From Chaos to Confidence: Why you should read "The Crypto Tax Blueprint" by Kirk David Phillips
Learn how to avoid expensive crypto tax mistakes and audit proof your tax return.
When it comes to blockchain technology and crypto tax expertise, one individual stands out as a shining star—Kirk Phillips. Widely recognized as The Bitcoin CPA, Kirk's multifaceted persona encompasses entrepreneurship, twenty years of experience as a Certified Public Accountant (CPA), and a flair for woodworking, infusing creative essence into all aspects of his life. However, Kirk's latest literary creation, The Crypto Tax Blueprint: How to Avoid Expensive Crypto Tax Mistakes & Audit Proof Your Tax Return, truly captures the spotlight. With his new book as a guiding light, KirkPhillips unveils a world of knowledge and insight, inviting readers to embark on a transformative journey toward financial sovereignty.
I accepted this invitation to forge a new path on my tax adventure, and as promised, reading this book definitely shifted my perspective. This book is worth studying in order to learn all the steps long before taxes are due so you can reduce stress and be prepared. It's not something a reasonable person would want to do overnight! Expect it to be a process.
Accounting requires an investment of time, but it will give you peace of mind, save you time and prevent you from giving away your assets due to a lack of accurate records. The point Kirk makes is that crypto and accounting are both valuable assets. Most people know their crypto is an asset but need to recognize that good accounting can turn the tables in your favor when there is an audit.
Additionally, you can ensure you pay the lowest tax amount when you deliver bulletproof records to your CPA or the IRS. Incomplete records can cause the IRS or your CPA to estimate the largest amount of tax owed when there are gaps in your history. When you don't have proof regarding your blockchain transactions, paying the maximum amount of tax is advisable because it equates to a lower amount of risk if audited.
This book provides hand-tailored spreadsheets, helpful tips on choosing tax accounting software, and troubleshooting common problems. Not to mention many little-known techniques for minimizing taxes owed. Why waste hours in confused frustration combing through forums and other questionable sources for answers? With so much to gain and so little to lose, it's worth learning about crypto tax from someone who deeply understands all aspects of this perplexing topic.
Through the pages of "The Crypto Tax Blueprint," Kirk provides a comprehensive self-custodial framework for crypto accounting, reaching far and wide to illuminate the path toward financial clarity in the crypto landscape. He points out that currently, there is no way to outsource the entire tax accounting and reporting process. That around 50% of what must be done for accurate accounting must be completed by individuals before handing it over to a CPA. Having a system in place can prevent enormous headaches when that time comes.
Within the pages of this meticulously crafted guide, you will discover a treasure trove of 72 Key Takeaways, 47 Pitfalls to Avoid, and 61 compelling examples that transcend the ordinary and empower you to fortify your crypto taxes against the looming specter of audits and other headaches. This book will serve as your trusted guide, unlocking the hidden insights and unveiling the strategies required to navigate the ever-evolving landscape of this fascinating domain.
With a career spanning over two decades in the accounting industry, Kirk Phillips has cultivated a profound understanding of cryptocurrency taxation, making him a sought-after authority in this complex field. Kirk's remarkable expertise in all things crypto tax has earned him extensive media recognition and accolades. He is often quoted by prestigious media outlets like CNBC. Moreover, Kirk's authorship of The Ultimate Bitcoin Business Guide and his contributions to The Emerald Handbook of Blockchain for Business showcases his commitment to disseminating knowledge and empowering individuals navigating the intricate landscape of cryptocurrency taxation.
Kirk is the founder of Crypto Bullseye Zone, a platform focused on crypto crash courses and coaching individuals in the blockchain space for optimal understanding and success. He is also an active member of vitally important organizations such as the AICPA Virtual Currency Task Force and the AICPA~ISACA Blockchain Risk Working Group. Additionally, he serves as the Philadelphia City Leader for BitAngels, a premiere angel investor network that helps connect investors with emerging companies through in-person pitch events. All this further cements his influential role within the blockchain community.
Currently, he is winding down his tax and accounting business to pay it forward by focusing on the most effective ways to protect and prepare other blockchain enthusiasts through education. While Kirk is transitioning from accounting to focus on his enduring passion for mentorship and coaching, he has channeled his profound wisdom into this valuable book so that we won't be without guidance. With the desire to empower as many individuals as possible, his literary work extends beyond the boundaries of serving individual clients. It will help regardless of who will be doing your taxes.
Kirk stands out as one of the few qualified CPA strategic advisors in the bitcoin and cryptocurrency domain, fully immersed in the intricacies of this revolutionary technology. Seamlessly weaving risk management into business processes, he offers invaluable crypto consulting and education services. For those seeking guidance or wishing to connect, Kirk can be reached on Twitter via his handle, @cryptobullseyeZ.
