information Part 10 – Domain Portfolio Management – Direct Expenses

If you don’t pay your tax, then your business has now become a ticking time bomb that has the potential to bury you in the future. I remember receiving a call from a domainer that was desperate to sell a portfolio because the sheriff was about to repossess their goods due to them not paying tax….never a good position to be in.

I’ve used an account since my first business over 30 years ago (showing my age here). A good accountant and lawyer for that matter are worth their weight in gold while bad accountants/lawyers can cost you everything.

I’ve learned that when selecting an accountant there are three rules which I apply:

1. They need to be prepared to understand my business
2. They are part of a firm (just in case the individual leaves).
3. They are absolutely ethical.

When dealing with accountants and lawyers always, always and I repeat always, share everything with them. The level of advice they provide can be greatly influenced by the information that you provide them. Don’t ever be embarrassed because you forgot to do something or potentially did a “questionable” deal…..these are people that are in your corner fighting for you. Tell them everything as it will be kept confidential.

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