How do you guys do your taxes? I know lots of people spread the rumor about mariners with these weird tax deductions cause they are over seas… I know half of them are not true. Does anyone know if using someone like this http://www.maguiretaxes.com/ would have an advantage over my average Joe accountant I am using now??
I would strongly suggest contacting a Maritime Tax Specialist, or a Transportation Tax Specialist. Possibly http://www.transport1040.com/
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[QUOTE=Barbeque;36164]I would strongly suggest contacting a Maritime Tax Specialist, or a Transportation Tax Specialist. Possibly http://www.transport1040.com/
.[/QUOTE] sweet site thanks, This job will be my first time sailing deep sea, anyone know or wanna share any tax advantages sailing deep sea?
If this is your first time Sailing Deep Sea, be prepared for Killer Sunrises and Sunsets, as for Some Tax breaks, Ask your captain if your in potentialy hazardous waters, My last Hitch I was in the Persian Gulf for 5 months doing runs between Dubai and Iraq. I didnt have to pay Squat last year For being in whats considered an area of Extreme hazard, as well as a War-zone. Also, I dont remember the particulars, but you get some good breaks for sailing in international Waters. I dont remember how they work as they were only explained to me once and I was dead tired and not particularly paying attention but went along the lines of every 12 hours or watch you spend on the open ocean you get a tax deduction for something but I cant remember what lol. Just talk to a Maritime Tax Specialist, they dont cost alot and will most likely ensure you wont have to pay much in taxes.
Going to Dubai to meet my ship soon and I get a little hazard pay from my company, but you got me interested when you said that I get a tax break for that, any idea how much?
Oh Hell bro, your going to Dubai to meet your Ship? you didnt get hitched with Foss maritime did you they Have a few ATB vessels operating there.?
Haha. you Should Have a Killer time. Be Sure and Drop by the Seamans Club there its Like a 5 minute walk from Port Rashid and well worth a visit, best Fish N Chips I ever had lol. A few other cool places, The Y, and Spice Island.
As for the Tax Breaks, I made a little over over 42 thousand from my hitch there. And I paid nada in Taxes. Keep records of everything though, Every penny you spend overseas is tax deductible, Also enjoy the duty-free at Port there. Also dont know if your getting an overtime sheet, But keep that on file as well, When you get discharged from the ship after your hitch your captain should sit with you and do an end review etc, and give you a bit of paperwork to fill out. make sure and Keep everything. Your tax broker will want to see it.
I am shipping with military sealift command, more than half of our pay is OT, how did you not have to pay much for taxes??? Dang I LOVE some good fried fish!!!
O.o MSC you are lucky my friend. I am attempting to sign with them at the moment. And jumping through hoops is such an annoyance lol. I am not sure if I will be able to get on with them I have a terrible credit and not a part of SIU but I am hopeful.
But bad news, is MSC doesnt Use Port Rashid, they use the port at Jaba-Ali, its like a good hours drive from Dubai and anything worth seeing.
And as Ive stated before lol, A good Maritime Tax specialist does wonders, you pay them a nice fee and they save you 10 grand lol. Well worth the effort and there fee.
[QUOTE=Barbeque;36164]I would strongly suggest contacting a Maritime Tax Specialist, or a Transportation Tax Specialist. Possibly http://www.transport1040.com/.[/QUOTE]
I use Maguire, am [I]very[/I] happy with his services and yes, he is a “Maritime Tax Specialist”. First his prices are the lowest. Second, he has a master’s degree in taxation… so he really knows the law. Last, before becoming an accountant he was a 3rd A/E… so he knows what it’s like to sail.
Transport1040, on the other hand, is banned from gCaptain after repeatedly spamming the forum. I have other negative comments about them but I’ll hold my tongue.
[QUOTE=john;36206]I use Maguire, am [I]very[/I] happy with his services and yes, he is a “Maritime Tax Specialist”. First his prices are the lowest. Second, he has a master’s degree in taxation… so he really knows the law. Last, before becoming an accountant he was a 3rd A/E… so he knows what it’s like to sail.
Transport1040, on the other hand, is banned from gCaptain after repeatedly spamming the forum. I have other negative comments about them but I’ll hold my tongue.[/QUOTE] PM the comment to me 
1040 had a much better looking website but Maquire is a 40 minute drive for me so I think I might do that!!! Anything wrong with maquire ove 1040?