Big win for privacy here for small business owners. The BOI reporting requirement is off under guidance directly from the Treasury.

February means tax season is officially in full swing! We often get asked about the best tools for tracking bitcoin taxes and most of what is available focuses on serving crypto broadly and is not customizable. So we put together a simple spreadsheet to share with the community. There are two versions, one in google sheets and the other in excel.

SATOSHI PACIOLI ACCOUNTING SERVICES | ACCOUNTING SERVICES FOR BITCOINERS

New Google Sheet/Excel Template | SATOSHI PACIOLI ACCOUNTING SERVICES

We often get asked for the best tool to calculate gain/loss for tax purposes and never had a great answer. There are a variety of crypto tax softwa...

This is our first version and we would love to make continued improvements based on user feedback. Currently it tracks gains/losses based on FIFO/LIFO/HIFO and your current cost basis of coins held.

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We've got something really cool* in the works we'll be releasing soon. Drop a guess of what you think it might be below 👇 *cool on the accounting/tax scale, your adjective may vary.

Business owners: Are you missing out on this tax-saving opportunity? 🏠💼 The Augusta Rule lets you rent your home to your business for up to 14 days a year, tax-free. Your business deducts the expense, and you pocket the income without paying taxes on it. Example: Rent your home for $1,000/day x 14 days = $14,000 tax-free income while reducing your business taxes. This works for meetings, events, or trainings—but you must document everything and use a fair market rate. Don’t leave money on the table. Let’s talk about how to make this work for you!

Do you know any accountants who are looking to work in bitcoin full or part-time? Please send them our way!!!

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🚨 Did you know about the 3.8% Net Investment Income Tax (NIIT)? If your income hits certain thresholds, this tax could apply to you! Here's a quick breakdown and tips to reduce its impact: 🧵👇 1/ What is NIIT? NIIT applies if your modified adjusted gross income (MAGI) exceeds $200K (single) or $250K (married filing jointly). It’s the lesser of: 💡 MAGI above the threshold 💡 Net investment income 2/ Example: MAGI: $210K Investment income: $50K (Single filer) $210K - $200K = $10K (excess over threshold) Tax = $10K × 3.8% = $380 3/ What counts as investment income? ✅ Gains from stocks, bonds, mutual funds, and bitcoin ✅ Real estate gains (excludes primary home, up to $250K/$500K gain) ✅ Dividends & interest 4/ How to reduce NIIT impact: 🔹 Municipal bonds: Their interest is tax-exempt! Shift to muni bonds/ETFs for tax savings. Run the math for after-tax yields first. 🔹 Portfolio rebalancing: Emphasize growth stocks over dividend payers. 🔹 Lower AGI: Contribute to tax-advantaged accounts like 401(k)s, IRAs, or HSAs to stay under the thresholds. 🔹 Installment sales: Spread gains from property sales over years to lower taxable income. 🔹 1031 exchanges: Selling investment property? Use a 1031 exchange to defer capital gains and reduce NIIT exposure. 5/ NIIT is avoidable with planning. Maximize after-tax returns, stay proactive, and consult with a tax professional (like us) to strategize!

🚨 Stop! Don’t fall for misleading tax advice on social media 🚨 The IRS is warning taxpayers about viral “tax hacks” that promise huge refunds but can lead to delayed refunds, audits, steep penalties, and even criminal prosecution. Scammers and misinformed influencers are pushing bad advice to get likes and clicks while putting your finances at serious risk. 🔍 Top scams to watch out for: • ❌ “Self-Employment Tax Credit” – This credit doesn’t exist. Scammers misuse Form 7202, which applied only for COVID-19 sick and family leave credits in 2020-2021. It’s not valid for 2023 or 2024. • ❌ Fuel Tax Credit – This credit is for qualifying business purposes like farms or aviation fuel, not for the gas in personal vehicles. Most individuals do not qualify, yet scammers push this to inflate refunds. • ❌ Fake income or withholding – Scammers encourage filing false W-2s with fake income and withholding to generate large refunds. This is fraud and can result in audits, fines, and criminal charges. • ❌ “Claim of Right” Deduction – Promoters advise taxpayers to deduct their wages as “necessary expenses,” which has no legal basis and will result in IRS scrutiny. • ❌ Fictional household employees – A scam where taxpayers invent employees and misuse Schedule H to claim false sick leave credits. 💡 The bottom line: If it sounds too good to be true, it probably is. Viral videos and influencers promoting “free money” or secret tax tricks are spreading misleading or outright fraudulent advice. Falling for these schemes can delay refunds, trigger IRS audits, or result in fines and even federal prosecution. ✅ What should you do instead? 1️⃣ Follow trusted sources: Visit www.IRS.gov or follow official IRS social media accounts for accurate information. 2️⃣ Consult a tax professional: A qualified, licensed tax expert can help you navigate tax season safely and maximize legitimate credits. 3️⃣ Fact-check before you act: Don’t take financial advice from someone “talking in their car or kitchen.” Do your research first. 4️⃣ Report scams: Protect yourself and others by reporting tax fraud and suspicious preparers to the IRS or Treasury Inspector General. 💡 Remember: Social media may be entertaining, but it’s not the place for reliable tax advice. Protect your refund, your finances, and your peace of mind by seeking trustworthy, verified sources this tax season.

📢 Reminder for retirees 73 and older: Don’t miss your year-end deadline for Required Minimum Distributions (RMDs)! Failing to take them on time can lead to hefty penalties. Key Updates from the SECURE 2.0 Act: • The age for starting RMDs has increased to 73. • Roth 401(k) & 403(b) accounts are now exempt from RMDs starting in 2024. What Happens if You Miss Your RMD? • If you fail to take the full RMD, you could face a 25% penalty on the amount not withdrawn. This penalty drops to 10% if corrected within 2 years. Qualified Charitable Distributions (QCDs): • If you’re 70½ or older, you can donate up to $105,000 directly from your IRA to a charity. • QCDs count toward your RMD and can help avoid taxes on the amount donated, allowing you to still claim the standard deduction. Don’t wait—make sure your RMD is satisfied, or use a QCD to meet the requirement and save on taxes! For more details, visit www.IRS.gov.

Year-end tax moves for everyone: 1️⃣ Wash sale exemption for Bitcoin – Unlike stocks, Bitcoin isn’t subject to wash sale rules. You can sell at a loss to offset gains or claim a deduction, then immediately rebuy to maintain your position while still reaping the tax benefit. 2️⃣ Make tax-efficient gifts – Gift up to $18,000 per person ($36,000 for couples) without affecting lifetime estate tax exemptions. 3️⃣ Roth conversions – Convert traditional IRA funds during low-income years to lock in tax-free growth at a lower tax rate. 4️⃣ Harvest gains/losses – Offset gains with losses or realize gains at the 0% rate to reset your cost basis and minimize future taxes.