These days, industry and societal changes occur so fast that it's hard to keep up, much less adjust. Change is nothing new to West Coast fishing families. The industry's history is one of prosperous seasons alternating with poor ones.
Fishing families and businesses have traditionally been very resilient, learning over time how to manage these cycles in addition to the day-to-day realities of family separations when the boat is at sea; worries about the weather, markets, and seasons; and business planning for the future. But with more focus on the management, protection, and restoration of fishery resources, the situation becomes more complex and it's harder to bounce back when cycles are low. It's difficult to make good business and family decisions when there are many unknowns and the situation is constantly changing.
The OSU Fishing Families Project (FFP), an experimental outreach program funded by Oregon Sea Grant and the OSU Extension Service, partners with fishing families to address the real needs and interests of families and businesses in their local communities. The FFP provides practical information and networking support for adapting to changes in fishing.
In 1996 we held workshops in ports along the Oregon coast, discussing and sharing information related to fishing family finances, expense tracking, and tax information. In these workshops boat owners and crew members, wives and husbands, mothers and fathers, shared their challenges, concerns, strategies that have worked, and desire for tools to "get a better handle" on the financial situation. Everyone agreed that finances can be a major source of stress and conflict for fishing families.
We listened carefully to you. This expense tracking system was designed to provide fishing families with practical help in
The Family Fishing Expense Tracking System is a way to begin to gather information to help you make decisions about your family, your business, and your future.
This is a first step. It is not a complete bookkeeping system.
Using this system is NOT doing your taxes; but it will help you have better records for tax preparation time. This material is not intended as a substitute for legal, accounting, or tax advice.
Managing the finances in a fishing family is not easy. In most fishing families, family life and business life are intertwined. There are times when the family makes sacrifices for the business, and times when the business makes sacrifices for the family. The challenge is to keep things in balance as much as possible.
One part of that balance is the finances. You need to know how much income is received from all sources-from fishing, from other employment, and from investments. You need to plan how the income will be divided between the family expenses and the business expenses.
Using tax and other financial records, review your total income for the past three or four years. Is income for the current year likely to be higher or lower than it was in past years? What is a reasonable income to estimate for this year?
Estimate income based on the best information you have, being as realistic as possible. If your income varies greatly from year to year, estimate a range - the lowest and the highest you think this year's income might be.
When during the year will you receive income?
Using form 1, Graph of Estimated Income from All Sources, By Month, plot by month all of the income you anticipate.
Part of your planning is to devise ways to set aside money during the months with income for use in the months with little or no income.
The total income from all sources is used for family expenses and saving toward family goals, for business expenses, including the payment of taxes and Social Security contributions, and for future business goals and investments.
In your family, how much income is required or desired for the family? How much income is required for the business?
As income is received, both fishing and nonfishing income, record it on form 2, Record of Actual Income and Withholding from Fishing and Nonfishing.
It is important to have records of income. Compare the actual income with the estimates on form 1. If there is a difference - that is, if actual income is either higher or lower - make the necessary adjustments in your plans.
"It can seem like free money without planning. When payday
comes, instead of our thinking, 'Here's all the money to buy a new truck,' this
[system] could help us to estimate our living expenses and tax needs until the
next check comes."
-- Fisherman
Norma works for the school district from September through June. Her gross annual salary is $15,000. She brings home $1,000 a month. Some years she has the opportunity to work part-time in July and August, but she never knows until the last minute.
Bob is a crewman and estimates that his fishing income for this year will be $37,000. He is crabbing in December, January, and February. Based on past years and what he hears about this year, he estimates his share will be $10,000 in December, $7,000 in January, and $5,000 in February. He fishes for tuna in July, August, and September and estimates his share will be $5,000 a month. Between seasons Bob hopes to get work repairing boats.
Norma and Bob plot their anticipated income for each month using the form below. They enter Norma's take-home pay and Bob's gross income from crabbing and tuna fishing. As they look at this, it is clear that they will have to set aside money during the months Bob fishes, for the lean months (March, April, May, June, October, and November).
Keeping separate records for family and business expenses is helpful. If your business is a partnership or a corporation, separate business records and accounts are a must. If your business is a sole proprietorship, separate business records are recommended. For more information on the organizational structure of a business, see the "Resources" section.
In some instances, particularly with crew members, separate checking accounts and credit cards for family and business may not be feasible because of the cost. However, even if you use the same checking account and charge cards for family and business, you can develop techniques to separate business expenses and family expenses.
