The BEST Tax Planning Strategies for Anglers

Today we discuss the best Tax Strategies for anglers!

Nick and Mitzi join John and Rob on their show Coanglers corner and discuss the best Tax Strategies for fisherman. Thank you, John and Rob, again for having us on your show.

FULL LIVESTREAM: • Tax Planning For Anglers

Subscribe to John & Rob's Podcast: / @jcxfishing

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Timestamps
0:00 - Do I need an LLC?
2:25 - Deductions
2:54 - Standard Mileage Deduction
3:11 - Meal Deductions
3:53 - Home Office Deductions
5:08 - Writing off losses against your regular income
6:56 - Can I sell my personal equipment to my business?
8:22 - Entry fees
8:40 - How do I keep track of my expenses?
10:42 - Can I use a credit card statement as a receipt?
11:38 - Actual Method
13:49 - Donations
15:13 - Fuel Receipts and QuickBooks Online
17:01 - Thrift Value
19:01 - 1099s for sponsors?
19:15 - Per Diem Deduction
20:56 - The benefits of QuickBooks
21:16 - Depreciation for boats, trucks, and trailers
23:37 - When should I issue a 1099?
27:16 - Difference between gross and net income
28:56 - 1099s from different states
30:47 - Pay your children!
33:42 - Question about writing off purchases
34:01 - Selling Merchandise
35:41 - Physical Nexus vs. Economic Nexus
36:35 - Sales Tax Thresholds
37:40 - Do I need a DBA?
38:49 - What could trigger an IRS audit?
40:49 - Reporting income
41:40 - Personal and business bank accounts
42:52 - Writing off travel expenses
45:33 - Accounting for two businesses
46:15 - Cost to create an LLC
47:21 - Which version of QuickBooks should I get?
48:37 - LLC taxed as an S Corp
49:39 - Favorite cookies
50:06 - Being sponsored with services or products
51:39 - If you'd like us to be your CPA
52:06 - Outro

About our firm:
Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We keep everyone updated with the latest on tax laws and business information, so you don't have to.