2022 Part Time Charter Income and Expenses - How Did I Do and Why I'm Wary of an IRS Audit!
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- Опубліковано 8 вер 2024
- 2022 was the best year yet for me from a Part Time Charter Captain perspective - and it better continue as I explain in this video. My specific concern is really around the IRS viewing your part time charter business as a "hobby." In this video, I will explain the steps I take to ensure if the IRS ever does audit me, I'll be ok.
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Filmed Entirely on a GoPro Hero 9: amzn.to/3qd3voL
My slip fee went up $150 for 2023 over here in Old Saybrook CT to $2900 and change. I can't complain when I saw yours. I have a 26' on a 30' finger. Happy 2023 and catch'em up!
Happy and Healthy Aaron!
Thanks for doing your videos I enjoyed them all year !! Can’t wait for 2023.
Spreadsheets, expenses, taxes....so be it. Let's talk about the fact that you enjoy what you do, you're great at it, you are making what can be lifetime memories for some of your clients and so many of us subs get to enjoy following you, being entertained by you and learning from you. What column do you put that in?
Thanks Leon :)
Learned a lot from your videos this year. Looking forward to 2023.
Great video John, looking forward to 2023. Happy Holidays to you and your family. ✌
Thank you Ray and same to you and yours
Thanks again! I look forward to your year end Income/Expense videos as a part time Charter Capt. It is a reminder that somethings are meant to be a dream or a side job, not the best full time job.
Merry Christmas & Happy New Year to You & Your Family, Enjoyed watching all your videos 👍. Thanks & hope to book a trip with you sometime soon 🤞🙏
Interesting video and glad to see that you turned a profit. Looking forward to what you have in store for 2023! Happy Holidays to you & your family! Be well & stay safe! 👍👍🌲🌲
Congrats on all the success brother, imagine how good of a year it would have been if the fuel costs weren't out of control
Nice to see its working out for you as a supplement I hope it continues. I would be interested in some more detailed content on becoming a charter captain , thanks. Happy Holidays
Love the page. Question from someone looking to start a part-time charter business myself:
What does your $2091 commercial insurance cover? Just you and your boat? Or all paying customers, injury, liability, etc.? Please let me know, thanks!
Thanks - yes - everything
@@jiggingjerks What was your umbrella limit? 1 million? 5 million? Thanks for shedding some light towards potential upcoming expenses. It’s a huge help!
I wish you explained some of the income numbers. some line items are significantly higher than others.Its nice that you do this business to get customers out to replicate your personal trips but It a lot of work. I am sure you love making your customers happy and we love watching the process via UA-cam! thanks for sharing!
Ahhhh…..didn’t think of that. Lots pay in cash and I often make one bank run representing multiple trips. Others split their cost with Venmo/cash/PayPal. The weird numbers are credit cards. I get a 3.5 percent hit on those…..
I always love to see your end of year financial breakdown. Glad to see there was not a minus in front of your bottom line. I do have 1 question and yes I am extremely frugal/cheap. Since fuel is your top cost and you stated you use a higher octane. Have you experimented with using a lower octane and comparing the difference. And my reason. I have a car that has a super charger and 91 octane is recommended but, the key word is recommended to get max horse power. I found that cost per mile for fuel was cheaper and my MPG was slightly better using a lower octane. Granted, I am not a lead foot and do not need to have the additional horse power. Sorry for being long on this. Merry Christmas Captain, looking forward to more videos.
The one gas station that sells 93 closes mid-October so I am forced to use 89. I definitely see a drop in performance and fuel economy. What’s interesting, is that it is not that much cheaper either. Unfortunately, I keep my boat on the north fork of Long Island, which is getting increasingly more expensive. It’s one of those, “it is what it is type things.
@@jiggingjerks Agree, It Is What It Is. Enjoy your holidays Captain.
@@davesauerzopf6980 same to you and yours!
Thanks for all the great content this year! I was surprised by the high Spring Commissioning cost. Can you break down what that entails?
That included a full tank of gas, getting the boat out of the shrink wrap, putting the batteries back in, and a handful of other small things I had them check and fix.
Holy $*** the gas bill and only on just over 100 hours. I feel for you my friend.
How many trips did you have for 2022?
I had 68 booked but weather cancellations happen. Probably wound up doing about 50
Seems like an awful lot of work for about $10/hr in net income!
Are you still getting the Eastward?
Still on the list.
Thanks for this and for putting yourself out there. Very, very helpful. I'm curious about two expenses I'm not seeing captured: your labor (and associated labor like first mate if utilized) and boat cost. For the boat cost, did you purchase in year one then show the total expense in year one vs. amortize and depreciate? For your labor, are you not including it and taking from the "profit" as LLC pass-through income? If you don't want to get into your personal tax strategy, I completely understand, of course.
I don’t pay myself so no labor charge. I didn’t use a mate much this year. They work off tips only
@@jiggingjerks gotcha. Love the channel and hope to fish with ya one day. Ahoy from Baltimore!
%G, that's good. Doing something you enjoy and can can get paid for it that's great. Does the client pay for Skinner"s food or do you? I that 5G enough. Have Merry Christmas, John.
Ha! Merry Christmas to you too
Why aren't you showing the youtube video's cost and income from that since it is derived from the business?
That’s in my name not the LLV but need to change that over this year
@@jiggingjerks I'm also not sure why you aren't deducting other expenses associated with the business such as gas in your car getting to the boat,. Time and effort in the licensing of your new rod for example. So long as they are documented legit expenses directly related to the running of the business they are deductible. I understand the need to show a business profit but don't limit yourself on legit expenses in running the business.