Domaining Tax Information

If you are reading this post there is a good chance that you haven’t done your taxes yet and you might be a bit panicked. First let me say this – next year plan ahead a bit more and get your taxes done early – waiting until the last-minute can increase your chance of error or even late-filing fees. Also – make sure you know your limitations, you can do your taxes on your own for only so long, eventually you’ll need a tax pro because it just gets to be too much.

Now that I got that out of the way – let me help you take control of your taxes and file correctly and on-time this year. Since it is a bit too late to hire an accountant you can still go it on your own thanks to a handy little book I discovered a few years ago. In fact I gave this book to my accountant and he uses it to do my taxes now!

The book is called The Domain Tax Guide and it is the only book I have EVER promoted on my blog outside of my own. I promote it because I know it is the most comprehensive resource for Domainers trying to understand how to do their taxes.

The book answers the following questions and more:

  • How do I classify domain income?
  • How do I deduct domain expenses?
  • How do I report capital gains & losses?
  • Is a domain like a trademark?
  • Sole proprietorship, corporation or LLC?
  • Cash or accrual method of accounting?
  • Do I depreciate or amortize my domain costs?
  • Can I deduct a domain name given to charity?
  • What is active vs. passive income (and why do I care)?
  • Where do I incorporate my business?

     

    If you have already finished your taxes and you’re reading this post – take a break! Your work is done! However if you’re sitting here on April 10th wondering, “Am I doing my taxes right?” Then it might be time to buy The Domain Tax Guide!

    This is NOT a sponsored post. You will notice that my affiliate link is used above – the purpose of this post is to promote a useful resource that I myself purchased and used. I will NEVER recommend any product I have not used myself and stand-behind 100%. The above book is offered with a no-questions-asked money-back guarantee so if you don’t like it you can return in up to two months after purchase!

  • { 3 comments… add one }

    • Stephen Douglas_SuccessClick April 11, 2010, 5:00 am

      Hi Morgan,

      Excellent cover article on the MUST HAVE EBOOK FOR DOMAIN INVESTORS. Sandra Brooks holds the title of “BEST CPA IN THE DOMAINING WORLD. She not only is the foremost expert in this area, but if you’re a domainer, and you do NOT own the ebook, the “DOMAIN TAX GUIDE”, (written by Sandy), you might as well fold up shop and go sell oranges on a freeway off-ramp (not to say that might not be a good job).

      This is extremely important: When you prepare your taxes with your CPA, be sure to give them your copy of the DOMAIN TAX GUIDE so they can understand your domain investments. All domain investors, big or small, need to understand that this ebook is THE ultimate tax guide for their business.

      This isn’t a paid advertisement, either. However, I can personally vouch for Sandy’s brilliance, honesty, and ethical standards. She’s probably the most incredible person in all areas of life that I’ve ever met, in the top five of those people I admire the most. She’s been my close friend and life saver for decades.

      If someone is reading this — they should have already logged into the website and bought the ebook – if they were smart.

      Reply
      • Morgan April 11, 2010, 5:48 am

        Thanks for the comment @Stephen – it really is an essential book for anyone running a Domaining business!

        Reply
    • Luca August 15, 2010, 10:46 am

      Hi Morgan,

      has the guide useful information also for those that aren’t in US territory? (for example I’m european).

      Let me know! Regards,

      Luca

      Reply

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