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The IRS Let Him Defer Tax on $100,000 for a New Lobster Boat. Social Security Still Counted the Fishing Profit.

A Maine lobsterman deferred a six-figure chunk of fishing income to avoid a federal tax bill, only to discover that two other government agencies were still...

24/7 Wall St. · Gerelyn Terzo · September 8, 2026

Quick Read <ul><li>The Maritime Capital Construction Fund defers federal income tax on fishing earnings but does not reduce AGI or self-employment tax. </li><li>Fishermen collecting Social Security…

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