How to cruise for less…
Boat As A Business™ with Bay yacht agency
As rewarding as yacht ownership is, for many people it costs more than they can comfortably budget, and, often, they don’t have the time to do all of the routine maintenance & cleaning in order to keep the boat in the condition they would prefer. This is why our Boat As A Business™ program is a good option for reducing ownership costs. With the new tax laws currently in effect you will find that those costs can be even further reduced. You could own your yacht in ¼ of the time, for ¼ of the cost and your yacht could even become a part of your investment and retirement plans.
Bay Yacht Agency has developed a trademarked Yacht Ownership Program, called Boat As A Business™ that will dramatically reduce the costs of ownership by simply taking advantage of the current tax laws. This is a proven plan we have had in existence for over 40 years. It has helped over 690 people already.
Like with any business, you can legitimately divert some of the taxes that you're already paying to create equity in your new yacht. Buying a new yacht and placing it in charter service is an effective business tool provided the business is set up correctly and the operation structured to create a profit and qualify for the tax benefits and that it remains in compliance going forward. All the experts agree that this may be the best year ever to buy a yacht. We have applied the expertise of 100’s of tax advisors, plus our own CPA to structure a program that complies with the consensus of these experts. In the few cases where a client was audited in the past (only 5 in the last 10 years that we know of!) for an unrelated incident, but the program was looked at, not a single dollar of what was claimed, was disallowed-- because the clients followed the guidelines that we will share with you.
In an effort to stimulate the economy, the U.S. Congress enacted a new program for business owners. When you follow our guidelines and set your boat up as a business you can qualify for up to $1,000s or even hundreds of thousands in tax advantages + 10% of the remaining basis, or up to 50% of the total cost. This is available now, but set to expire at the end of the year..
What does this mean for you?
This is the perfect opportunity for anyone looking to buy a new yacht at a huge discount – a huge portion of the cost of a new yacht can be depreciated this year, with additional large deductions available, especially over the next 5 years, and you can even reach back and recover taxes paid in last year, you can apply the deduction this year or carry it forward!
Congress has repeatedly increased the Sec. 179 deduction and investment limits to encourage spending by businesses. As a result, when you join our Boat As A Business™ plan you are now allowed to expense a huge portion of your boats costs in the year you establish your new business.
We will provide white papers and share the consensus of some of the leading tax experts in the country. This is not just one person's opinion. This is a consensus opinion of well known and respected CPA's.
Bay Yacht Agencies team of specialists, have over 40 years of experience and include recognized experts in this field.
We have the most complete program available to make it possible for you to qualify your yacht purchase to be eligible for this program. We provide boat buying information, management information and tax information. We don’t beat around the bush or dodge the tough questions. We have experience you can rely on. We’ve conducted over 250 seminars/webinars on the program and helped over 690 people set their boat up as a business:
We will work with you and your tax professional to qualify your yacht as a business to legitimately take advantage of tax deductions available to you--as they are to any legitimate business. If you don’t have a tax professional, or (s)he is not knowledgeable about this approach, we have specific white papers or a qualified CPA to offer advice to you or your tax advisor.
Although Congress and the President are encouraging taxpayers to invest in new property purchases under these incentive provisions one should exercise care to ensure the deductions will stand scrutiny. Bay Yacht Agency experts together with your personal tax advisor will put your business on the right track from the outset and help you with the guidelines that work with the Coast Guard, the banks, the insurance companies, and the management companies..
Although the acquisition of a new yacht may offer an effective way to generate profits and tax benefits, everything must be carefully planned, documented, and implemented and Bay Yacht Agency will assist you every step of the way.
- We are full dealers for some of the top brands in the world (not just a charter company, limited dealer--we go to the dealer meetings and work at Mf boat shows at the dealer stand--charter companies don't, so they are not up to date. We sell to private owners as well as BAB owners.) and we offer the added luxury of making it possible for you to place your new yacht into service at one of our Bay Yacht charter affiliate "Sun n Fun" bases in:
Locations to place your boat (All locations available for placement now, though bases shown as coming aren't a part of central booking system yet, you can place your boat there. More bases coming all of the time--ask.)
If you are a US tax payer – and enjoy cruising and yachting – this program will work for you:
Bay Yacht Agency actively seeks innovative ways to help make yacht ownership more efficient, affordable and enjoyable.
When you set your yacht up as a business you qualify for tax advantages that can offset your ordinary income, we'll show you what they are and how they work.
We will discuss and plan your exit strategy and also options to upgrade to a bigger yacht.
Make your yacht part of your retirement plan – own your yacht outright at a fraction of the price in a fraction of the time--literally in 1/4 the time for 1/4 the cost--we'll show you how in our webinars.
We will explain what a charter management plan is and why the Boat As A Business™ plan will work for you.
How to find out more...
3 easy ways...
Call, to make an appointment to drop by. 410-263-2311 (How to get here, below)
Fill out our form, and you will be linked to a sample, summary business plan, as well as white papers which explain various aspects of the program in detail. http://www.bayacht.com/resource/password/BabInfoForm.html
Attend a live seminar or webinar we conduct weekly. In our office in Annapolis, or via a live Webinar held in conjunction with our Saturday Webinar, or at most anytime we choose together. http://www.bayacht.com/seminar.htm
Here's what we cover at the webinar (scheduled, or personal one on one)
- What tax advantages are available and how they apply.
