Fishing Boat Proceeds: Are They Subject to SE Tax? Essential Tips for Commercial Fishermen
Yes, proceeds from fishing activities are subject to self-employment (SE) tax if net earnings exceed $400. Report income and expenses on Schedule C (Form 1040) for sole proprietorships. Use Schedule SE (Form 1040) to calculate the SE tax owed on your fishing profits. Fishing boat proceeds include profits from direct sales, lease agreements, and other … Read more