Announcement

Collapse
No announcement yet.

Consulting and Traveling in "Retirement"

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Consulting and Traveling in "Retirement"

    I am wondering if anyone else has done or will consider doing the following:

     

    I am 50 and will probably stop seeing patients this year or next.  My wife and I enjoy traveling and teaching.  We are considering setting up a "consulting" business to help teach or start other clinics in my specialty in other countries.  For anyone who is doing this or thinking about it, can this be done is such a way that our travel expenses are part of our business?  We do not need to make any significant income from this endeavor but it would be nice to be able to pay our travel through such a business (maybe an LLC) if we can.

  • #2
    Are you setting up a consulting business to travel or traveling to set up a consulting business? Makes all the difference. If the former, you can deduct expenses up to the amount of income. If the latter, and there is a true profit motive involved, you can and must intend to make a profit and work toward that goal. That doesn't mean that you won't show a loss, at least in the first few years, but it does mean that you will make and implement decisions that will further your goal of making this a for-profit endeavor.

    To be deductible, an expense must be "ordinary and necessary". Assuming that this truly is a for-profit business, you must separate the personal pleasure part of the travel from the business part. Not to discourage you, because there are many expenses that blur the line between personal and professional, but the better you understand the challenges before you begin, the better your results and the lower your risk.

    I'm sure this goes without saying, but you should hire an experienced CPA for tax and business advice.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

    Comment


    • #3
      I thought that this was going to go in a different direction. I am about your age (51) with a similar time line, part time in the fall for a year, and then we'll see after that.

      I am considering (and already started) setting up a consulting practice, something that will allow me to travel and hopefully work remotely. I do not intend for the travel to be business-related, rather the nuts and bolts of the work to be done remotely, from anywhere where there is internet access.

      Comment


      • #4
        I wish I could work remotely!

        Comment


        • #5
          To clarify...the goal is to do work in developing countries but it is unlikely to produce much revenue but would like to explore at least paying the expenses to get there and do the work I want to do

          Comment

          Working...
          X