How Crypto Taxes Work - Miyagi Mornings Episode-102

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This is another question from the MeWe thread stacked to the top of my MeWe Profile here ( https://mewe.com/i/jackspirko ) if you want to ask a question for Miyagi Mornings that is the best place to do so. Here is today’s question…

“If my business accepts $100 worth of BTC for a good, would I then owe x% * $100 value at time of purchase, or would I owe x% * $ value of btc at the time of paying taxes.Since my business is new, I can only claim as much expenses as my business brings in, and idk if that is in terms of the dollar value at the time of transaction or the value of those coins on Dec 31. I.e if bitcoin doubled by the end of the year and I never sold the coins that customer sent, did my revenue also double?”

That may be a bit of a jumble but I think it is due to over thinking. Compliance with crypto taxes is actually easy to understand, it becomes complicated to do only when trading/selling or converting them. Even then it is not complicated to understand only logistically complex to do the accounting for.