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The Bitcoin Game #10 - Talking Taxes with Jake Benson

Published on February 15th, 2015 by Rob


Welcome to episode 10 of The Bitcoin Game, I'm Rob Mitchell.

I wanted to really have fun and celebrate this 10th episode. I never knew if I'd be able to get ten episodes out, so this is quite an achievement for me. With that in mind, I decided to focus on something the entire cryptocurrency community loves to talk about… Taxes!

While cryptocurrency taxes may not be a favorite topic, I actually had a lot more fun than I expected, speaking to Jake Benson, CEO and founder of LibraTax. This was my opportunity to ask every tax accounting question I could think of related to cryptocurrency.

I also spent a little time with LibraTax, and I wasn't convinced it had the features I needed. But after getting some tips from Jake on hidden capabilities and techniques, I think I'll be using LibraTax to help with my accounting this year. So if you think you might want to give LibraTax a spin, listen to the entire episode, and you'll get some specific tips towards the end.

While Jake certainly seems like a tax expert to me, please do not use this podcast for personal tax advice. Consult with a tax professional, or do your own research to make sure you file your taxes correctly. There certainly are gray areas when it comes to tax regulation, especially with new financial technologies. So there's often an aggressive and a conservative approach that can be taken.

I apologize that the content discussed in this episode may not be of any bearing to some listeners. I didn't bury the magic word too deep this time, so give the episode a chance, and maybe you'll find the discussion is more interesting than you expect. Or maybe not.

I'll be attending the Texas Bitcoin Conference in March (not April), please say "hi" to me if you'll be there too.

Magic Word

Listen for the magic word, and submit it to your LetsTalkBitcoin.com account to claim a share of this week's distribution of LTBcoin. If you haven't set up an account yet, what are you waiting for? The magic word must be submitted by noon (12:00 Pacific Time / GMT-8:00) on February 22th.

Show links

LibraTax
http://www.libratax.com

Digital Currency Council (DCC)
http://www.digitalcurrencycouncil.com

LibraTax YouTube Channel
https://www.youtube.com/channel/UCHASzhAU1sZXtX1cj0nIpog/videos

Article on Bitcoin Accounting (not referenced, has different views)
http://findaccountingsoftware.com/expert-advice/the-cfos-guide-to-bitcoin-part-2-taxes-and-accounting

New Bitcoin Accounting article by Ryan "Two-Bit Idiot" Selkis
http://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you

BitcoinTaxes (another Bitcoin accounting site)
https://bitcoin.tax

Sponsor

Bitcoin Keychains by Bkeychain
http://bkeychain.com

Music

All music in this episode was created by me, or with friends and family. Ganesh Painting Company is the name of one of the jam bands I feature live recordings of regularly. Some of the musicians you're hearing in the band are Mike Coleman, Rick Marshal, and Steve Lunn. Feel free to contact me if you want more info about any music you hear on the podcast.

Thanks for listening!

Bitcoin tip address: 1G8HDg5EsPQpamKYS2bDya9Riv9xv1nVo5

Stay in touch with the show

https://Twitter.com/TheBTCGame
http://TheBitcoinGame.com
Email me at Rob at TheBitcoinGame.com

New podcast artwork created from an illustration by Rock Barcellos.

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