Corn Mazes Date Back to Ancient Greece?
A Historical Look at This Wacky Fall Tradition
GARDEN ART TO GET LOST IN Mazes formed from bushes began popping up European gardens in the 17th century. They were a popular artistic feature of upper- class gardens in England, more for looking at than solving. One famous example is the half-mile-long Hampton Maze, which was planted in 1690 and still stands today. THE CORN MAZE: AN AMERICAN INVENTION Garden mazes eventually hopped the pond to America but didn’t become interactive puzzles until Don Frantz, Creative Director of the American Maze Company, came on the scene. In 1993, Frantz created the “first ever cornfield maze for private and public entertainment” to attract college kids in Pennsylvania. Today, every small-town corn maze is a descendant of his “Amazing Maize Maze.” To learn more about that wacky history, visit AmericanMaze.com.
Exploring a corn maze is a great way to get outside and enjoy the fall season with friends and family — but who came up with the idea of wandering around a corn field for fun? As it turns out, outdoor mazes are an ancient tradition, and the American corn maze of the ‘90s sprouted from the mazes of 17th-century European gardens. Don’t believe it? Here’s a quick tour of corn maze history. THE MINOTAUR AND THE MAZE Have you heard of Theseus and the Minotaur? This ancient Greek legend tells the story of the hero Theseus, who ventured into an elaborate maze to kill the half-man, half-bull imprisoned there. The monstrous Minotaur was known to eat heroes, and the labyrinth was known to trap them, but Theseus managed to slay the Minotaur and find his way home with the help of a string that he unspooled as he walked. This story isn’t the first recorded example of a maze or labyrinth — according to the World History encyclopedia, “[L]abyrinths and labyrinthine symbols have been dated to the Neolithic Age in regions as diverse as modern-day Turkey, Ireland, Greece, and India, among others” — but it’s perhaps the most famous ancient tale. If you’ve ever navigated a Halloween corn maze staffed by ghouls and ghosts, you can see the parallels!
So, Wait — How Is Cryptocurrency Taxed? A Quick Explanation
those that have been actualized when an existing position is sold for more than it was purchased. So, if the asset happens to depreciate in value and it is traded, sold, or used at a loss, you may be able to subtract the loss from other capital gains to reduce your taxes.
Many people enjoy using Bitcoin and other cryptocurrency for the financial freedom that it offers — especially because there are very few fees, if any, involved. Utilizing banks and regular stocks can come along with some large fees. However, this currency still does ultimately get taxed. Here’s how!
CALCULATING TAXES ON CRYPTOCURRENCY GAINS AND LOSSES To determine your taxes on cryptocurrency, compare your net proceeds to your cost basis. You also must take into consideration the length of time that you owned the asset. This information is crucial for figuring out the type of capital gain or loss you recognize. Some gains or losses are determined to be “short term,” typically a year or less, and others are “long term,” more than a year. It is important to note that you can offset your capital gains with capital losses.
HOW IT’S TAXED The buzz about cryptocurrency is that it is not backed by any government affiliation and is subject to little or no regulation. However, this is false. When a crypto exchange occurs, both gains and losses must be reported to the Internal Revenue Service. Thus, this is taxed just like traditional stocks and personal assets.
When it comes to federal income taxes, cryptocurrency is thought of as “property” and is therefore treated as a capital asset. This means that it is subject to capital gains taxes just as stocks and bonds are. If the asset appreciates in value and you trade, sell, or use it for profit, then it will be taxed just like capital gains. However, you only owe tax when those gains are realized. Realized gains are
Tracking your crypto gains and losses is crucial for staying on top of everything when tax season rolls around. As always, you can turn to your trusted financial advisor for professional assistance and advice.
2 | www.MayfieldHeightsCPA.com
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