In this video I cover the IRS guidance on how to pay your crypto tax in the USA. I also share details on how to run your cryptocurrency mining operation as a business. I'm definitely not a tax professional or accountant but I think I've learned some things along the way. Video Links: ▶️ CoinTracking Referral Link: https://geni.us/IjAa Links to support me: ▶️ Red Fox Crypto Discord: https://discord.gg/Kaf4dDXGJz ▶️ NiceHash Referral Link: https://www.nicehash.com/?refby=e2eb3415-639f-4d63-a05b-2ea6683931c3 ▶️ Awesome Miner Referral Link: https://awesomeminer.pxf.io/AoKqbj ▶️ Hive OS Referral Link: https://geni.us/Hv4AX5 ▶️ Unmineable Referral Link: https://www.unmineable.com/coins?ref=REDFOX ▶️ CoinTracking Referral Link: https://geni.us/IjAa ▶️ Parallel Miner Referral Link: https://www.parallelminer.com/?wpam_id=420 Current Favorite GPUs: ▶️ RX 6600: https://geni.us/ThwcRO ▶️ RX 6600 XT: https://geni.us/iY3VYe ▶️ RTX 3090: https://amzn.to/34CZrHQ Mining Rig Parts I Use: ▶️ 6-GPU Frame: https://geni.us/x93J ▶️ 8-GPU Frame: https://geni.us/4b94Bq ▶️ 12-GPU Frame: https://geni.us/dQCRNd ▶️ Risers: https://gpurisers.com/ ▶️ Risers: https://geni.us/Y6HWAZ6 ▶️ PCIe Splitters: https://geni.us/UR8WAcY ▶️ MOBO: https://geni.us/ehB51 ▶️ CPU: https://geni.us/lc1rZ ▶️ PSU: https://geni.us/d71TAI ▶️ RAM: https://geni.us/MmpYmej ▶️ HDD: https://geni.us/GsZ5uX ▶️ Test Bench: https://geni.us/waQ07B ▶️ PDU: https://geni.us/78rc Grow Tent Setup: ▶️ Tent: https://geni.us/v17so ▶️ Best Inline Fan: https://geni.us/1BOCy7B ▶️ Inline Fan: https://geni.us/kDBxjft ▶️ Ducting: https://geni.us/fKSEo7 Power Meter: ▶️ DROC AC Power Meter: https://geni.us/f5XApPK ▶️ DROC Power Meter Build: https://www.youtube.com/watch?v=_ZmGCJVuE4U Video Chapters: 00:00 Paying Tax on Cryptocurrency in the USA 01:00 Do you pay tax when you buy crypto? 01:24 Do you pay tax when you mine crypto? 01:53 IRS tax guidance when trading crypto 03:25 Don't own more in tax than you own in crypto 04:32 Use CoinTracking.info to keep track of all your cryptocurrency activity 09:22 IRS tax guidance on mining crypto 10:09 Mining cryptocurrency as a business operation 10:44 How I run my Red Fox Crypto Mining & YouTube business 11:34 Deducting expenses from income example 13:21 History of running Red Fox Crypto at a loss, expanding, and taking a paycheck 15:14 Personal tools and resources I actually use Crypto Miners: 📺 BitsBeTrippin: null 📺 Voskcoin: https://www.youtube.com/channel/UCT44w6854K62cSiwA1aiXfw 📺 Red Panda Mining: https://www.youtube.com/channel/UCAGsnTCpw7pvhR4RAlEQGzg 📺 The Hobbyist Miner: https://www.youtube.com/channel/UCX_MdaGkjJwY8vGvytybE7w 📺 Sebs Fintech Channel: null 📺 ChumpChangeXD: https://www.youtube.com/channel/UCF55FYkyzzahf0_r4yj3K3Q 📺 Hash Raptor: https://www.youtube.com/channel/UCFrU31cPW7yJYZjfdZuVshw 📺 SerpentXSF: null 📺 SavageMine: null 📺 Guntis Vitolins: null 📺 The Life of a Miner: https://www.youtube.com/channel/UC9-tZ-xN3eeavJ-sMRpG4dw 📺 Altered Component: https://www.youtube.com/channel/UCN5UR6GKgQovoKaA1bWQRdw 📺 Mining Office: https://www.youtube.com/channel/UCDsoGtnzdvpg0Ftcz5pY7lA Follow me: ✅ Twitter: https://twitter.com/redfoxcrypto ✅ Instagram: https://instagram.com/redfoxcrypto As an Amazon Associate I earn from qualifying purchases. #cryptomining #bitcoin #cryptotax #cryptotaxes #gpumining