4 - 2017 |

Smart Boating: Combining Business with Pleasure

September 17, 2019April 30, 2017 by mhaley

For many people with salt in their blood, there is simply no experience like cutting through the waves on a bright and sunny day in their boat. Whether it’s fishing or skiing on an inland lake or running down the coast, the sense of freedom and independence is an experience that drives millions of boat owners.

Making Financial Sense

Investing in the perfect boat to ensure you have this opportunity is a big decision. However, there are ways to make that decision much easier. In fact, finding just the right boat may include thinking of it as a business expense.

If you are involved in any type of company or business where you entertain clients, your boat may provide some creative alternatives. You and your family enjoy your boat, and there are millions of others who don’t own boats who also enjoy that experience. Take this fact into consideration, and you just might end up with larger, more versatile choices for the boat you purchase.

There are a number of ways you can use a few smart financial insights to make your boat more affordable and to justify a larger one. Below are five tips that others use to make boat ownership easier to handle.

1. Business entertainment.

Taking prospects and clients out for a short spin or an enchanting sunset cruise is a great way to build and maintain profitable relationships. If you use your boat for this purpose, there are many deductions that you can utilize to lower your taxes. There are some special rules, but it is worth learning about them. You can deduct up to 50 percent of your expenses for each trip, including such things as food, drinks, fuel, mooring fees, and even tournament fees if you fish. Check with your tax professional for the details and start using that deduction.

2. Renting or leasing your boat.

It is easy to find individuals and firms that will rent your boat out to tourists or other short-term users. You will have to report this income, but there are often enough deductions to make this another way to save on taxes. With the ability to write-off depreciation, mooring costs, fuel, maintenance and other expenses, this offers a great alternative to just having the boat sitting in the slip. Again, any tax professional can help you understand the best way to use this financial strategy.

3. Declare your boat as a second home.

Many boat owners are surprised to discover they can deduct the interest on their boat payment under certain circumstances. There are some considerations to declaring your boat as a second home, but there is a totally legit basis for doing so. Your vessel must have a sleeping area, head, and facilities for cooking to serve as a second home. Also, you must stay on the boat at least 14 days a year, or, if it is also rented, at least 10 percent of the total days’ others pay to use it.

4. Deduct taxes.

Keep track of all your sales taxes and related expenses, or lease your boat. Depending on your state and income level, the taxes paid on purchasing your boat are deductible. Your tax advisor can also explain the potential advantages of leasing instead of buying your boat.

5. Donate your boat.

There are several different strategies for donating a boat. If you are simply getting rid of an old boat, you will normally be able to deduct the market value of a donation to a charity. On the other hand, if you aren’t using your boat regularly, you may find it worthwhile to donate the boat to a certain charity while arranging to use it periodically. You can take the full deduction and then pay the charity a market rate when you use it. If that use is for business, the payment is deductible as a business expense, as discussed above.

Take the time to visit with your tax professional and an experienced boat salesman. You can save on the costs of boat ownership and, perhaps, even justify a bigger boat to enjoy.

For questions about boat lifts, contact us.

How to Choose the Correct Capacity Boat Lift for your Boat

March 16, 2024April 9, 2017 by mhaley

Boat lift capacity

When it comes to choosing a lift for your boat, pontoon or PWC, there are a few things you will need to know to ensure you purchase a lift that is the proper size for your watercraft. Knowing the overall weight and beam of your boat is the best place to start. This will allow you to choose the correct weight capacity and the correct cradle width.

Finding the Overall Weight

When determining the overall weight of a watercraft, you will need to account for the dry weight of the watercraft, the fuel, gear, water and the weight of any non-factory additions. This will give you a more accurate weight, allowing you to choose the correct lift capacity.

