This a very, very important subject and one I imagine quite a few members haven't given proper consideration. I have also consulted with my accountant regarding income from Steemit and he advised all blogging profits would be considered income and taxed accordingly, but gains on Steem would more than likely be considered as taxable income in the first year as long as you hold the asset and do not sell. He advised that if I sold Steem, I would more than likely have to pay capital gains tax. He advised that's he's not 100% positive of this, but more than likely this would be the case. He's simply viewing Steem as holding a stock. I asked if Steemit earnings could be viewed as daily dividend earnings and he said definitely not b/c you are being paid in essence for work tendered(your blog posts/comments) and that this is income, not dividends.

I've made a spreadsheet and keep track of daily Steem Power and SBDs earned and then simply use the average daily price of Steem and SBDs to calculate the total daily earnings. If anyone has any questions about this, please respond to my comment and I'll gladly post the spreadsheet layout I use to keep track of daily payouts.

Great points you bring up regarding deductions ala the Green Egg since you use it in blog posts. I'll have to consult with him again to see what deduction options I have here in the US. I will let everyone know what I find out.

Great post again. We have a great thing here with Steemit, no need to cause ourselves unnecessary grief or hardship by trying to avoid the tax man. Have a great night and Re-Steemed.