Below is a list of some common deductions for the Fishing Industry.
Fishermen's Meals Deductions
When meal expense is allowable, the calculation of the deductible meal expense can by made either using the actual cost method or the standard meal allowance method.
Fishermen's Health Insurance Deduction
In some cases you may be eligible to deduct the amount paid for medical insurance and qualified long-term care insurance for yourself, your spouse, and your dependents.
Bad Debt from Bankrupt Fish Buyer
Occasionally, a fish buyer will go bankrupt without paying for the fish. There are different ways to incorporate the loss in your taxes, depending on your accounting method.
Fishing Fuel Tax Credit
A credit or refund may be allowed for the excise tax on fuel used in a boat engaged in commercial fishing.