I posted a few months back about the suicide of my father (who was suffering from chronic illness). With my father's death I inherited approximately 850k.
Both my father's death and the inheritance have been life altering. I am more certain now than ever that time is so precious and I no longer want to spend my time in a miserable profession (divorce and criminal lawyer). The inheritance has given me the ability to make a big leap.
I am currently negotiating an arrangement for the take over of my practice and lease of my building. I am maintaining a side gig which is all transactional work for a title company that allows me to work from home a few hours a day and make enough to cover my business and personal expenses. I am excited and nervous. While it is not complete retirement it is a big step.
Thanks to this forum I have tracked my expenses and feel confident that I have a handle on them. I anticipate spending of 72k without taxes. Income from side gig of 55k conservatively and rental income of approximately 18k annually.
Since I am semi retiring at 44 it is my goal to leave my nest egg alone to grow for the next 10-15 years.
I am concerned about calculating my tax obligation as part of budget. It is sort of my missing link. I will have a number of deductions for business expenses and rental property. Any input on this issue would be helpful. I have an accountant but I have not been hands on. I am considering buying software really as a learning tool.
I am certain I will have more questions as time goes on. I thank the folks on this forum for all the insight. I was on my journey to fire but because it has accelerated I need to speed up my learning process too.
As a side note- I believe that my dad would be happy for me.
Sent from my iPhone using Early Retirement Forum
Both my father's death and the inheritance have been life altering. I am more certain now than ever that time is so precious and I no longer want to spend my time in a miserable profession (divorce and criminal lawyer). The inheritance has given me the ability to make a big leap.
I am currently negotiating an arrangement for the take over of my practice and lease of my building. I am maintaining a side gig which is all transactional work for a title company that allows me to work from home a few hours a day and make enough to cover my business and personal expenses. I am excited and nervous. While it is not complete retirement it is a big step.
Thanks to this forum I have tracked my expenses and feel confident that I have a handle on them. I anticipate spending of 72k without taxes. Income from side gig of 55k conservatively and rental income of approximately 18k annually.
Since I am semi retiring at 44 it is my goal to leave my nest egg alone to grow for the next 10-15 years.
I am concerned about calculating my tax obligation as part of budget. It is sort of my missing link. I will have a number of deductions for business expenses and rental property. Any input on this issue would be helpful. I have an accountant but I have not been hands on. I am considering buying software really as a learning tool.
I am certain I will have more questions as time goes on. I thank the folks on this forum for all the insight. I was on my journey to fire but because it has accelerated I need to speed up my learning process too.
As a side note- I believe that my dad would be happy for me.
Sent from my iPhone using Early Retirement Forum