Tax reporting is not just, take your best guess on whatever method you like and hope for the best! I need the tax women for verifying my accounting method and my documentation before i file my final tax return on Bitcoin related income. As a private business owner, you are officially unpaid! Working a self employed anything does not give you an hourly deductible wager. And I can't have any electricity documentation besides my mining log before my electricity bill arrives. LOL, Danish tax is not constitutional voluntary. I'm not entirely sure you're in compliance at this point, if unsure, I think you should really repeat it all over, or just hire a dedicated mining auditor approved by the Danish Ministry of Finance ! Also, have you remembered to get the bitcoin miner tag tatoo as required by the Virtual Cryptocurrency Mining Approval Act of 2012 ? This is quite important, and unless you adhere to this strict requirement set forth by your government, you will be summoned by the 1st of May and being forced to accept the following tatoo as a sign you're part of the Dark Mining Cult of No Tax Return: At the same time, did you remember to do the hamster dance before officially slipping the tax return in the mailbox, or if you did it online, were you sure to run the hamster dance in accordance with EU regulation 12 chapter 42, paragraph ∞, governing digital pleasurement while filing tax returns ? Have you made absolutely sure that all clothes stored by your wife have been stored in a vacuum enhanced room, to ensure they're not at all contaminated by electrons omitted from the rattling mining gear that might infect chairs, and furniture she will touch in her semi public position? Now, that would be a real problem.
Have you also remembered to pay the international cross-border e-commerce tax on speculative foreign investments that was declared a necessity by the Danish government in appliance with EU e-commere regulatives ? What about the fees paid to MtGox and the banks, did you make sure to deduct this ? Did you report the earnings to the Japanese Ministry of Foreign Economical affairs as set forth in the Asian digital money transsmitter act of 2009 ? I'm sure you used some data usage meter along with the watmeter, right ?Īlso worth taking into account is the wear and tear on all your mining gear? Did a fan get jammed and you need to replace it ? Tax-deductable! Did you get a spare GFX-card from your neighboor ? Oh dear, then that must be added as benefits, taxable!
Also make sure to deduct the bandwidth used for the enterprise, but make sure to only deduct the fraction used for mining, while the other stuff like browsing the news, watching youtube and so on can't be deducted.
If you used a Cap, then add that in as well. So to be 100% in compliance, you should note down all your special skills, and get a stop watch to time all the time you use for everything.Īlso, you should take into account any travelling time and expenses used to aquire the mining gear, and mining-clothes you've especially purchased to go along with the enterprise. For example, if a worker does something on his own property in Norway, the tax department might be able to estimate a value of this work, and then charge taxes on it.
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As you're concerned about the details, did you also run a watmeter on the rigs, to ensure that you know how much to deduct for electricity ? What about the hours you've put in as manual labour ? If you have some special skills that will make things easier for you, then this is taxable if used for your own benefit.
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