A Wild Visit: Family, Business, and Smart Deductions

There are few things in life as precious as family, and this past week, my wife and I experienced one of those heartwarming moments that remind us why we work so hard. Our son, John, his wife, Cheyenne, and their four-month-old son, Wilder, flew in from Fort Worth, Texas, to visit us in Northern Indiana. As first-time grandparents—better known as “Nonni and Poppi” in our household—having little Wilder in our home was nothing short of magical.

From the moment they arrived, our house became a baby wonderland. To make their stay comfortable, we had to stock up on all the necessary baby gear: a bouncy seat, a pack-and-play, a playpen, a diaper pail, and all the other essentials. Watching Wilder bounce in his new seat, cooing and smiling, made every purchase worth it. But as any savvy business owner knows, the question always arises: Is that deductible?

The Priceless Value of Family and Connection

Family has always been the foundation of our lives, and this visit was a powerful reminder of why we prioritize deep connections. John and Cheyenne didn’t just fly in to introduce Wilder to us—they wanted to share their joy with John’s siblings and, most importantly, the three great-grandmothers in Wilder’s life. Seeing our grandson in the loving arms of these incredible women, each holding a piece of our family’s legacy, was a sight to behold.

In the competitive and fast-paced world of medicine and business, it's all too easy to become engrossed in the relentless pursuit of numbers, strategy formulations, and the unending quest for growth.

However, when we pause to reflect on what truly matters, we realize that at the very heart of every business endeavor are people. Our professional journeys are deeply intertwined with our personal lives—our relationships with colleagues and clients, our commitments to our families, and ultimately, the meaningful impact we strive to make on those we cherish.

It is these connections that fuel our passion and drive us forward. Imagine a business as a complex machine where each cog represents an individual with unique stories and aspirations. The true measure of success lies not just in financial achievements or market expansion but in how positively we touch the lives around us.

By nurturing these relationships, fostering a supportive environment for loved ones and colleagues alike, and ensuring that our actions resonate compassionately within our communities—we create a legacy far more enduring than any balance sheet ever could reflect. Therefore, remember that behind every spreadsheet is a person who appreciates recognition; behind every metric is a story waiting to be heard. Investing time and effort into cultivating these human connections can lead to profound satisfaction both professionally and personally—and isn't that what genuine success looks like?

A Physician, A Micro-Corporation, and A Bright Future

John, like many other physicians, has embraced the power of micro-corporations. As a resident, he set up his own micro-business in Texas with SimpliMD’s guidance, allowing him to moonlight while maintaining financial and professional autonomy. Now, as he prepares to graduate from his family medicine residency this spring, he’s strategically planning his next steps. He’s considering three job opportunities in Southern California, all of which will allow him to job stack—a concept I frequently discuss in my Independent Physician Blog. This approach gives him the ability to diversify his income streams while experiencing the best of Southern California before eventually moving closer to Cheyenne’s family in Alabama.

For physicians looking to gain control over their careers, John’s story is a prime example of how a micro-corporation provides the freedom to design a flexible, lucrative, and fulfilling career. If you’re considering this path, book a personalized micro-business consultation for just $99—an investment that includes a one-year SimpliMD membership worth $2500 in business products to help you succeed.

Is That Deductible? The Business Side of a Family Visit

Now, let’s talk about the deductions. While this trip was centered around family, there was also a business component that made certain expenses deductible.

1. The Baby Gear: All of the baby equipment—bouncy seat, pack-and-play, playpen, and diaper pail—was purchased by our short-term rental (STR), the Legacy House. As STR owners, we make sure our home is fully equipped for all types of guests, including families with babies. Since our STR is a business asset, these purchases were fully deductible as part of providing a welcoming stay for guests. Incidentally, John and Cheyenne—both SimpliMD clients—happened to be the guests this time.

2. Travel Expenses: John and Cheyenne’s flight from Fort Worth to Indiana wasn’t solely for leisure. As John’s business mentor, we had extensive discussions about his next career move, job stacking strategy, and micro-business expansion. Because this was a legitimate business discussion between a client (John) and a business consultant (me), a portion of their travel expenses was deductible as a business-related trip. While not all their expenses qualified, the business component allowed them to offset part of the cost—a great perk for physicians still navigating the financial challenges of residency.

3. The Legacy STR as a Business Asset: The ability to host business guests at the Legacy STR offers another valuable tax benefit. By structuring our short-term rental as a business asset, we can legitimately expense maintenance, furnishings, and guest-related costs, ensuring that our property remains a high-quality destination while also serving a business function. This strategy is useful for any business owner who hosts colleagues, clients, or professional partners at their residence or rental properties.

Building a Smart Financial Future as a Physician

One of the greatest benefits of having a micro-corporation is the ability to legally and ethically structure expenses in a way that maximizes deductions and financial flexibility. Too many physicians leave money on the table because they don’t take advantage of tax strategies available to them.

If you’re interested in learning how to structure your career with job stacking, tax efficiency, and micro-business ownership, sign up for my course, "Creating a Practice Without Walls." This course teaches you how to create a profitable and flexible career that provides financial security and personal freedom.

Final Thoughts: Balancing Family, Business, and Financial Strategy

Our visit with John, Cheyenne, and little Wilder was more than just a heartwarming family gathering—it was a powerful reminder of the interplay between life, business, and financial strategy. As physicians, business owners, and entrepreneurs, we have unique opportunities to build a career that aligns with our personal values while also maximizing financial benefits.

So, next time you’re wondering, Is that deductible?—take a step back and consider the bigger picture. Family and business don’t have to be separate; when structured wisely, they can complement each other beautifully.