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Lobstermen and crabbers tax write-offs

Varies

What Can Lobstermen and crabbers Write Off?

Short answer: Top write-offs: boats, traps and buoys, bait, fuel, licenses, and sternman pay.

Self-employed workers deduct these on Schedule C, cutting income tax and the 15.3% self-employment tax; keep receipts and a mileage log.

Records to keep: Keep receipts, 1099s or W-2s, a mileage log, and a note of the business purpose for each expense.