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RE: Steemit Tax Calculation and Payment System
My. God. Tax is SO complicated and boring! But major props to you @jerrybanfield for being dedicated and following a robust system and sharing your knowledge with us. Tax on cryptos is a murky area which most people don't get. In fact, I'm not even sure most accountants know what to do.
I - on the other hand - propose a simpler (but possibly more extreme) solution. Move to a low tax country like Panama which has territorial tax. That way you don't have to report it and all the money you earn you can keep. Hooray! Well, unless you're from the US or Eritrea. Then you'll still have to report everything to your motherland tax office. 😒
Actually, if you're a US citizen living in Panama, you can probably make use of the Foreign Earned Income Tax Exclusion. In 2016 it was $101,300 USD.
If you found Jerry's post complicated and boring, you'll appreciate his post after reading this:
https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion
Lol. Yeah, I'm not American or an accountant so I'm not going to read that. But good luck to anyone who does want to read it or needs to for their job.
thanks for that bit good to have