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steve schoonover
DWF Members
| Joined: | Mon Feb 4th, 2008 |
| Location: | Livonia |
| Posts: | 44 |
| Status: |
Offline
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Posted: Fri Sep 11th, 2009 04:42 pm |
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i am cosidering starting to sell some of my handmade tackle at some of this winters upcoming outdoor show's and possible online.
i would like to hear from anyone else that may create thier own tackle and might be thinking about taking this leap themselves.
if interested please feel free to contact me at
schoonovesteven@att.net , and we can discuss things further.
i am interested in all ideas and input !!
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mschaller
Moderator
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Posted: Fri Sep 11th, 2009 05:17 pm |
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| Check the events forum, my friends gun/fishing show. A table for the weekend is only 25 bucks.
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mbarkley
Administrator
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Posted: Fri Sep 11th, 2009 06:00 pm |
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Steve, Be aware of the fact that there is a Federal Excise tax on the sale of any fishing tackle (Rods, Lures, etc) that must be collected and paid on any sales from the manufacturer.This is totally different from Sales tax, income tax, etc. and isn't based on profit. It's based strictly on the sale price. I have to pay the the (actually the customer pays it) tax on a rod that I sell to a friend even if I do it for the cost of the parts. I'm not saying that everyone does it, but you could be putting yourself in jeopardy, especially if you are doing it on the internet and at shows which COULD be picked up on.
http://www.irs.gov/businesses/small/article/0,,id=203117,00.html#whois
http://www.irs.gov/businesses/small/article/0,,id=203117,00.html
If you have any questions, give me a call or e-mail
Mike barkley
734-281-1649
mbarkley@wowway.com
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MikeW
DWF Members
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Posted: Mon Sep 21st, 2009 08:41 pm |
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mbarkley wrote: Steve, Be aware of the fact that there is a Federal Excise tax on the sale of any fishing tackle (Rods, Lures, etc) that must be collected and paid on any sales from the manufacturer.This is totally different from Sales tax, income tax, etc. and isn't based on profit. It's based strictly on the sale price. I have to pay the the (actually the customer pays it) tax on a rod that I sell to a friend even if I do it for the cost of the parts. I'm not saying that everyone does it, but you could be putting yourself in jeopardy, especially if you are doing it on the internet and at shows which COULD be picked up on.
http://www.irs.gov/businesses/small/article/0,,id=203117,00.html#whois
http://www.irs.gov/businesses/small/article/0,,id=203117,00.html
If you have any questions, give me a call or e-mail
Mike barkley
734-281-1649
mbarkley@wowway.com
Ya, what he said. 
I had thought about it myself. I make small spinners for bass & bucktails for musky & plan to make other lures. I've thought about selling them but since I'm a state employee (tax auditor) I'd have to go through too much crap at work to get approval because they might consider it a conflict of interest.
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mschaller
Moderator
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Posted: Mon Sep 21st, 2009 09:14 pm |
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| As long as you are paying the tax due I don't see why it would be a problem. Now if you were selling tax advice to businesses or tax payers........that would be a different story.
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Bud
DWF Members
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Posted: Sun Sep 27th, 2009 09:29 pm |
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In addition, there is the yearly likely audit he might face from his employer. Those would be audits from hell and just are not worth the hassles in some cases depending on the business.
Carl
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