Ships are but boards, sailors but men…The Merchant of Venice.
-Act i. Sc. 3. William Shakespeare
Mariners have unique tax issues surrounding travel, training, licensing and professional tools. We specialize in dealing with unique business expenses of merchant mariners.
We also use secure on line tools to make the information exchange between your office and ours easy and efficient.
We specialize in the unique business expenses merchant mariners; such as:
- Meals & Lodging Per Diem Allowances While in Port
- Travel
- Recurrent Training
- Medical Exams
- Foreign earned income exclusion
- Retirement Planning
Mastering Your Tax Strategy: A Fisherman’s Guide to Financial Success
Running a commercial fishing business comes with unique financial and tax challenges. From unpredictable income and hefty equipment costs to specialized IRS rules, it’s crucial to navigate these waters with expert guidance.
Tax Challenges for Fishermen outlines key tax considerations, including:
- Managing estimated tax payments and reporting fishing income
- Understanding capital expenses, depreciation, and the Capital Construction Fund
- Employee vs. independent contractor classifications and tax responsibilities
- Maximizing deductions on fuel, gear, travel, and more
At J.T. Hicks & Company, P.A., we specialize in tax advisory services tailored to commercial fishermen. With over 30 years of experience, we help fishing professionals optimize deductions, minimize liabilities, and plan for financial stability.
Download your free guide today and schedule a complimentary consultation with one of our expert CPAs.