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/diy/ - Do It Yourself


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2750521 No.2750521 [Reply] [Original]

What is stopping me from using the schedule c tax deductions on a bitcoin mining llc and writing off all my income taxes toward asic bitcoin miners so that I can write off the electric bill as a business expense and heat my house with them in winter and get bitcoin plus heating for free? Is this why they're pushing for carbon taxes to stop people from doing this kid of thing? Anybody do this and if so what is the best mining pool to get into?

On a side note, what is the point of mattresses and bed frames when we can just hang a hammock from the studs and not take up a bunch of floor space? Has anybody gone bedless?

>> No.2750524

Ive heard since your wife got married shes went dickless

>> No.2750527
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2750527

>>2750524
This is true. She doesn't like the idea of my hammock or my nir chicken lamps I want to hang above it. But you can get the red light therapy benefits with a $12 chicken lamp from atwoods or tractor supply and a few of these. And in winter you can screw a few uvb bulbs in with some normal IR heat lamps for a cheap tanning bed.

>> No.2750529
File: 3.34 MB, 3000x4000, 20240127_144655.jpg [View same] [iqdb] [saucenao] [google]
2750529

>>2750527
This is my current setup. But I want to add more chicken lamps.

>> No.2750531

>>2750521
> that I can write off the electric bill as a business expense

You can write off the computers without this convoluted method. There are rules regarding a home office. To write off things like heating, electricity, rent, etc you need a clearly defined workplace. Like a separate room, and the deductions only apply to that area.

I don’t think you understand how any of this works. Deductions just mean you don’t have to pay taxes on that amount of money you earned. Nothing is free.

Hoping this is a bait post

>> No.2750536

>>2750531
No no no. With the schedule c it is a "sole-proprietor" business. Meaning it has to make money within 3-5 years or the irs will shut down your llc. But you can use your normal income tax burden to invest into this. For example, if you make $100k, the government steals $30k a year from you. Using the schedule c, you can invest this $30k that is already stolen from you into a personal business. Asic bitcoin miners are aboit $2k and take about 6mos to pay for themselves in mined bitcoin. So when the end of the year comes and you have invested that $30k into miners and electricity you have around $55-60k worth of bitcoin and you sell $30,001 worth in order to turn a profit and you pay taxes on that $1.

My dad did this with his videography hobby and would dump all the money he otherwise would have stolen into like $6k cameras and lights and sound boards and then do wedding videos on the weekends. Then he would make like $120k for the year and pay maybe $5-6k in taxes. If you make too much with your personal business you just buy more shit so you don't get to profitable.

>> No.2750543
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2750543

>>2750529
>>2750521
>>2750527
Nice fire hazard. Burn hazard too.

Do me a favor. Search 'near infrared led' on ebay. There are edison-base lights that will fit right into your existing fixture. $50. There are also 14" square panels with alternating 820/660nm LED's. $35 (see photo), that put out more light.

Those will give you the spectrum you need, more light and way less heat. I use the panels for the chicken brooders, and gift them to mamas who have kids that won't go to sleep. Instant lights out. The panel is so bright that you'll want to put it upside down on a dresser out of reach of the kids. I use those gosun programmable dual outlets to set an event so that near dusk, the 2700k + lights turn off, and the panel turns on. Another to turn off near sunrise.

We have receptors in our skin and cells for that 880/660nm light. That panel actually draws about 35w, for those that are interested. It's bright enough for a large bedroom. For individual use, in small situations, there is a rectangular version that's smaller, that draws 10w.

Not necessary to buy those closet door panels that cost $600!

>> No.2750544

>>2750543
Anon there is an led pannel in the picture. The bulb I have there is a full spectrum UV/IR reptile basking bulb.

>> No.2750546

>>2750531
Only a percentage of the utilities also said space must have a separate entrance

>> No.2750547

>>2750536
Best case scenario the $30k expenditure would only act to reduce your net income. From $100k down to $70k. Instead of $30k you’d pay in taxes on that $100k, you’d have to pay in ~$20k on $70k, and that’s only if you set it up properly and only if you made ZERO returns on the $30k investment.

>> No.2750556
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2750556

>>2750546
With a ups I can just move them wherever I want to. Would I by law need a circuit level sensor for the room?

>> No.2750560

>>2750544
Did you read the post? Only one image per post. Search ebay with those keywords.

>> No.2750561

>>2750547
Anon at $70k taxes are like $12k/yr not $20k. You're still dodging a huge amount of taxes even if you are right about everything else.

>> No.2750565
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2750565

>>2750560
I already have an 850/660nm pannel anon. I am not impressed. I want actual infrared specifically for the heat. Also those therabulbs are 700-900nm broad sprectrum. Not limited to only a few wavelengths. On top of this, much of the reasearch was done at 810nm not 850nm. 850nm is just cheaper. You can also buy 600 leds for $100-120 with adhesive strips and line whatever you want with them.

