Mike Kimball, CPA  -   2737 S. Broadway, Suite 200 -  Tyler, Texas 75701
(903) 526-2620    FAX (903) 597-3811

You need not venture into a
charter boat investment
without a chart!

If you're plotting the costs and benefits of owning a charter boat, these questions have probably occurred to you…

What's the bottom line--will a charter boat pay for itself?

Will owning a charter boat save income taxes?
Should I incorporate the boat?

Your decision to buy a charter boat involves making a sizable financial commitment. We think it deserves the same careful research and analysis as do other large investments.

If you are ready to start in an organized, objective manner, Mike Kimball, CPA is ready to assist and advise you. See:
Why Own a Charter Boat

Do you use your yacht for business entertaining? If so, you could be missing the boat on large tax deductions!

Until now, claiming deductions for entertaining and other
business uses has seemed like navigating uncharted waters. There has been no practical guidance other than the complex Tax Code and regulations written by the Internal Revenue Service. The IRS explanation states that deductions for rentals, depreciation, maintenance, insurance and dockage are generally not allowed.

Due to this misleading statement many yacht owners have foregone legitimate tax deductions because they assumed that under no conditions could these boating expenses be deducted.

However, like all tax rules, this general rule has exceptions. These exceptions, which IRS refers to as
business uses, provide sound tax saving opportunities for informed yacht owners.

Can Your Yacht be Used for Business Entertaining 

Date last updated:
Sept. 10, 2004
8:00 AM