Millionaire Mindcast Tax Strategy For Crypto Investors and Business Owners | Micah Fraim
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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