One family told us their record keeping was helped by having Dad open an account at the gear store. Instead of paying with cash, he charges items. When they receive and pay the monthly bill, they have a record of his business expenses. It's not perfect, but it's better.
Another family said that writing notes in their checkbook ledger and on credit card receipts helped them separate the business expenses from the family expenses.
Fishermen are usually considered self employed by the Internal Revenue Service. Therefore, there are no withholdings from the crew share for federal and state income taxes and Social Security. This is an expenditure that often causes the greatest worry and tension.
It is the crew member's responsibility to pay these taxes. For more tax information for crew members, see the Resources section. Using tax returns and information from your accountant or tax preparer, estimate the percent of fishing income needed for Social Security and state and federal taxes.
Develop a plan to set aside a portion of income for tax payments each time income is received. This money can be put into interest-bearing checking accounts, money market accounts, or short-term certificates of deposit.
One family in southern Oregon said that "to minimize the chance of using this money for something other than tax payments, we deposit it in a California account, making it harder to withdraw."
In addition to setting aside money for payment of taxes, set aside money for family expenses and family goals, and business expenses and future business investments.
As Bob and Norma reviewed their financial situation they learned the following:
Managing the family budget in a fishing family is not easy. You have regular monthly expenses but do not have regular monthly income. Even with irregular income, budgeting is possible.
In fact, budgeting may help lessen the tension and worry of irregular income. Budgeting is most important when you are experiencing changes in income or changes in expenses. Budgeting and record keeping may give you more control over your finances.
To prepare a budget, you need an estimate of how much income is expected in the year (amount) and when it will be received (timing). Of the total income, how much is available for family expenses?
To prepare a budget, you need an estimate of the family expenses (amount) and the months when the expenses occur (timing).
Using form 3, Suggested Family Expense Categories , develop a list of family expense categories that is appropriate for your family. If there is an expense on form 3 that you do not have (for example child care), cross it off. If you find a couple of expenses that you think should be lumped together, combine them.
For example, if you buy most of your cleaning supplies at the grocery store, you might change "food" to "food and household supplies" and delete "cleaning supplies" from the household expense category.
When you add, delete, or change categories, do it on all your family forms. Try to keep the categories consistent on all forms. If you are using a computer budget program, understand the expenses included in each category. If you think there are too many categories, you may combine some categories.
Using your revised list of family expense categories, record what you think your family spends for the items in each category. Use any records you have-old bills, canceled checks, checkbook ledger, credit card statements, receipts. Do the best you can. As you have more experience tracking expenses, you will have better records of past expenses and therefore better estimates of future expenses.
Expenses may be described as regular or irregular, and fixed or variable. A regular expense occurs at a regular and predictable time, usually monthly. An irregular expense does not occur at a regular and predictable time. A fixed expense is the same amount each time it occurs. A variable expense is not the same from time to time.
The easiest expenses to predict are those that are both regular and fixed. For example, your rent or mortgage payment is probably due every month (regular) and is the same every month (fixed).
Irregular and variable expenses are the ones that make budgeting difficult. As you estimate an irregular expense, make a note telling you when the expense occurs. For example, if the truck insurance is due in February and August, indicate the dates along with the amounts. Are there some expenses for which the payment dates may be changed? For example, if insurance payments are due once or twice a year, would it be helpful to have them come due in high-income months? If so, talk with your insurance agent about changing the premium due date.
A budget, or spending plan, is an estimate of the income and expenses for the month. Use form 4, Family Budget for the Month of ______ , and the estimates of income (form 1) and expenses (form 3) to prepare a budget for the month.
Remember, the categories should be consistent on all forms. If you change a category on one form, change it on the others.
Recognize that these are estimates. It's okay to round off to even dollars. You don't have to budget every penny. In fact, it's good to have some leeway for the unexpected.
As you prepare the budget, if you see that you have more expenses than income, in the long run, the solution is to increase income or decrease expenses, or both. Look carefully at the expenses and identify those you are able and willing to reduce or eliminate if necessary. Which expenses, if any, can be postponed or delayed?
When income is irregular, it helps to have flexibility in expenses. Families juggle income and expenses in a variety of ways. Some use credit cards to postpone payment. Some borrow from their tax reserve account. These tactics help in the short run. However, if not carefully and intentionally done, they can result in a pattern of unaffordable spending. In the long run, this will create even more financial pressures and stress.
