MS7 🇦🇺

Music Producer

[Dan Tapiero @DTAPCAP]

Luv this ad.

@solana

[MS7 🇦🇺 @0xms7]

@tensor_hq @mmccsolana

[MS7 🇦🇺 @0xms7]

@pudgypenguins PENGU MORNING

[MS7 🇦🇺 @0xms7]

@degencoinflip @solana @solanamobile 3jT6NRZCa5kQQi6eCj8mY7yiWD1rpBm378mdMqXdSyhV

[Michael Saylor @saylor]

21 Truths of Bitcoin

1. Bitcoin is an Ideology.
2. Bitcoin is a Protocol.
3. Bitcoin is an Asset.
4. Bitcoin is a Network.
5. Bitcoin is Immaculate.
6. Bitcoin is Ethical.
7. Bitcoin is a Commodity.
8. Bitcoin is a Digital Commodity.
9. Bitcoin is Digital Scarcity.
10. Bitcoin is Digital Gold.
11. Bitcoin is Digital Money.
12. Bitcoin is Perfect Money.
13. Bitcoin is Legitimate.
14. Bitcoin is Corporate.
15. Bitcoin is Global.
16. Bitcoin is Immortal.
17. Bitcoin is Digital Energy.
18. Bitcoin is a Digital Energy Network.
19. Bitcoin is a Digital Economic System.
20. Bitcoin is a Digital Defense System.
21. Bitcoin is an Emerging Star System.

[Michael Saylor @saylor]

There are no tariffs on Bitcoin.

[Michael Saylor @saylor]

₿ig things are coming.

[Raoul Pal @RaoulGMI]

This too shall pass...

Crypto is still feeling the tightening in liquidity from the stronger dollar and higher rates in Q4 2024. That is almost done and financial conditions are easing fast and M2 is headed back to new highs. This is just a regular correction... 1/

[Crypto Tax Made Easy @CryptoTaxSucks]

So you're doing your own crypto tax?

Here's everything I wish I knew the first time I did my own crypto tax.

🧵You're gonna want to bookmark this one 👇

These are the 3 steps you need to take:

1)Set up crypto tax software, add all wallets + exchanges
2)Review the txs & categorize them in the software
3)Make sure the token balances the software calculates match on chain balances

Then, pull your reports and file.

How?

1)Choosing the right crypto tax software is huge.

You're going to spend dozens to hundreds of hours in the software, so you should pick one you like using.

The other factors to consider are whether it supports your country & chains you use most.

We like Awaken for DIY & Koinly for the countries it doesn't support.

It's also important to meter your expectations.

You can't just add your wallets, pull your reports and expect accurate tax calculations.

You have to actually do the work to properly categorize your transactions and make sure the data is complete.

That brings us to:

2)Review the txs & categorize them in the software

There are different workflows for this.

I personally find that reviewing transactions oldest to newest is best.

This allows you to remember what you might have been doing, and observe patterns in your behavior.

I also find it helps to review wallet-by-wallet as most people have:

-one wallet for NFTs
-burners for specific purposes or claims
-the main hot wallet for transacting/trading
-the vault wallet for storing, staking, defi

Or at least some separation of wallet activities.

As you review the transactions, sometimes there are enough clues in the crypto tax software to choose the category.

Other times, you need to click to the block explorer and look for clues as to the nature of the transaction.

Once you determine what you were doing, apply the category that best describes the on-chain action.

In some cases, you might be able to bulk edit transactions of a similar nature.

Ex. if you get paid on chain, you can bulk edit all incoming txs from the company payroll wallet as "income".

This process might take 1hr per 25-100txs depending on the complexity. So budget accordingly.

You may need to file an extension on your tax if you have a huge tx count!

Once you have categorized all of the transactions, it's time to check your work by:

3)Make sure the token balances the software calculates match on chain balances

In short, you want to see if you have 10 staked SOL in your main wallet - does the tax software calculate that you have 10 staked SOL in your main wallet?

If not, there may be an error somewhere.

In order to check this, you may need to pull an inventory report, or balance report from the software in order to see the calculated balances.

Then, using a portfolio tool like Debank for EVM or SonarWatch (Jupiter Portfolio) you can see the wallet + defi balances in each wallet.

If your balances don't match in your main wallet- you can explore the SOL transactions just in your main wallet to try to find the error.

Through this process, you will identify and resolve any errors and ensure accurate reports.

But there is one final step you need to take if you want the most accurate reports possible.

This is the most important part of our internal workflows:

4)The quality control review

We use this opportunity to search for anything that looks "off".

Some simple checks you can do yourself are:

a. Filter txs by highest gains - are there any 0 cost basis transactions?

If there are, you can try to find the first transaction with that token/NFT and see if it was properly assigned a cost basis.

If not, you correct the error.

b. Filter txs by lowest gains - are all of the L's you took there?

If not, make sure the tokens you lost the most on have a record of purchase. This should resolve the error.

c. Run filters for warnings - missing purchase or requires categorization/unreviewed

This will make sure you catch anything you might have missed in the process.

If you've followed all of these steps, you have certainly made a good faith effort to get your crypto tax done.

So you can stop worrying about jail time, at least!

And if you did a good job, you can be reasonably confident the work is as accurate as a non-accountant could make it.

So you can pull your reports from the tax software, and use them to file your returns.

If you are taking the DIY path - good luck to you.

If reading this has your head spinning, and you'd rather just have someone else do it for you?

Request a quote in our bio today.

[MS7 🇦🇺 @0xms7]

@BNYglobal @CNBC @SquawkCNBC @MartinSoong @cnbcSri John Velis steps into the ring, and it’s a fight for the dollar.

Stablecoins back the USD, while @PythNetwork’s high-performance oracle secures that value with real-time data updates as fast as 400 milliseconds.

@PythNetwork is the CHAMP!

@Derrpaderrp

[MS7 🇦🇺 @0xms7]

@Derrpaderrp @PythNetwork @CHOPPAtheSHARK @bats4 Merry Pythmas my friend!

[MS7 🇦🇺 @0xms7]

Merry Christmas everyone! 🎄

[S◎L Big Brain @SOLBigBrain]

Everybody feeling scared....time to buy!

[MS7 🇦🇺 @0xms7]

@AgriDexPlatform 🌾

[Luke Broyles @luke_broyles]

✅$0.1
✅$1
✅$10
✅$100
✅$1,000
✅$10,000
✅$100,000
🟨$1,000,000
🟥$10,000,000
🟥$100,000,000
🟥$1,000,000,000
🟥$10,000,000,000
🟥$100,000,000,000
🟥$1,000,000,000,000

#Bitcoin

[MS7 🇦🇺 @0xms7]

@DTAPCAP @RaoulGMI 👀

[MS7 🇦🇺 @0xms7]

@KaminoFinance OOOOOO 👀

[MS7 🇦🇺 @0xms7]

@Derrpaderrp 👀

[Restuta ʕ•̫͡•ʕ•̫͡•ʔ @Restuta]

A mega🧵on @SharkyFi and what we have achieved so far.

The truth is that in last 5 month we scaled our protocol to be not only #1 on Solana, but one of the largest NFT lending protocols in the WORLD.

I am genuinely very humbled by this.

1/~18

[MS7 🇦🇺 @0xms7]

@bonk_inu #LetsBONK