The dry weight of a watercraft is usually provided in the brochure or specification sheet for the watercraft. Another great resource for this information is the online NADA guides (www.nadaguides.com/Boats). Please note, the dry weight provided often does not account for the weight of outboard motors.
Depending on the temperature, type, and blend, gasoline weighs approximately 6 lbs. per gallon (0.72 kg per liter). With this information and the capacity of your fuel tank, you can calculate how much a full tank of gas will add to your boat’s overall weight.
Water weighs approximately 8 lbs. per gallon (0.96 kg per liter). You should account for the capacity of your fresh water tanks, waste water tanks, and any live wells.
The weight of non-factory additions like wakeboard towers, bimini tops, additional seating, generators, air conditioning units, coolers and swim platforms should be added to the overall weight calculation.
Take a look at everything stored in your boat. Your gear like skis, wakeboards, scuba equipment, etc. should be added to the total weight of the watercraft.

Once you have found the overall weight of your watercraft, you can then determine the correct boat lift weight capacity needed for your watercraft. It is best to add in a 20% margin of safety and then select the next higher capacity for your lift. Why should you have a margin of safety? There are many things that can adversely impact the lifting capacity that you may not realize. For example, a boat lift’s capacity is calculated assuming the center of gravity of the watercraft has been perfectly centered on the cradles. If the overall weight is too close to the lift’s rated capacity and you place your bunks a little closer to the dock side or if you park too far forward or behind the center line, you can overstress one side or even a single corner of a lift. What if you forget to remove the drain plug and there is a heavy rain? How about a heavy snowfall that puts a couple of feet on top of your watercraft? What if you don’t realize that the bilge pump is malfunctioning and you are accumulating water? All of these things may result in a lift failure if you don’t include a safety margin when selecting the lift capacity. The point is that little things can add up and it is best to err on the side of caution.

Finding the Length of the Cradle Beam

You will then want to find the beam of your watercraft, which is basically the widest portion of your watercraft. The inside pile to inside pile width needed to park your watercraft on the lift should be the beam width of your watercraft plus at least a 4” cushion on both sides (this minimum distance situation presumes that you will have dock pile bumpers and use the piles as guides). If you plan to use guideposts on the lift for your boat, it is a good idea to give yourself at least a 10” to 12” cushion on both sides. Finally, you should remember that the lifting beams are centered on top of the piles so the lifting cables will be centered on the piles as well. Therefore, you need to account for the center of pile distance (to get the center of pile to center of pile distance, add one pile diameter to your running total). For example, if your boat had a beam width of 8’ 6”, you planned on using guide posts with a 12” cushion on both sides and the piles had a 10” diameter, the minimum length of your cradle beam would be 8’6” (beam) + 12” + 12” (cushion) + 10” (center of pile) = 11’4”.

Choosing the Right Sized Lift for your Boat

You should also consider the local water conditions. Most importantly, you need to know the water depth at low tide. Keep in mind that there is about a 12’ distance between piles, so it is a good idea to measure the water depth at both ends to ensure that you have enough depth to accommodate the draft of your watercraft so that you can float onto the bunks. The smallest lifts use 6” cradle beams, whereas the largest use 12” cradle beams, and sometimes every inch counts in low water conditions. Once you have all of your calculations in place, you should consult the lift manufacturer’s specification sheets. These documents should specify the lift capacities, recommended pile spacing and beam sizes for the various models of lifts. All of our lift specification sheets are available under the Documentation tab at our website, info@iqboatlifts.com. With these pieces of information, you should be able to determine the appropriate capacity lift for your boat. Or if you would rather have some guidance, please feel free to contact our sales staff at (800) 545-5603. In addition to our standard lift models found on our specification sheets, please keep in mind that IMM Quality Boat Lifts is the industry leading custom lift builder. Our engineers will be more than happy to design the perfectly sized lift to fit your individual needs.

Frequently Asked Questions (FAQs) about Choosing the Correct Capacity of Your Boat Lifts:

How do I determine the correct boat lift capacity for my boat?

To find the correct boat lift capacity, you need to know your boat's overall weight including dry weight, fuel, gear, water, and any non-factory additions. It's recommended to add a 20% margin of safety to this total weight.

What is the importance of knowing my boat's beam for choosing a lift?

