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Are Bitcoin Miners Required to Pay Self-Employment Tax?

There are many bitcoin miners who took up an interest in this activity and were early adopters. Following the spike in Bitcoin, many people got into it to make money. The issue is, now that Bitcoin is classified as property, many of these people have to pay taxes.

Regardless of whether you had intended to start a business and make money or not, you are subject to self-employment and other taxes, due to the profit you’re making.

Income earned is subject to either payroll taxes, or self employment taxes

All income earned, is subject to tax. When you perform work for compensation, as an employee or independent contractor, you are compensated. Regardless of whether your bitcoin mining operation is a business or hobby, you must pay self-employment tax.

Are Bitcoin Miners Required to Pay Self-Employment Tax?

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New York, NY 10005

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Queens

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Astoria, NY 11106

Phone

888-977-6335

Brooklyn

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14th Floor,
Brooklyn, NY 11201

Phone

888-977-6335