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Today we're bringing the heat:

• How you can use AGI to lower your taxes ✍🏼

• What the Fear and Greed Index means for your bags 😰

• Trump’s NFT encore 🖼

Using AGI to lower your taxes

Tax day just passed so you know what that means. It's time to put them off for a few more months and get back to your extension in October.

If you already filed your taxes, what's done is done. The truth is, 2022 is over and you can't really minimize your tax bill at this point. (For more info on how to do crypto taxes, we wrote about it here).

But what you can do, is make sure you take advantage of tax savings in 2023. Whether you want to lower your business or personal taxes, you have to know about AGI (no, not the Artificial Intelligence kind).

AGI stands for Adjusted Gross Income. It's your total income (how much you make) minus the adjustments (more on this in a second) to gross income. It's the foundation for calculating your taxes. In general, businesses and individuals with lower AGIs will reap more benefits in taxes than those with high AGIs.

Common income contributions include:

• Wages

• Stock Dividends

• Capital Gains

Common adjustments (or “above the line adjustments”):

• Student loan interest payments

• IRA deduction

• Health savings account contributions

Remember, you want to keep AGI low. So, the goal should be to minimize your income contributions and increase your adjustments.

It's much harder to lower income than increase adjustments, because well... the goal is to make money. One way to lower that income contribution is to make sure you hold stocks you have a gain on for longer than a year.

What do I mean?

If you bought a stock on Jan. 1, let's call it $META, and it goes up by 50% within the year, try to hold it until Jan. 1, 2024. If you sell it before that date, you will have to pay regular income tax. But if you hold it for longer than a year, you can claim capital gains which are taxed differently (and lower) than income tax.

Now, let's get on to the adjustments.

Here are some common business tax deductions that sometimes go unaccounted:

• Bank fees and transaction fees incurred using things like Stripe and Venmo.

• Food and beverage costs: You can deduct 50% food and beverage costs as long as they aren’t lavish or extravagant, a business owner and employee are present, and the expense is an ordinary and necessary part of carrying your business. You can deduct 100% of the cost of providing meals to employees.

• Car: If you use your vehicle solely for business purposes, then you can deduct the entire cost of operating the vehicle

Now, here are some of the fun ways you can increase your adjustments and lower your tax bill.

• Animal expenses: If your cat, dog, or pig is vital to the operation of your business you can write off any expenses the animal incurs. That means you should go grab an office dog. Get a mascot for the office. It'll make your employees happier and lower your taxes.

• Swimming pools: Thinking of getting a swimming pool at the office? Challenge your employees to a backstroke competition? Add a swimming pool and write off the expenses.

• Cosmetic surgery: That's right, botox and lip injections for the office. Spice it up a lil bit.

• Trips to the tropics: Company trip to the Bahamas. Turks and Caicos. Stop planning escape rooms and happy hours, go big.

If you choose to use any of these tips let us know and we'll put 'em in the newsletter.

Greed hits 500 days high

The fear and greed index measures emotions and sentiments from different sources like social media and market orders and puts them into a simple number.

Last year it sat in the 20s. However, on Tuesday, it hit 69, the highest level in 500 days.

Why is it so high?

Simple. Bitcoin and Ethereum are up big this year. When prices are up people are optimistic, when prices are down, they're pessimistic.

Last year Bitcoin lost 65% and ETH lost 67%, so people were fearful.

This year Bitcoin is up 76% and ETH is up 65%, so people are greedy.

It doesn't make any rational sense, but most people are fickle to the market.

Before you go buying more crypto, remember the quote, "Be fearful when others are greedy and greedy when others are fearful.”

Because the minute the crypto market starts to recoil back to 2022 prices, the people who are the greediest, will become the most scared.

Trump goes for NFT encore

Donald Trump: President of the United States, reality TV star, and … NFT project founder.

Trump has 2 things in common with the grifting NFT founders:

• He’s in trouble with the law

• He’s made a lot of money

Over the weekend a report came out claiming Trump made anywhere from $500k-$1m from his NFT project.

Yesterday he announced the encore:

The project is already sold out. It minted on Polygon for $99 a piece and the total supply was 47k (Series 1 had 45k NFTs). The current floor price is .05 ETH, lower than the Series 1 floor price of .15 ETH.

Our biggest problem with the collection isn't the inflated supply, or that he knows nothing about how an NFT project works, or that he's most likely engaging in wash trading to make the project look more active than it is.

No, our biggest problem is the fake liberty bell he’s holding.

The real Liberty Bell weighs over a ton and is about four feet in diameter and 12 feet in circumference. Unless Trump became a bodybuilder, that photo is fake.

For that reason, we're out on this one.

Make sure your employees get to choose how they want to get paid.

Rollfi allows you to pay employees in crypto anytime, anywhere, and anyway they want.

If you let Rollfi handle your benefits WE do your payroll for free.

Request a demo today👇

Rollfi Inc does not guarantee and is in no way responsible for the accuracy of information provided in this message. All information is provided “AS IS” and with all faults. Data presented here may not reflect all activity in the market.