Question on Cruising Job - SailNet Community
 1Likes
Reply
 
LinkBack Thread Tools
post #1 of 11 Old 04-24-2014 Thread Starter
Junior Member
 
Join Date: Apr 2014
Posts: 11
Thanks: 2
Thanked 0 Times in 0 Posts
Rep Power: 0
 
Question on Cruising Job

Alright, so it's after April 15 and I'm sure everyone would rather forget about this subject, but I'm trying to figure out how I can go cruising before retirement age and have a specific question for the folks on this board.

Being a US citizen I know I have to file taxes every year whether I'm in the states or not, and I assume most if not all other US cruisers actually do it. My question is how do you do it?

The reason for my question is I am a CPA and have thought about this as a potential income source while cruising. I'd be able to offer tax services such as preparation, filing and some planning to cruisers in-situ so you don't have to worry about your CPA at home getting them done, and I would have a better eye on what issues would effect cruisers. I'd probably do it cheaper than most as well since I wouldn't have to have things like an office, secretary staff, etc. Would that even interest anyone in the cruising community, or am I going down a futile path here?

Thanks for any input you may have, if this is possible, it may make my dream a reality sooner.

- Matt
mbauer013 is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #2 of 11 Old 04-24-2014
Catamarans are the best
 
Subaqua's Avatar
 
Join Date: Jul 2013
Location: North Dakota -the land of ice and snow and 650,000 other people
Posts: 59
Thanks: 1
Thanked 0 Times in 0 Posts
Rep Power: 3
 
Re: Question on Cruising Job

everyone who's taxes are complicated probably have someone in the states taking care of it for them, and those who's taxes aren't so complicated are probably using turbotax. I think turbotax would be your competition.
Subaqua is offline  
Quote Quick Reply Share with Facebook
post #3 of 11 Old 04-24-2014
Dragon Mod
 
DRFerron's Avatar
 
Join Date: Nov 2005
Location: SE Pennsylvania
Posts: 4,733
Thanks: 110
Thanked 212 Times in 194 Posts
Rep Power: 10
 
Dock
Re: Question on Cruising Job

Can a CPA practice in any state once becoming a CPA? Is it unlike law where you pass a state bar to be able to practice in that state?

Donna


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Catalina 30 TRBS
DRFerron is offline  
Quote Quick Reply Share with Facebook
post #4 of 11 Old 04-24-2014 Thread Starter
Junior Member
 
Join Date: Apr 2014
Posts: 11
Thanks: 2
Thanked 0 Times in 0 Posts
Rep Power: 0
 
Re: Question on Cruising Job

Quote:
Originally Posted by DRFerron View Post
Can a CPA practice in any state once becoming a CPA? Is it unlike law where you pass a state bar to be able to practice in that state?
It is state specific, but most have reciprocity and you just have to liscense your self in each. There are services which do this for you actually to keep you current. The nice thing is that you only have to be liscensed in the state in which you practice, not the state in which your clients are filing.
mbauer013 is offline  
Quote Quick Reply Share with Facebook
post #5 of 11 Old 04-24-2014 Thread Starter
Junior Member
 
Join Date: Apr 2014
Posts: 11
Thanks: 2
Thanked 0 Times in 0 Posts
Rep Power: 0
 
Re: Question on Cruising Job

Quote:
Originally Posted by Subaqua View Post
everyone who's taxes are complicated probably have someone in the states taking care of it for them, and those who's taxes aren't so complicated are probably using turbotax. I think turbotax would be your competition.
Yeah, turbo tax gets most of them, but you would be surprised how many folks with pretty easy 1040 itemized filings hire people to do it, or miss deductions and such. I'd probably be targeting the middle range of people, folks who have taxes that are just complicated enough to get tricky, but not complicated enough to pay a full fledged firm.
mbauer013 is offline  
Quote Quick Reply Share with Facebook
post #6 of 11 Old 04-24-2014
Dragon Mod
 
DRFerron's Avatar
 
Join Date: Nov 2005
Location: SE Pennsylvania
Posts: 4,733
Thanks: 110
Thanked 212 Times in 194 Posts
Rep Power: 10
 
Dock
Re: Question on Cruising Job

OK. Just curious. In my head I was working out how few clients you may have based on the personalities of the cruisers I know.

But it wouldn't hurt to try.

