Thursday, May 23, 2024

Tax advice for anglers – Bassmaster.com

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Tax advice for anglers

Chris Mitchell

Editor’s note: Mike Kernan is entering his second season as an Elite pro. 

Tax season is here, and now is the time to get all your income and expenses organized.  I received my CPA designation in 2001 after getting an accounting degree from Texas A&M, so I have always tried to stay on top of the accounting for my businesses.  This year, I have many more fishing expenses as I pursued the Bassmaster Elite Series.  But the good foundation that I put together over the years sure has made it much easier.  I thought I would share that foundation with you in the hopes of making your tax season easier.

The IRS obviously requires that you maintain records.  For those of you pursuing your tournament fishing dreams, it would be a good idea to have a credit card you use only for fishing expenses.  If you have a nice stable of sponsors, you may want to maintain a separate bank account.  If your fishing business is set up as a corporation or an LLC, a bank account is even a better idea.  But each state can require additional forms filing under those entity types, so you will need to choose wisely, and maybe even seek the advice of a professional.

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