Thousands of domain professionals are about to return to their usual domain investing activities, as Tax season ends tomorrow in the US.
Having processed hundreds of documents, payment stubs and expenses, domainers are wrapping up crunching numbers in order to pay Uncle Sam’s taxes.
“I cannot believe it took me so long to wrap up my taxes this year,” said domain investor, Elliot Silver.
“It totally affected my domain investing blogging, but I managed to squeeze in watching Premier League soccer yesterday!” added Silver, who’s a fan of the sport.
Every year, more than $1.2 billion in taxes is processed by the IRS on domain accounts; regardless of NDA and other non-publicized transactions, the domain industry’s healthy footprint generates as much as $25 billion dollars annually, according to some rough estimates.
“These are great times we are living in, and the future looks bright, so it’s time to embrace it,” said Frank Schilling, who’s based in the Cayman Islands. No direct taxation is imposed on residents and Cayman Islands companies.
Domain sales remained healthy for the first quarter of 2014, with DNJournal reporting thousands of domain sales every week. In March, many sales went under-reported as domainers made many discounted sales in order to pay off tax balances.
Onto Q2 of 2014 and beyond!
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