Dan Romero on Warpcast

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https://warpcast.com/~/channel/fc-devs

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Dan Romero pfp

Is there a good guide for tax optimizing if you’re building a Farcaster app / service and you’re not venture backed? i.e. if you have 10 paying customers, how much of your home internet, cell phone, rent, saas subscriptions, maybe even your rent if you work from home? Maybe I’m naive, but feels like there’s a nice pre-tax set of write offs.

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Jason pfp

I’d actually talked this through with my CPA recently regarding home office deduction Home office percent default is ~10% (CPA should chime in), but this reflects what percent of those home expenses you can deduct as business expenses. IE: rent/mortgage, utilities Really though the % is what % of your closed off living space you dedicated to your home office. If you try though to deduct the biggest room you might get audited and want a CPA for that

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Brad Barrish pfp

Not a CPA, but have worked remotely for a while and wife did too. Our CPA advised us to measure the space where we actually do work as a percent of overall home space. When it comes to utilities, phones, etc. it's a bit muddier and we had to do some conservative calculating. Best to be conservative so you don't get audited, which is a huge PITA. Get a CPA for sure and unless you're doing a lot of complicated stuff most can deal with crypto just fine.

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Samuel ツ pfp

@samuellhuber.eth

Details will be tax residency specific but there‘s certainly a set of expenses one should consider Maybe not a guide, but a checklist of considerations seems doable @remindme 7 days write this

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Gwynne Michele pfp

@thecurioushermit

Basic small business taxes. Yes, a portion of the internet, rent/mortgage, etc. are deductible for business expenses, but there's a cap on that.

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m00npapi.eth pfp

IIRC home offices allow you to write off up to 50% of your rent and it has to be like closed off! Im not but I’m sure if enough CPAs weigh in we will get the list

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iSpeakNerd 🧙‍♂️ pfp

iSpeakNerd 🧙‍♂️

@ispeaknerd.eth

not exactly the same but @clauswilke wrote a tax guide for airdrops back in march, more geared to creators not channel/product founders but imagine there's overlap https://paragraph.xyz/@clauswilke/airdrop-tax

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Zenigame pfp

I don't know anything about crypto taxes since this is my first year, but I'm bookmarking this thread. Going to come back soon so I can get everything settled in November and not have 2025 also be a mess.

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Cryptofishy pfp

@cryptofishy.eth

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Uncle HODL pfp

I hope somone has the sauce because I'd love to read said guide 😅

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Greg Robinson pfp

Very US centric, but I think the general rule is to figure out the % of each expense that’s used for the business that’s generating the revenue.

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Dexter pfp

@realdexter.eth

I think @moxie.eth is doing this already, but it’s not enough

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