Irs Publication 595 - Tax Highlights For Commercial Fishermen - 2001
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16Publication 595
Contents
Cat. No. 15171E
Introduction . . . . . . . . . . . . . . . . . . . . . 1
Department
Tax Highlights
of the
Important Change for 2001 . . . . . . . . . . 2
Treasury
for Commercial
Internal
Important Reminder . . . . . . . . . . . . . . . 2
Revenue
Service
Important Dates for 2002 . . . . . . . . . . . . 2
Fishermen
What Is Gross Income From
Fishing? . . . . . . . . . . . . . . . . . . . . 2
Which Fishing Expenses Can You
Deduct? . . . . . . . . . . . . . . . . . . . . . 3
For use in preparing
What Forms Must You File? . . . . . . . . . 3
2001
Returns
When Do Fishermen Pay
Estimated Tax and File Tax
Returns? . . . . . . . . . . . . . . . . . . . . 5
What Is the Capital Construction
Fund? . . . . . . . . . . . . . . . . . . . . . . 7
How Do You Claim Fuel Tax
Credits and Refunds? . . . . . . . . . . . 9
Schedule C Example . . . . . . . . . . . . . . 11
How To Get Tax Help . . . . . . . . . . . . . . 13
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Introduction
This publication highlights some special tax
rules that may apply to you if you have your own
fishing trade or business. The following persons
have their own fishing trade or business.
•
Fishing boat owners or operators who use
their boats to fish for profit.
•
Certain fishermen who work for a share of
the catch.
•
Other individuals who receive gross in-
come from fishing.
Generally, you report your profit or loss from
fishing on Schedule C or Schedule C – EZ of
Form 1040. An example with a filled-in Schedule
C shown later provides details on how to com-
plete this form.
This publication does not contain all the tax
rules that may apply to your fishing trade or
business. For general information about the fed-
eral tax laws that apply to individuals who file
Schedule C or C – EZ, see Publication 334, Tax
Guide for Small Business. If your trade or busi-
ness is a partnership or corporation, see Publi-
cation 541, Partnerships, or Publication 542,
Corporations.
If you are just starting out in a fishing
business or you need information on
keeping books and records, see Publi-
RECORDS
cation 583, Starting a Business and Keeping
Records.
Please note that this publication uses the
term “fisherman” because it is the commonly
accepted term in the fishing industry. In the
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