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I own a business non related to commercial fishing or anything

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of the sort.. we use...
I own a business non related to commercial fishing or anything of the sort.. we use my personal vessel which i paid for personally to take clients out for a day of fishing and some business. i am now coming up on a big repair bill and storage fees. can my business pay these as we use it as a sales tool? The boat is paid off in my name but i would think there would be something the company could do to reimburse me for my use of it or cover repair costs.
Submitted: 7 years ago.Category: Tax
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Answered in 29 minutes by:
11/2/2010
Tax Professional: Jacy, Certified Public Accountant (CPA) replied 7 years ago
Jacy
Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience: Nine years individual income tax preparation and consulting
Verified

Hello,

 

As a business owner, the IRS is more likely to scrutinize your business for payment of expenses that are more of a personal nature. You may reimburse yourself a reasonable amount for the business use of your vessel. Keep careful records of the times used for business and document the business purpose of the trip. You may choose to allocate a percentage of the costs of maintaining and running the boat based on the ratio of business use to total use. Or you can research the cost of a charter boat and reimburse yourself accordingly. Either way, it would not be prudent to pay the repairs or storage through your business.

 

Hope this is helpful to you. Please click Reply if you need additional information.

 

Thank you!

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Jacy
Jacy, Certified Public Accountant (CPA)
Category: Tax
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