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RE: *HELP* What is BEST way to cash out My Steem and Steem Dollars?
Good for you!!!! 😁 On ALL accounts! 😁
I am powering down now... it takes a long time for sure...
How do you work your taxes with this? Does Steemit provide and tax info, like an annual summary or some sort?
Steemit is like being your own banker and your own boss. They do not file 1099s or any other income doc with the gov. It's up to you to report it on your corporate return or personal return, as blogging income, in your case. Or writing income. However you chose to classify it.
And you can deduct appropriate business costs such as home office, internet fees, etc. If you're not already in your own LLC or S corp, that is a good idea because then the gov considers your deductions more legit business deductions.
when do you claim your crypto as income, after you cash out?
I use "cash accounting" in my business so it gets booked when I cash out and it hits my company checking account.
https://en.wikipedia.org/wiki/Cash_method_of_accounting
And for me, its all regular income, not investment income, because I never invested a cent in Steem, its been all profit from blogging here. And for that, I am very grateful and lucky I got here early!
And oh yeah, this is Not accounting or tax advice. :) I'm not an accountant or tax advisor. Just a small business guy who does software development from home in my PJs. 😁
lol, i understand... what kind of software do you create?
Custom apps for private social networks. Chats, IMs, custom member searches, even coins to buy and sell with, and receive for doing certain activities. And I need to go work on a project right now. Talk more later! :)
Cool! I need a Blue Rock Talk app that takes and gives Crypto.
One Day.
Thanks for your help!