Donna


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Catalina 30 TRBS
DRFerron is offline  
Quote Quick Reply Share with Facebook
post #7 of 11 Old 04-24-2014
Reward for lost Kraken!
 
hellosailor's Avatar
 
Join Date: Apr 2006
Posts: 11,559
Thanks: 6
Thanked 137 Times in 134 Posts
Rep Power: 11
   
Re: Question on Cruising Job

Matt, in this day and age it doesn't matter where you are unless you've really got a huge shoebox full of receipts.

If you are a bit more in control of things, you should be able to give your tax prep person (CPA or EA or whatever) a summary sheet with your 1099s and major deductions and whatever listed on it. You can mail that, fax that, probably fly home to drop it off and take the ticket cost as a tax preparation deductible too. (G)

Doesn't matter if your accountant is down the block or 12,000 miles away, you still hand off the paperwork and have them send any balance from your checking account, your signature is not needed.

Or, you can go online, from anywhere in the world. Interactive with a freebie, or using your own software. Being on a boat, or being away from home, should have no bearing on how you file tax forms.

Even if your tax liability is zero and you are not required to file, I'd still suggest filing. It keeps the anal compulsive types happier, and then they can't raise any question about "Why didn't you file..." later on. One less worry to have.

As to state licensing...assuming you have kept up any state residency, I'd stick to someone who lives and works in that same state. Not because of licensing, but simply because they will be more familiar with the rules--and any tax filings needed--in that state. And if there is any issue with that state, again, they're already there and familiar with it. They may very well job out the keystroking to India, but that's a separate concern in any case.
hellosailor is offline  
Quote Quick Reply Share with Facebook
post #8 of 11 Old 04-24-2014
Catamarans are the best
 
Subaqua's Avatar
 
Join Date: Jul 2013
Location: North Dakota -the land of ice and snow and 650,000 other people
Posts: 59
Thanks: 1
Thanked 0 Times in 0 Posts
Rep Power: 3
 
Re: Question on Cruising Job

Quote:
Originally Posted by DRFerron View Post
OK. Just curious. In my head I was working out how few clients you may have based on the personalities of the cruisers I know.

But it wouldn't hurt to try.
I agree, boaters are a bit of a self-sufficient bunch..
Subaqua is offline  
Quote Quick Reply Share with Facebook
post #9 of 11 Old 04-24-2014
snake charmer, cat herder
 
zeehag's Avatar
 
Join Date: Nov 2008
Location: refitting a formosa in exotic tropical locations....
Posts: 1,805
Thanks: 8
Thanked 28 Times in 28 Posts
Rep Power: 7
 
Re: Question on Cruising Job

some of us are even exempt from having to file annually.....
FSMike likes this.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

formosa 41, cruising tropics


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
zeehag is offline  
Quote Quick Reply Share with Facebook
post #10 of 11 Old 04-24-2014
Senior Smart Aleck
 
jameswilson29's Avatar
 
Join Date: Aug 2009
Location: Richmond, Virginia
Posts: 2,152
Thanks: 34
Thanked 70 Times in 65 Posts
Rep Power: 7
 
Re: Question on Cruising Job

Quote:
Originally Posted by mbauer013 View Post
Thanks for any input you may have, if this is possible, it may make my dream a reality sooner.

- Matt
...or you could simply build up a successful land-based CPA business in a sailing area, or nearby, buy a boat, and sail when you want to. You could certainly try to specialize in the issues related to boat ownership, but you don't have to live aboard to do that. If you are really successful and have employees and lots of cashflow, you could even take a month or two off each year to sail where you want to.

There are many of us on Sailnet who do not want to live aboard, who enjoy living in a home on land, and like to sail occasionally, or more often.

Many new posters here profess a dream of living aboard, with no real experience on which to base that dream, or understanding of what that entails.
jameswilson29 is offline  
Quote Quick Reply Share with Facebook
Reply

Quick Reply
Message:
Options

By choosing to post the reply above you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Register Now



In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.


User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Cruising Europe question XTR Cruising & Liveaboard Forum 15 09-05-2011 06:39 PM
Another cruising with pets question. NateKing General Discussion (sailing related) 4 02-01-2011 03:40 PM
Cruising permit question magnusmurphy Cruising & Liveaboard Forum 13 01-08-2009 10:41 AM
Bottom Job question(s) rookie00 Gear & Maintenance 19 03-19-2003 03:01 AM
Cruising Rally Question Cheetie Cruising & Liveaboard Forum 1 01-19-2003 05:23 AM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome