Tax Strategy For Crypto Investors and Business Owners | Micah Fraim
Millionaire Mindcast
Matt Aitchison Media, Inc
4.4 • 716 Ratings
🗓️ 6 February 2023
⏱️ 35 minutes
🧾️ Download transcript
Summary
In this episode of the Millionaire Mindcast, we have Micah Fraim who shared a super interesting topic on cryptocurrency, his wild investing journey, how crypto works, and tax-planning and strategies for investors and business owners!
Micah Fraim is a cryptocurrency expert, crypto-tax CPA, CPA and Partner at Fraim, Cawley & Company, an accounting firm in Roanoke,VA, and owner of Crypto Tax CPA, a platform that offers CPA services for crypto investors and small businesses. He helps entrepreneurs invest in cryptocurrency, understand the rules surrounding crypto taxation, and reduce the taxes on income to make more money. Focusing on tax planning and preparation for cryptocurrency investors, online-based and other growth-centric businesses.
Some Questions I Ask:
Take me back man on your journey into the crypto-world and become the crypto-tax CPA?
How have you been able to navigate tax-strategy, on coming regulations, and some oversight of the Federal Government?
How soon do you think regulation is going to really come into effect in the crypto space?
How important is proper council when you have some type of crypto in your portfolio?
What are some of the creative tax-strategies or loopholes that should be potentially explored for certain investors?
How early do you encourage your clients and people to engage with you to get the most out of tax-planning?
What’s your outlook on crypto in 2023 and going forward?
In This Episode, You Will Learn:
The hard and exciting parts in crypto investing.
IRS cryptocurrency guidance.
How to treat crypto income to lower your taxes.
How to accelerate and maximize your income in crypto.
Quotes:
“Mining income is classified as business income so it’s subject to self-employment tax.”
“You don’t have the ability to deal with all types of crypto income but sometimes you do have the ability of when you're gonna take that hit and claim the income.”
Connect with Micah Fraim on:
Decrypting Crypto Taxes book by Micah Fraim
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Transcript
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| 0:00.0 | There are times that we come in and we have brilliant strategies and we just like, man, how did I come up with that? |
| 0:05.2 | I'm such a genius. |
| 0:06.5 | And there's other times it's the most basic things of like, hey, you've got a lot of realized gains. |
| 0:11.5 | You need to cash those out and set them in a bank account. |
| 0:14.0 | As you have taxable events, make sure you're cashing those out because if the market goes down, you don't want to be left holding the bag on this token when it was worth 10 times what it will be next year. |
| 0:25.6 | Well, I'm excited to welcome to the show the CryptotaxaxiPa, Micah Frame. How are we doing, man? |
| 0:41.5 | Good. Thanks for having me, buddy. |
| 0:43.4 | So, crypto's had a wild, well, a wild journey if you take the overall picture of it in timeline, |
| 0:50.5 | but specifically over the last, you know, six months or so. And, you know, I know you invest in it. |
| 0:58.0 | I know you help people who invest in it. You strategize around, you know, obviously the investment |
| 1:03.1 | portion, but most particularly the tax side of it. So I know we're going to dig into some |
| 1:08.6 | technical stuff here today. That being said, take me back, |
| 1:12.0 | man, on your journey into the crypto world and becoming the crypto tax CPA. |
| 1:17.5 | Yeah, so like a lot of things that largely happened on accident, because our niche for the past, |
| 1:24.7 | been in practice about 10 years, and within a few years, we really started |
| 1:28.5 | focusing either on online businesses or people with very like growth-centric businesses, |
| 1:34.0 | just dynamic situations where things are changing a lot. So things are changing a lot. Then there's |
| 1:39.6 | tax strategies that you have to implement. If you've had the same situation for 30 years, |
| 1:45.1 | there's not a lot of variance. There's not a whole lot I need to update in terms of your planning. |
| 1:51.2 | So that's what we've been dealing with that for a long time. And since a lot of our clients are |
| 1:56.9 | online based or tech base, they're a little bit more skewing towards being interested in |
| 2:01.6 | crypto anyway. So we're learning it partially for them. I always say like everyone else in |
... |
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