Episode 21 | Dennis Wohlfarth from Accointing on Crypto Taxes Strategy for Individuals

Right now is that time of the year when the taxman comes knocking on the door. If you’re residing in a country where crypto tax laws are not, let’s say, generous, having a tax strategy is just as important as an investment strategy.

If you’re like most people, you will agree that crypto tax filing is a painful exercise. You have to compile your trading transactions from multiple exchanges, wallets and be cognizant with the relevant tax laws.

My guest, Dennis Wohlfarth, also faced the same agony years ago, but unlike most of us, he decided to take matters into his own hands.

Dennis is the CEO and Co-Founder of Accointing, a tax optimizing platform, which allows you to track your crypto portfolio in real time and file your taxes, whether they are in the form of trading or income.

In this episode, you will learn;

• What gives rise to a taxable event trading crypto;
• Strategies to optimize and minimize your tax liability;
• Why using a crypto tax tracking software will make your life easy;
• How crypto as a source of income is taxed and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/ 

LinkedIN: linkedin.com/company/the-accountant-quits

Twitter: twitter.com/accountantquits