"While a business created for the purpose of mining virtual convertible currency is beyond the scope of this article."
If one person were to start mining a virtual currency today (with the potential of earning a five fig a year income). Would it be beneficial to pay taxes as a business/LLC or file personal income? What are the benefits filing as an entity in this scenario?
This is the most undervalued article that I have found on steemit...thankyou kind Sir.
I want to form an LLC, but then again I may have to end up paying quarterly taxes and self employment tax on top of that Federal and State taxes have to be figured out, I have to report my earnings and that is taxed and then I'm taxed again on my gains when I sell the coins. Dear lord, after noting this all down I just feel a little overwhelmed.