Business, The Web and Me
I am building a couple of new websites. One will be up sooner than the other. I’m building one about Bogo City. The other will be about Bantayan Island. That will slow me down a bit on posting to my
current websites. So if I seem to be neglecting things a bit, I’m just working behind the scenes….
If you live in the Philippines and would like to write for me, I’d love to have your help on my Philippines focused websites. If you’re not in the Philippines, perhaps this would be the site for you to write on. To take these sites where I want them to go, there’s no way I can do it all on my own, so I hope I will eventually be able to attract others. If you have a new struggling website, it may help you bring traffic to your website. A lot of my sites get a significant part of their traffic from this website!
In order to write on my sites, you must write in paragraphs and must be at least as good of a technically correct writer as I am. If you’re interested, let me know what you have in mind. There are several people here that could do it, of course time is usually the problem.
Pleasure to Business
I will be traveling more, I hope. Turning pleasure into a business is always a good thing to do. I’ve got to do some reading on US tax law, much of the pleasure will likely become a business expense. The problem there is the IRS has all kinds of special rules when it comes to travel and entertainment. It has been a while since I have worked deeply in the tax law so I will have to refresh my knowledge on that. You see, its in the deep areas where revenue agents and tax auditors come in and find the mistakes people make on their tax returns.
I have a motto when it comes to that kind of thing. If it is a gray area, by all means deduct. An agent may not allow you the deductions if it is gray but an appeals office likely will or part of it. Many people are missing huge opportunities by developing their interest into business. However, if you’re not careful those interest could be deemed a hobby by the IRS. If that happens, you’ll never be able to deduct your losses in such a business but the IRS will be happy to tax any net income you achieve in your hobby.
I also plan to build a website about income tax. I’ve got to do a little checking on things. Because of my position with the IRS, there are some restriction on my earning income from tax law. I’m pretty sure, I’ve been away long enough now that those restrictions no longer apply to me. I need to do some double checking though. Jail during retirement might be an inexpensive way to live but I’d rather not go that route!
I’m also writing some e-books! Two are under way. More are in the back of my mind. Finding time for that and the rest of my websites as well as having fun can be a bit of a challenge and the last thing I want to do is re-join the rate race. I don’t want to be stressed out as if I was working. I’m not trying to return to my high earning years but if I could increase my current income by a third, I could have a remarkable full life in retirement. I could actually live like a king in the Philippines.
I will be making another trip to Bantayan Island soon. Next month I plan to join the Virgin Resort Beach Club here in Northern Cebu and hopefully the Bonsai Growers Associate of Cebu. I’ve also must visit Bangkok in May so that will place huge limit on my funds that have been reduced to their lowest amounts in quite some time.
Recently I’ve made some friends that I think can help me get some more businesses going. I will soon talk to an immigration lawyer here though, I need to make sure I’m getting all the necessary tax and business licenses and that I’m not doing anything outside my tourist Visa and that I get the proper Visa at the propepr time. We have a Philippines immigration lawyer in Bogo City, I will be seeing him soon.
Tagged with: Bantayan Island • Bogo City • Expat • Internet • Live In The Philippines • Philippines • Websites
Filed under: Web Development
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Hi Rusty – the eBook thing is the way to go for quick and very nice returns. If you came out with an e-book about expat tax obligations and such, you would have an instant winner! Remember.. I gave you my eBook for free, so I want a copy of yours too! :lol:
Taxes dealing with foriegn taxation issues is extremely complex. I will have to do some serious refreashing myself before I tread there. I can handle it though, just not something I worked with often. Probably ninety percent of my time was spent hunting down unreported income.
Some benefits kick in depending on how long you’re out of the country and even the way that is computed is tricky. I use to know all there was to know about. There are also things that can be done to control which country you pay tax in. Of course, you want it to be at the lower tax rate.
Most people without a business, living on retirement have to just bend over and take it becaue congress has you by the gonads. The IRS gets the blame and thats the way congress likes it but it isn’t the IRS. If the IRS is not agressive in pursuing the laws they are taken to the wood shed and given a mighty beating for that.
Thanks for all your help, of course you’ll get a copy probably before I release it for your input! You’ve been very helpful to me.
I have some other ideas for ebooks that are not as complex. There are a lot of misconceptions about the Philippines, I know you know that. I made a lot of mistakes on my coming here. Cost me some extra money and made it harder to get back on my feet. I’ve seen you talk of some of that yourself, some of it just has to be learned though. hard to stop thinking like a westerner and making all the changes one needs to make all at once. I think I’ll start with some less challenging ones but those tax issues are important for many.
I think for most of us, its really no different, you have a retirement income from the USA, its taxable to the US. I know I’ve forgotten a lot along those lines but I think that’s pretty much it.
Getting married also has some tax benefits. You can support the whole planet but if not related to you and not a US citizen or legal resident, then you get no exemption forit. I’m shooting from the hip here though. I’d love to be wrong, if so I need to file an ammended return Oh well don’t want to give everything away for free :)
You know your the first one to give me the idea back in December. :)