@kryptic, thanks for asking the first question. My response would be that I have to know more before I can advise.

Some of the questions which come to mind are, when was the LLC formed? Is it a Single Member LLC or does it have more than one member? What option was chosen for taxation method (as a sole proprietor, partnership or corporation)? How long ago was this LLC formed or was it acquired through purchase of another company? Have returns been filed for this LLC already in prior years?...and so on.

For example, imagine you have been running income and expenses through this LLC for another business in a completely different category (catering for instance) and you have already filed returns, the answer would be completely different than if this is a virgin LLC that was formed earlier this year with zero returns filed.

Assuming it's a virgin, single member LLC, with its own Employer Identification Number (EIN), designated to be used for blogging or writing when you filed the EIN and with no tax returns filed. The basics you should do are:

1. Set up a separate bank account for the business using the Employer Identification Number of the LLC.
2. Be sure all crypto translations (exchanges from crypto to fiat) run through that business account.
3. Pay all business expenses through that account.
4. DO NOT pay for any personal expenses through this account.
5. DO NOT pay business expenses with your personal account.
6. Maintain solid books and records. Document why expenses you take are business expenses. (see IRS Recordkeeping requirements).
7. Take a regular draw to pay yourself a salary.
8. Create a business plan.

It's a summary of the topics covered in my earlier blog https://steemit.com/tax/@lpfaust/us-tax-considerations-blogging-on-steemit-business-or-hobby-how-the-irs-determines-it

If you'd like, feel free to shoot me an email at [email protected] so I can get more of the backstory I need to help point you in the right direction.

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.