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10 sats \ 3 replies \ @bitcoinpleb_b 26 Apr 2022 \ on: 😎 I'm Ben with the BTC Sessions. AMA! bitcoin
Hi Ben! So many questions!
Mainly about living on bitcoin in Canada and how you are currently doing it.
What apps/services etc do you use currently to live on bitcoin in Canada? Is it any different from your video you did on this?
Do you have to include all Lightning transactions? That would be insane.
Can you tell my the accountant you use?
I want to live on bitcoin and I am trying to figure out how to best do that and and I am having a hell of a time trying to do my taxes right now and will definitely need an bitcoin aware accountant next year I think.
So I earn BTC directly from show sponsors (though I do earn some dollars as well in a small amount of cases where BTC is not yet possible). My flow is basically:
- Receive BTC
- Instantly pay any necessary bills via Bull Bitcoin
- Instantly buy gift cards for essentials based on my typical expenditures
- The rest stays as savings
- If a surprise expense pops up later, you have to be conscious of capital gains/loss
My invoices go straight to sparrow and addresses are labeled by who paid. Coinjoin immediately. Pay bills from there. The rest goes to multisig savings.
Accounting is awful and I just dump that shit on my person at the end of the year. They hate me, and I hate the bill I get afterwards. I do this because I hate the fiat system even more.
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Do you just not include/consider the transactions made moments after you get paid for taxes? Since there is little to no price movement and thus no capital gains in that short amount of time.
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Thanks man! 👊🏻
Been dying to know how you do it!
Can you share your accountants name or firm? Or do you prefer not to do that publicly? Totally fine. Are they bitcoin focused/aware obviously? Just looking for a good bitcoin aware accountant.
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