Somebody can help me about the taxes mining Bitcoins in Canada and USA. Taxes to import the hardware, income tax, etc.
it seems if we do hardware import with bitcoin payment system. this will not be taxed. because basically we do not transactions through transactions involving taxation ,,
we will only pay the shipping cost of goods without the need to think about paying the state tax.Bzzt -- wrong.
If your state requires you to pay sales tax on items purchased by phone/mail/online and the retailer does not collect and process the tax then YES we are supposed to report the purchase and pay the tax when ya file yearly state/fed taxes.
Catch is the state finding out. If your purchase requires no customs duty to be paid (under $2500), no problem. Pay duty (FedEx/UPS/DHL will let you know when/how much it is) and CBP reports the purchase to the state where miner is shipped. 3x times in the past Michigan sent me Tax-due discovery letters for miner purchases the previous year that went over the duty-free limit. In each case including late-fee totaled around $190 due.
From a business standpoint Customs duty and any taxes paid to get a miner are simple business deductions so becomes a moot point. For tax purposes what matters is the value of the equipment in USD at time of purchase.