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I’m going to talk about a dirty word…..accounting. I’m amazed at the number of domain owners that really don’t understand accounting for their domain assets and end up throwing huge sums of money away. So if you want to save some money then keep reading.
I would first of all like to preface this article by saying that everyone should get their own professional advice but it’s always a good idea to be armed with some questions when you get it! So here we go.
The number one thing that you should do is keep track of every single purchase and what you paid for them. You should also keep track of each sale, the value and when it was made. We provide this facility at ParkLogic so that you can either add domains in bulk or individually. So why do you need to track this information?
It’s really simple, if you buy a domain for $1,000 and sell it for $500 then you have a capital loss. This can go a long way to reducing any capital gains that you may have from domains that you buy for $500 and sell for $10,000. This means that it’s really important to track this information for each and every domain. You can literally end up putting $1,000s back into your pocket each year.
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