Not sure how many started using Bill Pay from @strike
I’m going to test it out for 2025.
Not sure though how the taxes will workout. Let’s say bitcoin goes up from when I buy it. Then sell it to pay a bill. The profits are taxed as income tax which is very high, this might bring me down to a net loss?
Does that mean this is only beneficial if the bitcoin price shoots up enough to cover both tax and bill? -> taxes are confusing.
Example:
I buy $100 worth of bitties, price goes up, it’s now worth $110.
I pay my electricity bill which is $110. I pay 37% tax on the $10. That’s about $3.7. I still benefited from the $4.3?
Is this math correct?
I’m going to test it out for 2025.
Not sure though how the taxes will workout. Let’s say bitcoin goes up from when I buy it. Then sell it to pay a bill. The profits are taxed as income tax which is very high, this might bring me down to a net loss?
Does that mean this is only beneficial if the bitcoin price shoots up enough to cover both tax and bill? -> taxes are confusing.
Example:
I buy $100 worth of bitties, price goes up, it’s now worth $110.
I pay my electricity bill which is $110. I pay 37% tax on the $10. That’s about $3.7. I still benefited from the $4.3?
Is this math correct?
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