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Side Hustle School

Ep. 3005 - First $1,000: This “Crypto Tax Whisperer” Takes On the IRS

Mar 24, 2025
Explore the fascinating journey of an accountant who evolved from traditional practices to becoming a go-to expert in cryptocurrency tax management. Discover how she transformed chaos into a thriving business with custom software and training programs. Navigate the complexities of IRS regulations surrounding crypto taxes and learn essential strategies to avoid costly mistakes. This engaging tale shows how adaptability can lead to both personal growth and financial success.
05:58
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Podcast summary created with Snipd AI

Quick takeaways

  • An accountant successfully transitioned to specializing in cryptocurrency taxation, addressing the challenges traders face with tax regulations and record-keeping.
  • Through innovative software and structured training programs, she capitalized on her expertise, significantly increasing her earnings and helping other CPAs understand crypto taxation.

Deep dives

Emergence of a Niche in Crypto Taxation

An accountant transitioned from standard tax preparation to specializing in cryptocurrency taxation after realizing that many crypto traders struggle with record-keeping and understanding tax regulations. Following a friend's chaotic experience with crypto trades, she charged $2,800 for her first complicated return, successfully crossing the initial revenue threshold. Recognizing the growing demand for crypto tax expertise, she developed a systematic approach to manage complex transactions, creating a 'crypto tax engine' that automated several time-consuming tasks. This innovation not only streamlined her workflow but also positioned her as the 'Crypto Tax Whisperer,' attracting a significant client base that resulted in over $100,000 in fees within a year.

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