I have a meeting with my CPA next week and am trying to get everything togehter. Never really done this before but was hoping I could get some advice from some of yall. THanks in advance.

So far I have:
- Gear etc (Tacklewarehouse, bass pro, cabelas)
- Lodging/hotel 2011.
- Fuel
- All tourney entry fees for 2011.
- Depreciation on tow vehicle and boat????
- Insurance?
- Also blew a lower unit in 2011 but it was covered by Insurance. I guess I could write off the premium? .

am I missing anthing. All help is very much appreciated.

I do most through my company. But I have to show it as gas, advertisment, travel, etc. Im not sure what all you can wihtout a company.

Get a hold of Mike Kernan, he is real good and knowledgable about that stuff.

Can you write that stuff off just being an individual? I thought you had to start a company or whatever to write off fishing expenses. How do you prove it isn't just a hobby? Can you write off expenses from a hobby? I'm a TAX IDIOT... LOL

Jody

You can def write stuff off as an individual.

you have to be able to differentiate a "hobby" from a "source of income"... if you can prove that you are fishing to provide for yourself/family, then it is deemed a "source of income"... this is what the auditor told me in person a few years ago when I was audited. She wouldnt allow any expenses, as I had a main job that provided the source of income. Luckily I missed other expenses that made up for those writeoffs. She told me not to do that or it would always raise a redflag.


Barrett, with the amount you won- I would say it was definately a "source of income".... writeoff every expense you incurred!!!

So your saying I can't write off anything because I have a job? wtf... the CPA explained it to me earlier this week much differently. Hes the one who helped me come up with a list.

for small fry like me who only win 1-2K... no writeoffs...

for big fry that win basschamps... writeoff everything... I should have read more of the posts.. duh!

As stated above "it must be deemed as a source of income" and not a hobby.

ok.... and how do you legally differintiate this? Start your own company?

i would think i would be able to write off at least entry fees??

Barrett,
I'm confused as well, I am working with my accountant and here are his exact words:
You should claim to be a professional fisherman to do what you asked about. In that case, all expenses relating to the fishing are deductible including travel, supplies, boat, etc.. You will also report any earnings you have on Schedule C (Self Employed).

Now if you have seen me fish the only funny part here is Pro. I will be fishing alot of Tournaments this year so figured I would try to take advantage of what I could.

Well im pumped my little 12 grand in income has now turned me into a pro fishermen. Should I change my handle on TFF now? All kidding asside I would really appreciate a little more information about this matter.

I suspect there are many Elite guys that have full time jobs and own businesses to offset their expenses. Can se assume its their sole income to support their family.

You can write off anything you want..just don't get audited.Some tax advisores will push the envelope and if there is a gray area they will advise you to take it. Others will tell you not to cross the line at all.The time and expense of an audit,not to mention penalties and interest, can add up quickly business or no business.

I think you can still write off stuff if it is a hobby but you can't write off more than the amount you of income you made off of the tournaments. SO if you had $12k in income, you can only write off $12k in expenses.