Its no secret that many of us have made a little bit of cash on Steemit and will be paying taxes on those earnings. If you are a miner that may complicate things even more and make the time you spend doing your taxes increase exponentially. Steemit makes it easy for anyone to see what you have earned over the year and may make those with high balances more subject to scrutiny. Cryptocurrency and taxes is a very confusing subject so getting help may be key for many of us.
I am curious about how others are keeping tack of steemit earning for tax purposes and any suggestions that can help make the process a little less frustrating. Ideally using turbo tax would be nice, but I am curious if people have other suggestions. I am also interested to know if people setup a business when they get really big on steemit or just file as individuals? Any type of software suggestions that can make keeping track of steemit and mining earning would be greatly appreciated. Once states start to look at cryptos more and make better laws I expect to see better guidance.
I know some people may consider taxes as theft or the government imposing their will on individuals. I think that if you partake in society and use toilets, roads and any other infrastructure its your duty to pay taxes. The only beef I have is the complexity and confusion especially with cryptos when it comes to understanding and paying your taxes. We have to make our best effort to report and pay what we owe given the vague guidance given to everyone.