"Borrowing on credit cards or tax reserve accounts helps in the short run. However, if not carefully done, they can get you in real trouble. Cut up your credit cards!" -- Fisherman's wife
The budget is an estimate of income and expenses. In addition, you'll need to see how close your budget is to reality. During the month, record your actual income on form 2, and your actual expenses on the Monthly Family Expense Tracking Form, form 5. It may take more than one copy of form 5 to record all of your monthly expenses.
Recording all expenses will seem tedious at first, but it will give you a much better picture of where your money goes. It may be easiest to have one family member responsible for recording income and expenses. However, everyone needs to cooperate by telling the record keeper what he or she spent.
When an expense (such as insurance) is paid for by check, the check provides a record of the actual expense. You have a record of expenses put on your credit card if you keep the credit card receipt that tells what the expense was for. Cash expenses are the most difficult to track. Get in the habit of keeping cash register receipts and writing notes on them indicating what the expenses were for. Keep proof of payment-the canceled check, the bill marked paid, the credit card receipt-on any expense that may be deductible on your personal income tax return or listed as a business expense.
At the end of the month, total the expenses in each budget category on form 5. Go back and record these totals under actual expenses on form 4. How do they compare with your estimates?
At the end of the month, put the monthly totals on form 6, Yearly Family Expense Tracking Form. At the end of the year, this will be a picture of your spending patterns.
How do you feel about your spending? Is it moving you toward your goals?
Compare this month's actual expenses to the budget. If you are overspending in one category, adjust the plan. If you find out during the month that income is going to be lower than estimated, adjust expenses.
Don't be discouraged if your budget is not perfect. Over time you will become better at predicting both income and expenses. Over time the process will become easier and less time-consuming.
The Oregon Department of Revenue, the Internal Revenue Service, Discover, Visa, Sears, Household Finance, U.S. Bank-this is only a partial list of the agencies and companies to which Greg and Kathy owed money. It was overwhelming. Greg said, "When I was making big money fishing in Alaska, we should have been saving rather than spending. But we can't change the past."
When Kathy heard her youngest child say, "Why aren't we answering the phone?" and the oldest child responded, "Bill collectors!" (in a singsong voice), she realized the situation was affecting the whole family and was not going to get better on its own. She decided to take action.
Kathy read some material on dealing with creditors. She talked with Greg and got a better idea of when they would have some money, and how much they would have, for some type of payment. Working together, Kathy and Greg completed form 1. Using the information from the forms on family expenses, they made decisions on which expenses must be paid, which could be reduced, and which could be eliminated.
When they were finished, Kathy decided to talk with individual creditors. She had an idea of what payments she could promise which creditors and by when.
Next Kathy made appointments with the Oregon Department of Revenue and the Internal Revenue Service. Since both are in Salem, she was hoping to get appointments on the same day. Although that was impossible and she had to make two trips to Salem, she considered the interviews a success. When talking with the revenue agents in person, she found them to be reasonable people who were really interested in helping her work out a payment schedule.
Kathy continued to talk with other creditors over the phone. Again, she found that when she talked with them and had a very good idea of what she would be able to pay, the creditors were interested in working with her. Two credit card companies even reduced their interest rate on the past due amounts. She kept notes on all her calls-when the calls took place, whom she talked with, and what, if anything, was decided.
"When you are acting in good faith and have an idea of what payments you can make, they will work with you," says Kathy. Greg says, "It seems like we will be paying these debts off forever, but we're making some progress now. We are doing the best we can, and that's better than ignoring the situation."
"I always keep notes on when I talk with someone, who I talk with, and what is decided." -- Fisherman's wife
| The information in this section does not include important and necessary business records such as balance sheets, income statements, and profit and loss statements. The information deals only with keeping track of business income and expenses. |
Knowledge of fishing income and expenses is necessary to make business decisions and to file tax returns. Most of the families we talked with did their own bookkeeping and were most interested in better records for tax purposes. They wanted to be sure they were claiming all of the allowable business deductions, and they wanted to have records substantiating all claimed business expenses. In addition, they wanted to minimize the amount of time spent by the person or firm preparing their tax returns.
Accountants have told us about clients who brought to them the entire season's receipts in a grocery bag or box. While that's better than nothing, the families we talked with wanted to do better than that. They wanted a system to help them get and stay organized, thereby helping to save time and money with the tax preparer.
Many of the families said that what worked best for them was some sort of master log for their business. In some cases this was a big notebook with files or envelopes for keeping papers and receipts together. In other cases it was a file box or an organized cardboard box.
We have prepared some forms and tools to help. Pick and choose what you want from this material. Perhaps the only thing you will use at first is the receipt envelope to help keep better business and out-of-port expense records.