>> No.2750570

>>2750556
Oh brother. Ok, dingus, they use a HUGE amount of power. That UPS, while large, is meant for near-line back-up. It kicks in for intermittent outages. Not to run something like that for days then you occasionally pipe 120/240 into it for an hour for a recharge,

Whereever you put your machines, is where you need grid.

Read: >>2747369. Without panels, that is a giant UPS on the scale of the consumption you are thinking of.

>> No.2750573

>>2750565
That's a 1 meter strip. Not anything like the intensity of that panel. Can you do math?

You might have a point with spectra but I'm leaning towards agreeing with #2: NGMI.

>> No.2750574

>>2750570
No I mean using the ups simply to move the asic into different rooms to use as a heater, not to fucking just run off battery in perpetuity.

>> No.2750576

>>2750573
Anon, it's a 5 meter strip. Can you read words?

>> No.2750584

>>2750521
>Is this why they're pushing for carbon taxes to stop people from doing this kid of thing
They're pushing for carbon taxes because even the former CEO of ExxonMobil knows that they're dumb as fuck, unenforceable, and won't ever happen.
https://youtu.be/5v1Yg6XejyE?feature=shared&t=419

>> No.2750586
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2750586

>>2750570
Also why couldn't I use one of these with a upc and a wireless nic to move the asics around whereever I want and still be able to update my spreadsheets with the right energy expendature so I can be audited without fear?

>> No.2750590

>>2750573
>>2750576
There are also 120leds/m at 14w/m putting it at 70w and 600 850nm leds. This price is also not the best I have seen. The lowest I have seen for 600leds was $100. While I agree woth you that the stupid $500-1500 pannels are not worth it, you can diy a very very good set up for not too much. Personally I think combining regular IR heat lamp bulbs with the broad spectrum nir bulbs could DIY a shed into an IR sauna with NIR therapy at the same time. Then you can have sauna benefits combined with the skin benefits of NIR with a fairly low cost using a cheap shed. You could also use some mylar blankets to reflect this light and heat around.

>> No.2750595
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2750595

>>2750590
Just need these boys.

>> No.2750688

>>2750561
Nope, marginal rates are basically the same for $70k and $100k. You don’t seem to understand anything about taxes. Funds earned through mining is taxable.

>> No.2750691

>>2750536
>Asic bitcoin miners are aboit $2k and take about 6mos to pay for themselves in mined bitcoin
If buttcoin miners had a guaranteed 6 month ROI, the entire world would be buying buttcoin miners. Realistic ROI, if you don't count on lucking out on trades, is 2-4 years if you're using free electricity, ie. solar, 3-never if you're not using free electricity.

>> No.2750699
File: 162 KB, 2500x2500, Marginalrates1.png [View same] [iqdb] [saucenao] [google]
2750699

>>2750688
Anon it works like an integral. If you make 70k you pay 22% on 42-70k and 12% on 0-42k. If you make $43k it doesn't make your entire tax burden 22%.

.12(42,000) + .22(70-42)
5,040 + 6,160
________________________
$11,200

>> No.2750709

>>2750691
The average person doesn't know how to use wireshark or webscrape anon.

>> No.2750715

>>2750699
Now do it for $100k :)

>> No.2750726

>>2750715
It's about $18k. So ideally then you would want to spend $60,000 and get yourself down to $40k/yr so you can pay $4,600 in taxes and deduct all $60k into a personal business, donations, private schooling

>> No.2750730

>>2750726
I’m not sure if you’re retarded or just illiterate but you unwittingly proved my point down to the exact percentage.

>> No.2750731

>>2750730
My goal is not to make any money here. It's to break even while giving as little money to the government as possible. 40k is plenty to live on and I have to spend anything over that on a personal business in order to minimize my taxes. That's 30k more than I thought I could play with.

>> No.2750736

>>2750731
To clarify, my long term goal is to work for the government in data analysis with a masters degree so make 100-120k. And then I want to give absolutely as little back as possible to maximize my burden on the economy and to do this in every way I can. So thanks for the clarification. I will buy even more asic miners from the chinese so that my taxable income is $40,000 and I contribute nothing.

What else can I do to be a net negative?

>> No.2750776

>>2750574
It woukd drain instantly. Just blow the air around and be satisfied

>> No.2750779

>>2750691
Yeah the profitableiners are proprietary and secret. The shit any pleb can buy is outdated and sucks balls. Another force that is centrakizing bitcoin

>> No.2751463
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2751463

>>2750543
Have you ever considered that some people actually want to warmth from the infrared (which LEDs do not provide)

I live without heating in a pretty cold climate and I sometimes wish pic related was even dimmer, although I do have to say it is pretty comfy