Our Tax write offs!
Posted: Fri Jan 19, 2018 7:15 pm
So, its Tax time(weird but, I really like taxes!!) I'm fairly new to the trolling game. Also fairly new to being a sole proprietor. What are the some of the things we can claim as taxable deductions?!
One thing I try to mention to everyone that is a commercial fisherman(and I'm not sure if this applies to deckhands, someone clarify?)
A Per Diem! As commercial fishermen we are able to claim X dollars per day as a tax write off wether we spend it or not(its a dollar amount 'per day' that changes from year to year) I think last year it was around $70 per day(a day being 24 hrs at sea or away from 'home) so: 100 days away from home = a tax deduction of $7000. Basic math. That's even if you don't spend anything! pretty neat. there is so much more to this than I am explaining but you get the basic idea. Ask your tax person about it! It might help you out. if not, it didn't hurt!
Anything else fun out there? Who is the best Tax guy for our Business??
Cheers!
One thing I try to mention to everyone that is a commercial fisherman(and I'm not sure if this applies to deckhands, someone clarify?)
A Per Diem! As commercial fishermen we are able to claim X dollars per day as a tax write off wether we spend it or not(its a dollar amount 'per day' that changes from year to year) I think last year it was around $70 per day(a day being 24 hrs at sea or away from 'home) so: 100 days away from home = a tax deduction of $7000. Basic math. That's even if you don't spend anything! pretty neat. there is so much more to this than I am explaining but you get the basic idea. Ask your tax person about it! It might help you out. if not, it didn't hurt!
Anything else fun out there? Who is the best Tax guy for our Business??
Cheers!