Filing Fishing Income Taxes

These resources will help your fishing business navigate the federal tax system.

Videos and slideshows

The Business of Fish course (2008)

Individual class sessions are archived for viewing on-demand on the University of Alaska Southeast website. Just scroll down to the "Resources" section. The third and fourth classses cover the topic Filing Income Taxes.

Publications

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Trading Up, Saving Taxes

Fishermen who have their heart set on a bigger boat or a different fishery can avoid substantial taxes by trading up instead of selling and buying. This article explains how to defer capital gains taxes on the sale of an old vessel or permit by the exchange of "like-kind property" under Section 1031 of the federal tax code. Reprint of an article in Pacific Fishing, December 1993.

Tax forms

IRS tax form — Schedule C [PDF]

Profit or Loss from Business: Schedule C is the form used by self-employed persons (Sole Proprietorship) to report income and expenses.

IRS tax form — 1065

Form 1065 is used by partnerships for tax returns.

IRS tax form — 1120

Form 1120 is used by C-corporations for tax returns.

IRS tax form — 1120S

Form 1120S is used by S-corporations for tax returns.

Outside resources

Internal Revenue Service

The IRS, part of the U.S. Department of the Treasury, has tax forms and guides availalbe on their website.