“Your Boat as a Business” is a book which had its outline begin in April of 2017. It covers developing one’s own boat based business from: conceptualization; to business plan outline; to choosing the right CPA; to forecasting cash flow; to the documentation necessary to prove you’re a business and not just a hobby.
Being 82 pages long, the book is straight forward. Since its heavy on substance and thereby lacks a lot of fluff- reading the material in sections will allow contemplation and the making of personal notes for later planning.
Included in the material are:
⁕ insights from tour captains, fishing guides, and charter operators;
⁕ a business plan outline;
⁕ excerpts from the IRS Audit Technique Guide;
⁕ over 100 questions an IRS Auditor may ask; and
⁕ a sample spreadsheet with “break even” formula.
“Boat Business Activity Log 2018” is a companion book which prompts recording of business activity for your vessel. In the event an IRS review occurs, one of the major questions will be how expenses were allocated. Only business related expenses are tax deductable. The Log will provide a uniform, professional, basis for developing allocation percentages. Before 2019 comes around, a log book for that year will be produced for purchase.
Consulting is available from Captain Rooker should you need help in developing your boat business plan. (For tax and legal advice, you will need to consult with one of those professionals in your state.)
The story / blog of Yacht A Fun, a Gemini catamaran sailboat, traveling the ICW and east coast with insights to the extended cruising life. Boat Business Book