Do yacht crew members have to pay U.S. taxes if they work overseas?

Yes. U.S. citizens and green card holders are taxed on worldwide income, even if they earn wages outside the United States. Yacht crew may qualify for the Foreign Earned Income Exclusion (FEIE), but must still file a U.S. tax return. McGregor Financial Services helps yacht crew determine eligibility and optimize their filings.

What tax forms do yacht crew members usually file?

It depends on employment type. W-2 employees typically file Form 1040. 1099 contractors file Form 1040 with Schedule C to report self-employment income and deductions. Nonresident aliens working in the U.S. usually file Form 1040NR. McGregor Financial Services specializes in all three.

Can yacht crew deduct travel and work-related expenses?

Yes. 1099 independent contractors can deduct yacht crew-specific expenses such as travel between assignments, training, certification costs, uniforms, safety gear, and crew-related equipment. McGregor Financial Services ensures deductions are maximized while remaining IRS-compliant.

What happens if yacht crew don’t pay quarterly estimated taxes?

The IRS requires quarterly estimated tax payments for self-employed individuals or those with 1099 income. Missing payments can result in penalties and interest. McGregor Financial Services offers Quarterly Crew Services to keep filings on time and accurate.

Why should yacht crew use a specialized marine tax accountant instead of a general CPA?

Marine professionals face unique challenges: fluctuating contracts, offshore income, and multi-jurisdiction compliance. A general CPA may miss deductions or misapply residency rules. McGregor Financial Services, based in Fort Lauderdale, specializes in yacht crew taxation and marine accounting.

Partnership

MFS × Wise: Low-Cost Global Payments & Multi-Currency Accounts

Open a Wise Business account through McGregor Financial Services to hold and convert 40+ currencies with transparent fees at the mid-market rate. Receive like a local, and pay crew and suppliers worldwide—perfect for yacht crew, owners, and marine SMBs.

Get Wise via MFS Try the Wise Calculator

Wise partnership with McGregor Financial Services

No ongoing monthly fee for Wise Business; a small one-time setup may apply for local account details. Fees shown upfront.

Mid-Market Rate Transparent Fees 40+ Currencies Global Spend

Who this helps

Yacht crew & captains: Receive salary/tips in multiple currencies; convert when rates suit you.
Marine SMBs & brokers: Pay international suppliers and contractors with lower, transparent fees.
Owners & family offices: Hold multi-currency balances; fund yard work or charters across borders.
Nonresident & expat clients: Get local account details (USD, GBP, EUR) to receive like a local.

Why Wise (via MFS)

Mid-market rate

No hidden exchange-rate markups; Wise shows fees before you send.

Multi-currency account

Hold, convert, and spend in 40+ currencies; spend in 150+ countries with the Wise card.

No monthly fee*

Wise Business has no ongoing monthly fee; one-time setup may apply for local details.

Receive like a local

Local account details (e.g., USD/GBP/EUR) streamline incoming payments and payables.

*Fees vary by currency, region, and method; confirm live fees in the Wise app/site before sending.

Try the Wise Calculator

Estimate international transfer costs and see live rates. Click through to finish in Wise via our partner link.

Tip: Adjust currencies/amount to match your transfer scenario. Wise will show an ETA before you confirm.