How are you guys paying for electricity and bills? - page 3.

gotminer

member

Activity: 644

Merit: 24

Quote from: fanatic26 on March 02, 2018, 04:47:02 PM

The best way to mine is to not convert your crypto at all and just use fiat from your job to pay for it. Remember in the US you are paying capital gains on your conversions so every time you pay a bill with converted crypto you need to set aside what equates to about 40% of what you converted for taxes.

Convert ETH to $200 USD

Pay a $200 electric bill.

You owe ~$80 in taxes from that transaction.

But the bill itself is a tax deduction, right? I just pay my electrical costs out of my own pocket. Saves me the hassle of possibly losing potential gains.

fanatic26

hero member

Activity: 756

Merit: 560

The best way to mine is to not convert your crypto at all and just use fiat from your job to pay for it. Remember in the US you are paying capital gains on your conversions so every time you pay a bill with converted crypto you need to set aside what equates to about 40% of what you converted for taxes.

Convert ETH to $200 USD

Pay a $200 electric bill.

You owe ~$80 in taxes from that transaction.

Branko

sr. member

Activity: 2562

Merit: 321

Quote from: BaNgTHai on March 02, 2018, 04:43:53 PM

Do most of yall have day jobs and use your USD to pay for your bill or do you guys sell crypto to pay thus decreasing your potential from the profit? What are your guys strategies?

I personally sell crypto for bill and haven't had the best strategy when selling crypto. Im thinking Im just going to get a day job and be a slave to society for a little while.

I pay it from daily job, but soon MWAT coin will pay for my electricity...I'll even have some to spare to sell to neighbours

BaNgTHai

full member

Activity: 166

Merit: 100

Do most of yall have day jobs and use your USD to pay for your bill or do you guys sell crypto to pay thus decreasing your potential from the profit? What are your guys strategies?

Im thinking Im just going to get a day job and be a slave to society for a little while.

Topic: How are you guys paying for electricity and bills? - page 3. (Read 708 times)