In making the decision; always ask:
- If an audit is called for; will the person you chose go and fight the battle?
- You should not even be present.
- If you are present the IRS tries to ask stupid questions. The CPA deals directly with the statement and the evidence that this is a business and not a hobby.
- I have been audited twice and the IRS owed me money both times.
- Consistency year after year is the key. Big changes sets off an audit.

Ledger should be hand written:
- Never put your ledger on the computer.
- Do a hand written ledger month by month; recording every receipt due to fishing.
- Some receipts fade out; so write at the top the date, business and amount.
- Keep an accordion type folder for Jan. - Dec. for your receipts.
- Divide your ledger into expenses: Truck Gas - Mileage kept on a pocket calendar - Boat Gas figured separate - Washes - Oil changes - Motels - Food - Supplies - Repairs - Clothes - Doctors - Medicine - Truck Ins. - Boat Ins. - Office supplies - Utilities - Cleaning Lady - Permits/license - Fees/Tournaments and etc. - Donations -
Home Repairs.
- At the end of the year fill out one page at the end of the ledger with all of the above expenses and incomes listed. This is what your CPA works off of.
-Run a register tape adding up each of the expenses by the month with a yearly total. If audited this is required.
- New Truck and New boat every two years will put you way ahead of the game.

Showing a profit every 3 to 5 years is a myth.
- Show your income for articles sold, winnings and any guide fees.
- Show income from sponsors.
- To make all this much easier set up an account at the bank to run your business through.
- Use a credit card for as much as possible so you have a good backup record.

not tied to the IRS to uphold their rules and regs? That sounds pretty dang shady... is he licensed?

TAXES, there's no stinking taxes in fishing!!!

I fished a lot of tournaments for about 20 years and here is what worked for me.....
I kept a large envelope in my truck with smaller #10 envelopes inside...when i would leave home to fish a tourny,I'd pull out a small envelope,write down the date,my beginning mileage and name of tourny/lake....I'd keep all licenses,motel,food,tackle,boat gas receipts and also write down amount of entry fee and how much I won...when I got home,I'd write down my ending mileage on the small envelope and put it in the large envelope...next tourny,I would pull out a new small envelope repeat the process.......at end of the year i would total up all expenses and winnings and give to my CPA....
I did this between 1984 and 2005 my accountant advised me to zero out my winnings each year...typically I would win $8,000.-$12,000. each year but got lucky one year and finished second in the All American which pushed my winnings up to almost $28,000. and another year I won a boat which pushed my winnings up to $19,000....both years I never had to pay taxes because my CPA filed a "loss carry forward" each year on all the years that my expenses were more than my winnings and the amount was enough to offset the larger than normal winning years....
don't recall what the IRS allowed you per mile on the mileage expense but it was a substantial amount each year,motels,food and tackle also add up quickly especially if you fish a trail like BFL whose tournys are scattered over a large area...
I worked full time and fished tournys as a hobby so my CPA advised me to not try to offset my salary income with losses from fishing because if IRS audited me,they would rule my fishing was a hobby and not a business....
...

Yes he is and the best that I have used. Some tax services sign an oath to uphold the IRS views and will work to appease them instead of working for the client. The independent services will tell you right up front that they do not work for the IRS.

so does it mean since they dont hold with the tax laws that everyone else has to follow they think it it ok to cheat on your taxes.

Do the larger tournaments send out a1099, don't think they do. Casino's make you sign on winning over 1250 that goes to IRS. And I think you have so many years to show a profit or it's a hobby.

That is not actually a thing, when you prepare taxes you must abide by the rules/laws of Circular 230. There is no "Oath" a firm or person signs with the IRS, they are required to follow the law. Any good tax accountant works for their client and will limit their tax exposure within the confines of the law

They certainly do send out 1099's. I have 3 from 3 different tournament organizations from 2020. Glad this topic came up as I need a tax guy.

They do, when you win a check at one of the big bass tournaments they set you down and have you fill out a w9 essentially.

If you win $600 or more they are supposed to issue a 1099. Not sure why casinos get to wait until you hit $1200 on a slot machine, they get their own special rules

A good CPA does a LOT more than just file your taxes. If that's what you want/need then go to H&R Block.....they basically work for the IRS so you won't get anyone very strategic on how to work things the best legal way possible.

As some others have said, before you write off anything on your fishing, make sure you can justify it as a business and not just a hobby. You don't have to do that in year 1 but will within 2-3 years.

Some Tournaments pay cash

1099 those......