What with the case if some entity spend more on storj network then it gets back as an SNO?
If storj charges VAT and/or this 15-30% payout tax, this looks like a double taxation.
13$ spent - 3$ earned => 10$ spent
13$ spent - (3$ earned - 0,90$ TAX) => 10.90$ spent
If they don’t charge the 15% and they have nothing on file; upon audit they will have to pay + penalty. Fortunately there are so many vendors, I don’t think the CFO has to bother much with this situation.
Should you be accounting for this correctly, despite your own euro VAT, and US tax withheld, claiming a greater loss (double taxation) is still to your advantage. While small in numbers, your investment is still your investment; therefore, I encourage all to track and claim losses. Investment timelines are fungible only if you keep track of them, and claim your losses; while you learn more in the interim.
BTW, I believe it should only be 15%, and as the Replublicans (not that I like them) are in office next, it’s likely to stay that way. Nevertheless, file the paperwork with Storj (if they’ve requested) and you won’t be withheld any tax, the the onus is on you to report properly in your own country.
2 cents
Julio
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I know that US is a bit special in regards of taxation.
In most countries there is no notion of “Tax withheld in other country”,
this would be an addition to an expense.
If storj withheld any tax amount for the paid SNO earnings,
there is zero change none US storj-customer and SNO to get it.
Or better to say, it will only be possible if the withheld tax amount is more then 1k$
(bureaucracy coast and banking fees)
Other example would be:
Buying for 1000$ into storj tokens => 1779 tokens and spending it on the network
Getting as an SNO 1000$ minus 30% TAX => 1245 tokens on a wallet
There is simply something missing,
I think a feature to deduct the earned SNO tokens directly from the invoice
without any “Tax withheld” amount.
In the US, you specify your gains and losses when filing taxes at the end of the year (Or more often if you want to avoid some potential penalties if you owe the IRS.)
Losses are calculated on a different form. The IRS assumes everyone will have some losses, so they give everyone a “Standardized Deduction” which is $14,600 in 2024. If you calculate all your losses/deductions and it is less than that number, you take the Standardized Deduction. If it is more than that, you will typically itemize all your losses/deductions and then calculate from there.
Simply impute your own amount, you have reasonable grounds.
They are only ever going to equate your earnings in US$ at time of transaction, at the NET earnings amount. If you’re subject to withholding tax, you may gross up, impute your own withheld as an expense; but, it gets you no where.
Other than that you should endeavor to clarify.
2 cents,
Julio
This is incorrect. Standard deduction has nothing to do with capital losses. It’s to avoid wasting resources itemizing deductions most people on average may be eligible for.
Capital gains and loses are reported on a different form (schedule D) the same way regardless of whether you itemize deductions or not. They further are separated into short terms gains and losses and long term, the latter having much more favorable treatment.
It’s apples and cheese wheels.
On how to report storj income — I personally report is a “hobby income”. And because I immediately sell token- I generally have only pennies to none of capital gains or losses.
IRS will look differently at this “hobby income”, when AR parks his black Lambo on the front alley. 
Yea, you are correct, I was referencing the losses mentioned earlier about electrocoty cost and network.cables and such. Capital Gains and Losses (What you make or lose on your token sale) is calculated together.