If you already have a system that is working fairly well, look at the materials and see if anything suggested in them might improve your system. Talk with your tax preparer. He or she will have ideas about the strengths and weaknesses of your present records.
Your gross income from fishing includes any income you receive from the catching, taking, harvesting, cultivating, or farming of any kind of fish, shellfish, crustacean, sponge, seaweed, or other aquatic form of animal and vegetable life. Keep track of all records of income-who paid you, what you were paid for, the amount paid, and withholdings, if any.
If you are a crew member, deliver your settlement sheets to the family bookkeeper. Keep proof of income received-settlement sheets, check stubs, and so on. If you have income from sources other than fishing-for example, if you are hired to repair boats and equipment-keep those records also. If during the year you or your spouse receives unemployment compensation, keep a record of it. Record all income on form 2.
There are at least two reasons for keeping records of all income. First, you will be able to check the accuracy of all 1099s and W-4s received. Second, if income for the year is different than you estimated on form 1 (either higher or lower), you will adjust the amounts going in to reserve for payment of taxes and Social Security and will adjust both family and business expenses.
The ordinary and necessary expenses of carrying on the fishing business may be deducted from fishing income. Without good expense records, you may forget some deductible expenses when you prepare your tax return. If you do not claim all deductible expenses, you must overstate your income and pay more income tax.
You should retain the invoice, paid receipt, or canceled check supporting each expense. The families we talked with said they did quite a good job tracking business expenses that were paid by check. Pay as many expenses as possible by check. When paying by check, save the bill or the sales receipt. Writing notes in the checkbook ledger may help you recall details of expenses.
When items are charged to a credit card, save the sales receipt-the customer copy of the credit card receipt-writing on it any notes which will be helpful as reminders about that expense. Whenever possible, try to keep business expenses separate from family expenses.
Sometimes both family and business expenses will be included in one bill. When this is the case, look back at whatever records you have and mark the business part of the expense. For example, if the phone bill has both personal and business calls, when the bill is paid mark the business calls. Record the business expense on form 9 (Monthly Business Expense Tracking Form) and the family expense on form 5 (Monthly Family Expense Tracking Form). Keep the phone bill, with the business calls identified, with your business expense records. Separating the business and family expenses each month, rather than waiting until tax time to sort it out, will result in more accurate business expense records.
Expenses paid for in cash were one of the areas the family bookkeepers complained about. All business expenses paid for with cash should be supported by cash receipts, invoices marked "paid," or other documents that clearly show the expenses incurred were for business purposes. The expenses away from the home port drove the family bookkeepers crazy.
To help keep track of business travel and expenses, we are including a Business Travel and Expenses Record form (form 11,) that you can paste on an envelope in which you can keep receipts and records. Make sure you make notes that will help you recall where you were when expenses were incurred! Keep this where it is easily accessible-in the vehicle or on the boat. Periodically, once a week or once a month, give it to the family bookkeeper.
Form 7, Suggested Business Expenses Categories, lists some suggested categories for business expenses (see the sample below). If there is an expense on the list that you do not have, cross it off.
As you do this, review past tax returns and talk with your tax preparer. Using these suggestions, develop a list of business expense categories that is appropriate for your business.
When you add, delete, or change categories, do it on all of the business forms. Keep the categories consistent on all forms.
After you have developed a list of business expenses that is appropriate for you, record what you normally spend on business expenses. Use any records you have-old bills, canceled checks, credit card statements, receipts, tax records, and so on. Do the best you can. If monthly costs are not appropriate, then use the cost per season or the cost per year. As you track your expenses, you will have better records of past expenses and information that will help you better anticipate future business expenses.
The easiest expenses to predict are those that are both regular and fixed-they occur at the same time and in the same amount. Many, perhaps most, of your business expenses will be neither regular nor fixed. But you may begin to see patterns in your irregular, variable expenses. Write notes to help remind you when irregular, variable expenses usually occur. Use expense records to predict future expenses. Predicting and planning for future business expenses will help minimize unexpected expenses and minimize financial stress.
Make a plan for business expenses. Use the estimates of income (form 1) and expenses (form 7) and the Business Budget for the Month of ________(form 8).
Which expenses are most important? Which ones can be postponed, delayed, minimized? What are reasonable amounts to spend on gear and supplies? What are reasonable expenses for meals and lodging when out of port? You cannot control everything, but look for the areas over which you do have control. Reducing surprises will reduce financial stress.