The beam of your boat determines the width needed for the cradle on the boat lift. It's important to ensure there's enough space for your boat to be securely placed on the lift.

Why should I add a margin of safety when calculating the lift capacity?

A margin of safety accounts for unforeseen factors that might affect the lift's capacity, such as imperfect centering of the boat, water accumulation, or additional weight from snow or gear.

What factors should I consider apart from weight and beam width?

You can calculate the total weight by adding the dry weight, the weight of fuel, water, gear, and any additions to the boat. There's also an easy calculator tool provided on the website for assistance.

What factors should I consider apart from weight and beam width?

Consider local water conditions like water depth at low tide and ensure there's enough depth to accommodate your boat's draft. Also, check the lift manufacturer's specifications for pile spacing and beam sizes.

Tips for Picking the Best Boat Lift

December 10, 2021April 4, 2017 by mhaley

Here’s a question: Off the top of your head, how much time, money and energy have you invested in your boat? If you’re like every other boat owner in history, the answer is, “a lot.” So why would you want anything but the best boat lift for your needs? The tricky part is figuring out what “best” means for you. And it is tricky. There are almost as many kinds of boat lifts as there are boats to be lifted. We can’t tell you what you need without knowing your exact situation. But we can give you some valuable tips to help and things to consider as you figure it out for yourself.

Consider the Boat

There are plenty of horror stories of boat owners who bought the wrong boat lift for their boat. Or who asked their lift to perform beyond its capacity. You can avoid a lot of those problems by considering the kind of lift and lift capacity that’s right for your boat. That means calculating the weight of your boat when it’s loaded with fuel, supplies, toys and accessories. And remember that the shape of your hull and its draft will help determine the lifting height you need, the minimum water depth and the bunks you’ll need on your boat lift.

Consider the Dock

There’s a lot to weigh here. For example, is your dock fixed or floating? Does it have notable erosion due to marine life or tides? And consider these factors: What are the physical dimensions of your slip? Can your dock structure support the installation of the boat lift you’re considering? If your dock has a roof, is it high enough for your boat when it’s raised high enough to clear the water? And is it strong enough to support both the suspended boat lift and your fully loaded boat? Is your slip deep enough to allow the lift you’re considering to lower the cradles enough to float your boat off the cradles? Are there obstructions in the slip that might interfere with lift operation? Is electricity available to your dock?

Consider the Water

Is your slip subject to rough water? If so, be sure to consider a lift high enough to clear the water in typical conditions. Is your slip subject to variations in water depth? If so, you may need a floating dock, or a custom design to satisfy your need.

Consider the Useful Life of the Boat Lift

Nothing lasts forever. But some things last a lot longer than others. And some need a lot more maintenance than others. For example, what’s the boat lift you’re considering made of? Aluminum does not rust and is stronger and lighter than steel. How are the bearings and pulleys designed? Grease bearings and pulleys need expensive maintenance on a regular basis. And the black grease they use can leak, making a mess of your boat, dock and lift. Are you a DIY type or do you hire out your maintenance? If you DIY, do have some way to safely reach the outside top beam to inspect and lubricate its components? If any of these are a concern, you should consider a low-maintenance lift design.

Consider Your Specific Needs and Preferences

What kind of style of lift would you prefer? Standard top beam, elevator or beamless? Do you want a standard installation? Or would you prefer your top beams set high so that you walk under them? Or set your top beams low and use them as a step while boarding? How about a platform lift where the lifting cradle is covered in decking? Are you looking for a manual control lift or would you prefer remote lift controls that automatically stop the lift at the top, bottom and boarding height? Do you have custom design or accessory needs? Are you interested in a canopy, boarding platform, underwater lights or powder coating your lift to match any color? Are you the type of person that hates to stand around waiting on things? If so, you should consider the drive and how it affects the speed of the lift. For example, flat-plate drives, besides being incredibly noisy, are extremely slow. There you have it, a basic breakdown of what to consider when choosing a boat lift. However, if you still have questions or want a professional to evaluate your specific needs, please don’t hesitate to contact us.