Micah Fraim
A Little About Micah Fraim:
A Little About Micah Fraim:
Taxes are still Michah’s focus, but he advises people on what is best for the business or individual overall – not just from a tax perspective. His firm deals with businesses of all kinds, but they especially focus on online and other highly scalable businesses. A few years ago he started investing in crypto and quickly realized that nobody understands how taxes work. Since then he’s spent the majority of his time helping clients navigate the Wild West of crypto taxes.
Quick-Show Notes:
In this episode of The Millionaire’s Lawyer, JP and Micah Fraim discuss:
A lot of the crypto and blockchain transactions and actions are becoming taxable by the IRS.
Micah mentions when it is appropriate to have a corporation run these transactions out of and through because some of the tax savings are undeniable.
For traditional securities, there’s, what’s called the wash sale rule. So if you buy stock and then it goes down in value and you wanna sell it for a loss, you’re not allowed to purchase it back for at least 30 day
Micah states that in the Bear Market people should be dollar-cost-averaging in the markets
With crypto, a lot of the investors don’t have a lot of planning around it, but because of its violitity it is almost essential to have that.
Key Takeaways
From this episode of The Millionaires Lawyer with Micah Fraim:
- Preserving and growing your wealth with crypto tax planning
- NFTs are not all taxed the same. Their taxation depends entirely on their utility
- Using the bear market and crypto winter to pay zero taxes on the next bull run
- Staying compliant with ever-changing crypto regulations while still paying as little as possible on your taxes
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