A Facebook $429m tax refund has many social media users talking this weekend, as the Daily Mail reported this Saturday, Feb. 16, that Facebook will not have to pay any taxes for 2012, although the popular site made over $1 billion in profits from U.S. processes.
According to a recent report, Mark Zuckerberg’s mega-successful company will even get a multimillion dollar tax refund this year as well. The Facebook $429m tax refunds are reportedly coming from numerous tax deductions on stock options for the site, as well as stock and share awards.
Facebook released its annual report late in Jan., while CTJ quoted:
“[Mark Zuckerberg’s company did not pay even a dime in federal and state income taxes as an ‘amazing admission.’”
Businessweek added that Facebook reported it had a $559 million tax liability in 2012, but their refunds reduced the income taxes by just over $1 billion for the year.