate Planning