I don't file taxes, so I have no idea how to answer your question.
However, this is still closely related: I suggest doing all bookkeeping in doggie coin or grams of silver, converting other units to and from your chosen unit for all transactions.
Doggie coin because it seems to be the strongest-performing money these days, and thus using it to record your profits & losses will tell you the true amounts of those profits & losses compared to someone just passively holding the strongest money. I expect pretty much every business to underperform against doggie coin for a while, so this helps keep yourself and others aware of what you're sacrificing financially to operate this business in service to the community, or as an investment for later. The "keeping others aware" part is important because it might be really really really really hard to explain to your grandkids (or some neo-soviet soldiers or whatever) how you ran a business at a loss and struggled with the psychological burden of taxes because the government had arbitrary rules preventing you from registering as a non-profit despite knowingly operating at a loss. Denominating your books in the currency you're losing the most in might really help with this.
Silver is my backup suggestion even though it might not be anywhere near as strong as doggie coin's market performance right now. It's a lot less volatile, more stable & certain, maybe stronger over a longer timescale, and still very strong in the short timescale - strong enough to reflect risk and possible losses, just not as severely as doggie coin.
Keeping books in Bitcoin is a middle ground that I don't suggest because a middle ground doesn't make sense here in my view. If you're willing to deal with volatility to calibrate your books to an asset with stronger performance, I don't see why not go for even more volatility and even more strength. If the volatility of doggie coin is too much of a problem, I don't see how Bitcoin would be stable enough compared to silver.
whoeverlovesDigit / 🇵🇸 whoever loves Digit
npub1wa…6u3l2
2025-03-14 13:58:22
in reply to nevent1q…pa5s
Author Public Key
npub1wamvxt2tr50ghu4fdw47ksadnt0p277nv0vfhplmv0n0z3243zyq26u3l2Published at
2025-03-14 13:58:22Event JSON
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"content": "I don't file taxes, so I have no idea how to answer your question.\n\nHowever, this is still closely related: I suggest doing all bookkeeping in doggie coin or grams of silver, converting other units to and from your chosen unit for all transactions.\n\nDoggie coin because it seems to be the strongest-performing money these days, and thus using it to record your profits \u0026 losses will tell you the true amounts of those profits \u0026 losses compared to someone just passively holding the strongest money. I expect pretty much every business to underperform against doggie coin for a while, so this helps keep yourself and others aware of what you're sacrificing financially to operate this business in service to the community, or as an investment for later. The \"keeping others aware\" part is important because it might be really really really really hard to explain to your grandkids (or some neo-soviet soldiers or whatever) how you ran a business at a loss and struggled with the psychological burden of taxes because the government had arbitrary rules preventing you from registering as a non-profit despite knowingly operating at a loss. Denominating your books in the currency you're losing the most in might really help with this.\n\nSilver is my backup suggestion even though it might not be anywhere near as strong as doggie coin's market performance right now. It's a lot less volatile, more stable \u0026 certain, maybe stronger over a longer timescale, and still very strong in the short timescale - strong enough to reflect risk and possible losses, just not as severely as doggie coin.\n\nKeeping books in Bitcoin is a middle ground that I don't suggest because a middle ground doesn't make sense here in my view. If you're willing to deal with volatility to calibrate your books to an asset with stronger performance, I don't see why not go for even more volatility and even more strength. If the volatility of doggie coin is too much of a problem, I don't see how Bitcoin would be stable enough compared to silver.",
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