During the month, record your actual income on form 2and actual business expenses on form 9, Monthly Business Expense Tracking Form. It may be easiest to have one person responsible for recording income and expenses, but everyone needs to cooperate by giving the record keeper receipts.
Sample of form 7. Suggested Business Expense Categories [image omitted]
At the end of the month, total the expenses in each budget category on form 9. Go back and record these totals under actual expenses on form 8. How did they compare with your estimates? What, if any, adjustments are needed?
Use the Yearly Business Expense Tracking Form (form 10) to see your spending patterns over the year.
Don't be discouraged if your system isn't perfect. It doesn't have to be! The hope is that keeping records will help you better anticipate your finances. Record keeping may seem time consuming at first, but over time the process will become easier and take less time.
Sample of form 8, Part 1. Fishing Business Income for the Month [image omitted]
Considerations When Selecting an Organizational Structure for Your Business (FS 323)
Tax Information for Crewmen on Commercial Fishing Boats (ORESU-G-97-006). (available online - [.pdf] )
Talking with Creditors (EC 1394)
To get IRS publications by computer, go to the following Web site - www.irs.ustreas.gov - or phone 1-800-829-3676.
Tax Information for Crewmen on Commercial Fishing Boats (ORESU-G-97-006). (available online - [.pdf] [HTML] )
Family and Business Records: Checklist for Fishing Families, ORESU-E-95-002.
Fishing Family and Business Resource Kit: Education Resources for an Industry in Transition. This includes the following publications:
The above kit can be ordered from the OSU Extension Service, 541-737-1581.
Paying Family Bills, EM 1422. This publication and other helpful publications may be ordered or downloaded from the OSU Extension Service Web site.
You are the most valuable resource for us and other fishing families. As you read through this Expense Tracking System and come up with suggestions for improvement, please contact Flaxen Conway, OSU Extension community outreach specialist, 541-737-1418 of by e-mail to Flaxen.Conway@oregonstate.edu
For year: __________
Income - $/thousands
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| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
Date |
Gross Income |
Federal Tax |
State Tax |
Crew Draw |
Cash |
Social Security |
Net Take-Home Income |
|
Source |
Amount |
|||||||
| Totals | ||||||||
| Category & Item | Monthly amount | Category & Item | Monthly amount |
|---|---|---|---|
| Food | Personal expenses | ||
| Groceries, other food supplies | ______________ | Allowances | ______________ |
| Meals eaten out/school lunches | ______________ | Beauty care, toiletries, haircuts, etc. | ______________ |
| Other | ______________ | Hobbies, pets | ______________ |
| Housing | Entertainment | ______________ | |
| Rent/mortgage payment | ______________ | Cigarettes, tobacco, etc. | ______________ |
| Property tax, insurance | ______________ | Alcohol, other beverages | ______________ |
| Fuel (heat) | ______________ | Other | ______________ |
| Gas, electric | ______________ | Education | |
| Water, sewer, garbage | ______________ | School costs | ______________ |
| Maintenance, repair | ______________ | Tuition | ______________ |
| Other | ______________ | Books | ______________ |
| Household Expenses/Supplies | ______________ | Supplies | ______________ |
| Cable TV | ______________ | Magazines, subscriptions | ______________ |
| Maintenance | ______________ | Lessons | ______________ |
| Regular repairs | ______________ | Equipment | ______________ |
| Towels, linens, etc. | ______________ | Newspapers | ______________ |
| Cleaning supplies | ______________ | Other | ______________ |
| Telephone | ______________ | Life insurance | |
| Other | ______________ | ______________ | ______________ |
| Transportation | ______________ | ______________ | |
| Car payment | ______________ | Donations | |
| Gas, oil | ______________ | ______________ | ______________ |
| Auto repairs, tires | ______________ | ______________ | ______________ |
| Automobile insurance, license fee, etc. | ______________ | ______________ | ______________ |
| Public transportation, parking | ______________ | Family Care | |
| Other | ______________ | Child care | ______________ |
| Clothing | Alimony/child support | ______________ | |
| Normal needs for family members | ______________ | Other | ______________ |
| Seasonal clothes | ______________ | Miscellaneous | |
| Laundry, dry cleaning, repair | ______________ | Gifts | ______________ |
