Fished Saturday and Sunday night around Vineland bay. Saturday night was a bust for us. Sunday started out slow, but when the wind clamed down and the full noon came out, then it was game on Caught a bunch of keepers and our biggest was a very fat 25 incher Also, caught the biggest smallmouth bass that I have ever seen, it was HUGE!!! Blue Chrome was the ticket when the moon came out.

It is on the north side of the river, and yes use Lyndale Ave.

Lac La Croix is a great lake and July is a really good time of the year. Try the narrows or a reef and you will be on fish. If you want some real fun, find some cabbage weeds in the bays and throw spinner baits for lots of Pike including some big ones.

From Richfield MN and now living in Farmington MN.

You really have seperate tax issues. First, you do have a advertising expense for the cost to put the logo on the boat. This is an ordinary business expenses.
The second issue is the cost of the boat, up keep, operating expenses, etc. If you are using the boat for personal use, and it happens to have your company logo/info on it for advertising purposes; the boat is still personal and not a business deduction. I do business taxes for a living and have 22 years of experience. I currently work with about 250 small companies. The fact that you sell boat insurance and take clients out, still may not pass the ordinary and neceessary standard. Particularly, the necessary part.
Now, if you are using the boat for tournament use this may change things. Unless you are a full time tournment pro, your tournament fishing is considered a “hobby”. Under the Internal Revenue Code you can offset hobby income (prize money) with hobby expenses. So, if you win money you can deduct costs associated with the boat and tournment cost (to the extend of your winnings). If you do not win any money, you can not deduct the boat expenses or any other costs. You have serveral tax issues and my advise is to seek the help of a professional.

Scott Kaiser, EA
Kaiser Tax & Business Consulting
[email protected]

Chowdski,

To be a business deduction the expense must be ordinary and necessary in the normal course of your business (Code Section 162). It is big stretch for a insurance agent to deduct a portion of boat. Consider this instead, when you do take clients out on the boat, have your insurance agency rent the boat from you. The boat rental would be entertainment expense to the business. Under Code section 280, you do not have to claim the boat rent as income to you personally as long as you rent the boat 10 days or less each year. It is a great rule, so use it!!!