How to write off your yacht

7 Steps to Writing off your new Yacht!

1. Buy your new Yacht!

This happens through your yacht broker, but we want to be involved each step of the way

2. Choose a name for your Business and get it registered!

We can handle this for you, but here are the steps we recommend:

• Register new LLC with Florida
• Registered Agent
• EIN obtainment from IRS
• Execute operating agreement with multiple members for asset protection
• S-election
• Register for Florida Reemployment Tax number

3. Write Business Plan

We write this for you, just provide us some details

4. Begin Marketing your Charter Business

• Setup of Website / Facebook page
• Built in integration with Navigare

5. Track your Income & Expenses

• QuickBooks Online with Full-Service Payroll
• New business bank account
• QBO Merchant Services – QuickBooks cash account

6. Documentation of at least 100 hours of participation in business

7. File your tax returns

• US Income Tax Return for an S Corporation
• Payroll Tax Filings