| Other | ______________ | Other ______________ |
______________ |
| Medical | ______________ | ______________ | |
| Doctor | ______________ | ______________ | ______________ |
| Dentist | ______________ | Savings | |
| Prescriptions, drugs | ______________ | Savings account | ______________ |
| Eyeglasses, contact lenses | ______________ | Retirement fund | ______________ |
| Insurance, health, hospital | ______________ | Other | ______________ |
| Other |
Directions:
On part 1:
On part 2:
Form 4 part 1:
| Source | Amount | Comments | |
|---|---|---|---|
| Estimated | Actual | ||
Form 4 part 2
| Expense | Estimated | Actual | Comments |
|---|---|---|---|
| Housing | |||
| Food | |||
| Household Expenditures | |||
| Transportation | |||
| Clothing | |||
| Medical |
|||
| Personal Expenses | |||
| Education | |||
| Family Care | |||
| Life Insurance | |||
| Donations | |||
| Miscellaneous | |||
| Savings |
| Crew members and/or boat owners | Possible/additional categories for boat owners | ||
|---|---|---|---|
| Category | Monthly amount | Category | Monthly amount |
| Business travel | Taxes | ||
| Airlines | ___________ | Real estate (ie, gear shed) | ___________ |
| Excess baggage | ___________ | Employment taxes | ___________ |
| Bus/Train | ___________ | Insurance | |
| Cabs/Limousine | ___________ | Property (eg, hull insurance) | ___________ |
| Tips | ___________ | Liability | ___________ |
| Business meals and lodging | Business property expense | ||
| Galley expenses | ___________ | Interest paid on loans | ___________ |
| Meals | ___________ | Repair, replacement, improvements | ___________ |
| Hotel/motel | ___________ | Galley and boat supplies | |
| Business entertainment | Food | ___________ | |
| ___________ | ___________ | Bait | ___________ |
| Business communication | Ice | ___________ | |
| Postage | ___________ | Boat | |
| Telephone | ___________ | Fuel | ___________ |
| FAX | ___________ | Maintenance | ___________ |
| Typing/copying | ___________ | Boat licenses/permits | |
| Business vehicle | ___________ | ___________ | |
| Gas, oil, lube, wash | ___________ | ___________ | ___________ |
| Repairs, parts | ___________ | ___________ | ___________ |
| Tires, supplies | ___________ | Large, depreciable items | |
| Parking fees, tolls | ___________ | ___________ | ___________ |
| Gear and supplies | ___________ | ___________ | ___________ |
| Bait/ice | ___________ | ___________ | ___________ |
| Other | ___________ | Other | |
| Professional expenses | ___________ | ___________ | |
| Dues | ___________ | ___________ | ___________ |
| Education | ___________ | ___________ | ___________ |
| Publications | ___________ | ||
| Promotion | ___________ | ||
| Licenses/Permits | |||
| ___________ | ___________ | ||
| ___________ | ___________ | ||
| ___________ | ___________ | ||
| Other | |||
| ___________ | ___________ | ||
| ___________ | ___________ | ||
| If there are items listed that are not expenses for you, cross them off. If you have expenses that are not on here, add them. Adapt the list and the headings to fit your situation. Talk with your tax preparer for additional ideas. | |||
Business Budget for the Month of ____________
Directions
On part 1:
| Source | Amount | Comments | |
|---|---|---|---|
| Estimated | Actual | ||
On part 2:
| Expense | Estimated | Actual | Comments |
|---|---|---|---|
| Business travel | |||
| Business meals & lodging | |||
| Business entertainment | |||
| Business communication | |||
| Business vehicle | |||
| Gear & supplies |
|||
| Professional expenses | |||
| Taxes | |||
| Insurance | |||
| Business property expenses | |||
| Galley & boat supplies | |||
| Boat | |||
| Licenses/Permits |
Keep envelope on your boat and/or in your car!
| Expenses | Date | Amount | Comments | |
|---|---|---|---|---|
| 1. Travel Expenses | Such as airlines, bus, train, excess baggage, cabs, tips | |||
| 2. Meals and Lodging | Keep all hotel/motel receipts | |||
| 3. Entertainment | Business purpose? Business relationship? | |||
| 4. Communication expenses | Such as postage, phone, fax and cellular | |||
| 5. Vehicle expenses (list all vehicle expenses [gas, oil, lube, washing, repairs, parts, tires, supplies, parking fees, etc.]; the division between business and personal expenses may be made at the end of the year.) | ||||
| Business mileage | ||||
| 6. Gear & supplies | Such as knives, nets, rain gear | |||
| 7. Vessel repairs & expenses: List all vessel expenses (fuel, maintenance, ice, galley, repairs, etc. | ||||
| 8. Other (Identify) | ||||
PLACE ALL RECEIPTS IN ENVELOPE.
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