Income from Fishing There are certain tax laws that may apply to fishing income. This section explains some sources of a fisherman's income and how both the buyer and seller of fish should report and track their income. Fishing Deductions This section gives information about some of the deductions available to businesses in the fishing industry. Fishing Permit/Licenses Sales, Exchanges and Transfers Certain tax rules apply when selling, exchanging, and transferring permits or licenses. This sections provides information about selling, exchanging, and transferring permits and the value these permits maintain after transfer, sale or exchange. Capital Construction Fund (CCF) In order to help fishermen save for the purchase of a fishing vessels or improve a current vessel. The CCF program allows taxpayers to defer taxable income by making contributions to a NOAA approved depository and eventually use the accumulated funds for purchasing or improving fishing vessels. Depreciation and Amortization for the Fishing Industry This page will guide you through how different fishing assets should be depreciated or amortized. Estimated Taxes for Fishermen There are special rules for estimated taxes in the fishing industry. This page helps to explain some of these requirements for both self-employed and S corporations. Self-Employed Fishermen Some crewmembers may be considered self-employed. However, the boat owner still has tax responsibilities to the crew. You can also find information about foreign crewmembers here. Fishing Penalties and Notices Because of the way some taxes are reported in the fishing industry, avoiding penalties takes special care. You can find information about penalties and notices here. Recordkeeping Guidelines for Fishermen Buying or selling fish can make recordkeeping difficult. This page may be able to help guide you toward effective recordkeeping.