Irs Publication 595 - Tax Highlights For Commercial Fishermen - 2001 Page 2
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16following discussions it represents both men
tax without penalty. See March 1, later, if you
Schedule C – EZ (Form 1040) Net Profit
and women.
do not pay two-thirds of your tax by this date.
From Business
1040 – ES Estimated Tax for Individuals
If less than two-thirds of your gross income
Comments and suggestions. We welcome
is from fishing, you generally must make quar-
1099 – MISC Miscellaneous Income
your comments about this publication and your
terly estimated tax payments. See Due Dates
suggestions for future editions.
2210 – F Underpayment of Estimated Tax
for Nonqualified Fishermen, later.
You can e-mail us while visiting our web site
by Farmers and Fishermen
at
January 31
4136 Credit for Federal Tax Paid on
You can write to us at the following address:
Fuels
Fishing boat operators.
Fishing boat oper-
Internal Revenue Service
8849 Claim for Refund of Excise Taxes
ators must give a 2001 Form 1099 – MISC,
Technical Publications Branch
Miscellaneous Income, to certain crew mem-
See How To Get Tax Help near the end of
W:CAR:MP:FP:P
bers who were self-employed.
this publication for information about getting
1111 Constitution Ave. NW
publications and forms.
Washington, DC 20224
February 28
We respond to many letters by telephone.
Fishing boat operators.
Use Form 1096,
Therefore, it would be helpful if you would in-
Annual Summary and Transmittal of U.S. In-
What Is Gross Income
clude your daytime phone number, including the
formation Returns, to send Copy A of Forms
From Fishing?
area code, in your correspondence.
1099 – MISC to IRS.
March 1
Gross income from fishing includes amounts
you receive from catching, taking, harvesting,
Important Change
Fishermen.
If at least two-thirds of your
cultivating, or farming any of the following
2000 or 2001 gross income was from fishing,
aquatic resources.
for 2001
you can file your 2001 Form 1040 by this date
•
and pay your tax in full without penalty.
Fish.
Third party designee. Beginning with your
•
Shellfish (such as clams and mussels).
tax return for 2001, you can check the “Yes” box
April 15
•
in the “Third Party Designee” area of your return
Crustacea (such as lobsters, crabs, and
to authorize the IRS to discuss your return with a
shrimp).
Fishermen.
If you have not filed your Form
friend, family member, or any other person you
•
1040, you should file it by April 15 and pay
Sponges.
choose. This allows the IRS to call the person
your tax in full. If you need more time to file,
•
you identified as your designee to ask any ques-
Seaweeds.
you can request an extension of time to file
tions that may arise during the processing of
•
with Form 4868, Application for Automatic Ex-
Other aquatic forms of animal or vegetable
your return. It also allows your designee to per-
tension of Time To File U.S. Individual Income
life.
form certain actions. See your income tax pack-
Tax Return, or you can get an extension by
age for details.
Internet or phone.
You generally figure your gross income from
fishing in Part I of Schedule C (Form 1040). For
More information.
For more information on
more information on Schedule C, see What
important dates, see Due Dates for Qualified
Forms Must You File, later.
Important Reminder
Fishermen and Due Dates for Nonqualified
Fishermen, later.
Wages. Wages you receive as an employee in
Photographs of missing children. The Inter-
Useful Items
a fishing business are not gross income from
nal Revenue Service is a proud partner with the
fishing.
National Center for Missing and Exploited Chil-
You may want to see:
dren. Photographs of missing children selected
If you work on a boat with an operating crew
by the Center may appear in this publication on
that is normally made up of fewer than 10 indi-
Publication
pages that would otherwise be blank. You can
viduals, you may be considered a self-employed
15
Circular E, Employer’s Tax Guide
help bring these children home by looking at the
individual instead of an employee. As a self-em-
photographs and calling 1 – 800 – THE – LOST
ployed individual you may receive gross income
15 – A Employer’s Supplemental Tax
(1 – 800 – 843 – 5678) if you recognize a child.
from fishing. For more information, see Which
Guide
fishermen are considered self-employed? under
15 – B Employer’s Tax Guide to Fringe
Form 1099 – MISC, later.
Benefits
Important Dates
334
Tax Guide for Small Business
Patronage dividends. Patronage dividends
for 2002
you receive from your fishing business activities
378
Fuel Tax Credits and Refunds
are generally included in your gross income
463
Travel, Entertainment, Gift, and Car
from fishing. However, do not include in gross
This section highlights important due dates for
Expenses
income amounts you receive from a cooperative
the 2002 calendar year. For other important
505
Tax Withholding and Estimated Tax
association relating to the purchase of capital
dates, see Publication 509, Tax Calendars for
assets or depreciable property used in your fish-
2002.
533
Self-Employment Tax
ing business. Reduce the basis of these assets
535
Business Expenses
by the dividends received.
January 15
583
Starting a Business and Keeping
Fishermen.
If at least two-thirds of your
Records
Fuel tax credits and refunds. You may have
2000 or 2001 gross income was from fishing,
to include fuel tax credits and refunds you re-
946
How To Depreciate Property
you may want to pay at least two-thirds of your
ceive from your fishing business activities in
2001 tax by this date, using Form 1040 – ES,
your gross income from fishing. For more infor-
Form (and Instructions)
to meet your estimated tax requirement for
mation, see Including the Credit or Refund in
2001. This will allow you to wait until April 15
Schedule C (Form 1040) Profit or Loss
Income under How Do You Claim Fuel Tax
to file your Form 1040 and pay any remaining
From Business
Credits and Refunds, later.
Page 2
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial