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Will You Need a Domain Tax Guide?

It’s tax time again. If you are like most domainers, you are a little hesitant about filing your tax return. This is not just because you dread paying Uncle Sam like most taxpayers. It may be because you are unsure of whether you are reporting your domain purchases and sales correctly.

Despite the growth of domaining, it is still a relatively young and small industry that has not yet gained the attention of the IRS. There are no tax laws or tax court cases directly related to the domaining industry. As a domainer, you need to understand your core business and prepare a solid and defensible tax policy that is a) based on existing tax code for similar industries, b) consistent, and c) well documented. Be proactive and you can ease your tax-time worries.

Sandra K. Brooks, CPA is the author of the recently released Domain Tax Guide, which includes a comprehensive analysis of the tax issues surrounding the domaining industry and step-by-step instructions for tax preparation for a domain business.

By Sandra K. Brooks, Certified Public Accountant (CPA)

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