It’s a great time to take action for your domain name portfolio.
Your Facebook newsfeed will fill up with lots of “Back to School” posts over the next few weeks as millions of students head back to the classroom.
I’ve always thought of the beginning of a new school year as a time to start fresh. A new backpack, new books…a clean start.
It’s a great time to take a fresh look at your domain name portfolio, too. Here’s are thing I’m going to do over the next few weeks:
1. Run a P&L for the year. This is a good time to run a profit and loss calculation for the year to see where you are. If your profits are high and are pushing recent earnings into a higher tax bracket, you might look at buying some items to deduct under Section 179 depreciation.
2. Send Third Quarter estimated tax payment to the IRS. Third quarter estimated taxes for U.S. citizens are due September 15.
3. Review all domains expiring before February 2016. Before you know it, the holidays will be here and you’ll be swamped with things to do. Take a look at which domains expire before February of next year and make a call on them. Turn off auto renew on any domains you don’t want to renew. Renew the others by December 31 if you want to claim the renewal expense on this year’s taxes. (Unless you have a cashflow issue, I’d just go ahead and renew them now. One less thing to deal with later.)