I went the stupid route and didn't get a small business license when I started mining a year ago, and to be honest I'm sort of stuck now. Can I still claim all my electric, hardware, etc if I'm not officially a business? What would I even file as? I have a job also so employed? Self employed?
Steven, you don't need a business license. The IRS can care less. File as self employed by attaching Schedule C to your Form 1040. You can claim any legitimate business related expenses on Schedule C. That includes utilities and hardware. You may have to depreciate your mining machines over time but can most likely expense any you purchased during the year against your income.
I went the stupid route and didn't get a small business license when I started mining a year ago, and to be honest I'm sort of stuck now. Can I still claim all my electric, hardware, etc if I'm not officially a business? What would I even file as? I have a job also so employed? Self employed?
Steven, you don't need a business license. The IRS can care less. File as self employed by attaching Schedule C to your Form 1040. You can claim any legitimate business related expenses on Schedule C. That includes utilities and hardware. You may have to depreciate your mining machines over time but can most likely expense any you purchased during the year against your income.
@@TheVideoCPA Awesome thank you! I've got direction now!