Thai arts and crafts import business

[NYC-KK 0]

My wife and I are planning to start a business buying arts and crafts in Thailand and selling here in the US. One big incentive is that we could then write off our summer travel and living expenses as tax deductible business expenses. That means we save 30% off of airfare, hotel and food in Thailand. Also, we believe that we actually show a profit. Any advice, suggestions, experiences, etc. are welcome.

[rsn 135]

My wife and I are planning to start a business buying arts and crafts in Thailand and selling here in the US. One big incentive is that we could then write off our summer travel and living expenses as tax deductible business expenses. That means we save 30% off of airfare, hotel and food in Thailand. Also, we believe that we actually show a profit. Any advice, suggestions, experiences, etc. are welcome.

Interesting idea, but how do you plan on getting all of the goods here? Bringing them back with you after a trip doesn't sound feasible, and international shipping is quite expensive. Unless you are moving some serious volume, how will this turn a profit? I'm genuinely curious as I'm always looking into new opportunities.

[NYC-KK 0]

Interesting idea, but how do you plan on getting all of the goods here? Bringing them back with you after a trip doesn't sound feasible, and international shipping is quite expensive. Unless you are moving some serious volume, how will this turn a profit? I'm genuinely curious as I'm always looking into new opportunities.

Good questions. We are really in the brainstorming stage and do not have a detailed business plan. But the tax break alone is incentive enough. To keep it simple (but not very lucative), we can pack a lot of Thai silk into our suitcases, and sell it at street fairs and flee markets in New York City at a good mark-up. Eventually, however, I would like to get into high end art dealing. Paintings on the East side sell for a whole lot of money.

Edited May 11, 2010 by NYC-KK

[rsn 135]

Good questions. We are really in the brainstorming stage and do not have a detailed business plan. But the tax break alone is incentive enough. To keep it simple (but not very lucative), we can pack a lot of Thai silk into our suitcases, and sell it at street fairs and flee markets in New York City at a good mark-up. Eventually, however, I would like to get into high end art dealing. Paintings on the East side sell for a whole lot of money.

One of my wife's Thai friends said she sells stuff from Thailand on eBay. I asked my wife how she got the goods here and she said something about her friend has a connection that allows her to ship it here by boat for cheap or something but I didn't push for a more specific answer. I guess you could make some money on Thai goods here if you could find a way to ship it cheap since prices (for some things) in Thailand are so low, electronics excluded of course. We have some big cities w/in driving distance, but I've always wondered if we could do something like that online.

What exactly can you write off, why can you write it off, and what do you have to do to be able to write it off? Don't you have to prove that the intent of the trip was business-related? Can you buy a couple things in Thailand and sell them here and claim that alone equals a business trip?

[NYC-KK 0]

One of my wife's Thai friends said she sells stuff from Thailand on eBay. I asked my wife how she got the goods here and she said something about her friend has a connection that allows her to ship it here by boat for cheap or something but I didn't push for a more specific answer. I guess you could make some money on Thai goods here if you could find a way to ship it cheap since prices (for some things) in Thailand are so low, electronics excluded of course. We have some big cities w/in driving distance, but I've always wondered if we could do something like that online.

What exactly can you write off, why can you write it off, and what do you have to do to be able to write it off? Don't you have to prove that the intent of the trip was business-related? Can you buy a couple things in Thailand and sell them here and claim that alone equals a business trip?

I am still looking into it. The first thing is to officially establish partnership with your wife or a corporation (single entity. Then, you need to document all of your business activities. This could include market research, PR to generate interest in your products, meeting with potential retail sellers and buyers, etc. My plan is to visit as many artists and galleries as I can, take photos, write biographies of the artists, and then publicize their work here in New York all with the goal of buying from them and selling here at a profit. If the IRS audits me, I can show them all that I have done. You can write off all your travel expenses if you are engaged more or less full time in business during your time in Thailand. This includes travel, lodging and food. I checked it out with my tax specialist and he says its OK. Next, I am going to speak to a lawyer.