- Why one of the major tax advantages, the 179 expense allowance, doesn’t apply if you work with the typical Caribbean company
- How the cash flow works and how to make a profit.
- How to structure a retirement program—Pay your boat off in 1/4 the time, for 1/4 the cost.
- The 3 relevant exit strategies.
- What you need to do to qualify for the "active" tax advantages—In most programs you won’t—for two simple reasons--you need to understand this or risk losing everything..
- How to navigate the shoals imposed by: IRS, the banks, insurance companies, and the Coast Guard
- Financing. What’s available, what you need to do to qualify.
- How to avoid audits—critical factors you need to be aware of.
- Flexibility: Choose your boat and equipment, location, how much you want to use your boat, swappiung possibilities
- Understand how your boat is managed. The difference between a typical charter company program and Boat as a business. Find out why your boat will be in exceptional condition and so will maintain its resale value.
- What resources are available including a “must-read” white paper for your tax advisor, and access to a Nationally acclaimed, experienced CPA who can answer your questions without prejudice (She can work with you directly, or with your tax advisor).
12 Good reasons to go with Boat As A Business™
- Your choice of locations or follow the sun—North in Summer, South in winter.
- For larger boats, 50' and over-catamarans, 53' and over monohulls, we offer participation in our Land & Sea program. We partner your boat with selected resort properties who offer a guaranteed income program with captained charters.
- We can even show you how to have the boat at your waterfront home, or favorite sailing area and still use the advantages of our program.
- Your choice of luxury boats, monohulls or catamarans, sail or power—the best, easiest to maintain yachts in theindustry, from the most successful and experienced builders in the world.
- You can set your boat up the way you want—set it up with an owner’s style layout with a dedicated owner’s cabin, choose the options you want. In many cases we install the equipment you want now, but also install the wiring, plumbing and other resources that enable you to easily add equipment (like a watermaker) when you convert your boat to personal use later. We look at how you want yourboat now, and how you want it later.
- Use your boat as much as you like as a Sales Associate (this is unique in the industry). When it is set up as a business, most of your expenses will become tax write-offs.
- When you use your boat, it will be professionally maintained. You come down and the A/C will be on, ice in the refrigerator—just bring your duffel bag and provisions (or even ask us to provision it for you!)
- You can swap seasons and use with other owners in the program in different locations.
- Depending on your use selection, you may avoid sales and use taxes, and even duty.
- No headaches or hassles - World class technical support at all of our locations
- Maintain resale value because your boat is configured as a private owner boat, professionally maintained to owner standards, not charter boat standards, and it is chartered less because you cover your costs with tax advantages and income, not just income.
- You will have the most experienced company with a proven track record advising you every step of the way.
- You may keep the boat in the program as long as you like, there is no limit because your boat is maintained like a private owner boat.
This information is general in nature and purchasers are encouraged to seek experienced legal or investment counsel in yacht acquisition planning and implementation. Bay Yacht Agency is not a licensed Tax Attorney or CPA and is not qualified to give legal advice but we can put you in touch with experts who are.
Choose our Assured Income program (Guaranteed income) or our popular Flex-Choice program. Either way our 40 years of experience with over 695 clients assures that you will get the maximum benefit and the program will be custom tailored for you.
For larger boats, 50' and over-catamarans, 53' and over monohulls, we offer participation in our Land & Sea program. We partner your boat with selected resort properties who offer a guaranteed income program with captained charters.
Your planned use pattern and need for tax advantages will help us advise you on the flexible choices you have with our Boat As A Business™ plan.
For more detailed information and a consultation
with an expert on this program and/or a licensed tax professional call Eric Smith, or Chris Bent at
410-263-2311 or email email@example.com or firstname.lastname@example.org
See what our clients say here: http://www.bayacht.com/resource/password/Insider/testimonials.pdf
Or come visit our convenient office, “On the harbor, Annapolis—America’s Boating Capital.
We have the boats right at our docks (Most other companies don’t), plus, within 10 minutes of our office you can see the models offered by virtually any other manufacturer or 100’s of used boats. Annapolis is truly the boating Mecca of America, and we’re smack in the center of it. No other company has more resources so centrally located.
Instructions to get to our location.
Call Bay Yacht Agency: 410-263-2311 or follow this link: http://www.bayacht.com/resource/Getting%20here.pdf
Physical address: 2nd and Spa Creek. For GPS use the Chart House Address (at the entrance to our driveway) 300 Second St, Annapolis, MD 21403
Our Annapolis Charter Management location, Let’s Go Cruising, is adjacent. 410-263-181
NEWS ALERT for 2013
The Section 179 Deduction limit is now $500,000. The total amount of equipment that can be purchased is now $1,500,000. This includes most new and used capital equipment, and also includes certain software.
“Bonus Depreciation” is now 50% on qualified assets. However, this can be taken on new equipment only.
When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation – unless the business has no taxable profit in 2013
NOTE: We will discuss some of the practical implications of these new laws. In many cases when you consider your income, tax bracket and exit strategies it will be prudent to take some percentage of these advantages and in some cases they can be carried back, or forward,
How to find out more...
3 easy ways...
Call, to make an appointment to drop by. 410-263-2311 (How to get here, below)
Fill out our form, and you will be linked to a sample, summary business plan, as well as white papers which explain various aspects of the program in detail.
Join a webinar, get a business plan--click here. (Or set up a custom webinar).
- Live seminars in our office in Annapolis (Or webinars) Click here.
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