Kasilofchrisn Posted June 13, 2013 Report Share Posted June 13, 2013 So a couple of months ago I got talked into selling a few of the jigs I make to some guys on another moe local forum I am on. I was real hesitant to do so but figured a few jigs would be OK. Now it appears these jigs are a big hit. One guy (whom I sent freebies to test) was using them on a charter that happened to have the local TV news crew aboard. Well he caught more halibut than all the other 5 people on the boat combined on one of my creations. Another guy caught 2 halibut at the same time 3 drops in a row fishing a jig of mine. He finally lost the jig as his son tried to gaff 2 fish at once. This jig features a hook on each side of the jig. His biggest fish was a respectable 121#. It appears I need to get the tax deal figured out because I would like to sell a few more jigs and yet don't want to get into trouble with uncle sam. Time I have as my day job is a 2x2. I work 2 weeks then have 2 weeks off. I fly out to a remote worksite in the arctic then fly home for R&R. My brother in law hooked me up at the for dealership he works for with wheel weights so I should have enough lead. So thanks to all at Tackleunderground for the help. I learned a lot and it shows in my jigs. I am not going real big but at least this hobby should pay for itself in the future. Quote Link to comment Share on other sites More sharing options...
gone2long Posted June 13, 2013 Report Share Posted June 13, 2013 Nice going your in some nice country up there, My buddy is a lifer in the Coast Guard and is stationed at Kodiak he tells me he has a 6 pack license and his own charter boat for when retirement comes I'll have to give him your info good luck with the new adventure! 1 Quote Link to comment Share on other sites More sharing options...
elijahhenry10 Posted June 13, 2013 Report Share Posted June 13, 2013 I'm sure you can call the IRS or someone of the sort and they can help guide you through it. Surely the gov't has something set up to help people get into business. Quote Link to comment Share on other sites More sharing options...
Kasilofchrisn Posted June 13, 2013 Author Report Share Posted June 13, 2013 I am actually going to talk to an accountant. They will know how to get it done. I am just trying to keep my butt out of trouble and pay for my molds etc. These CNC molds aren't cheap,but boy do they work nice. Quote Link to comment Share on other sites More sharing options...
smallmouthaholic Posted June 13, 2013 Report Share Posted June 13, 2013 I am actually going to talk to an accountant. They will know how to get it done. A good C.P.A. can apply for an E.I.N.( employer identification number) from the I.R.S. and form #637( manufactures excise tax exemption.You can also do this yourself to save some $. I'm not sure if you need a state sales tax license #. In the U.S.A.- the I.R.S. no longer mails out form #720 ( 10% quarterly excise tax due on gross profits) I download them from the I.R.S. site They are due April 30th,July 31st,Oct 30 and Jan.31st. Good luck and success! Quote Link to comment Share on other sites More sharing options...
Kasilofchrisn Posted June 13, 2013 Author Report Share Posted June 13, 2013 (edited) A good C.P.A. can apply for an E.I.N.( employer identification number) from the I.R.S. and form #637( manufactures excise tax exemption.You can also do this yourself to save some $. I'm not sure if you need a state sales tax license #. In the U.S.A.- the I.R.S. no longer mails out form #720 ( 10% quarterly excise tax due on gross profits) I download them from the I.R.S. site They are due April 30th,July 31st,Oct 30 and Jan.31st. Good luck and success! Thanks! Both my sisters work in accounting and my younger sister is prepping for the CPA test right now. I am sure one of them should be able to help if a local CPA wants too much $$$ to do it. We don't have a state sales tax but we do have a borough(county) sales tax. The nice thing is I am not making bass jigs from a do-it mold and competing with 1,000 other guys. I mostly make saltwater jigs from Shawn Collins and some other custom CNC molds I have. That and there is only one other local person making and selling jigs that I would even be competing with as far as local made stuff. I have some do-it,hilts and lil mac molds and would cast from those as well. I do have a friend who owns a charter boat and the guy who was casting for him retired this year so he is willing to buy from me now. He goes through a lot of tackle on his 32' charter boat. Edited June 13, 2013 by Kasilofchrisn Quote Link to comment Share on other sites More sharing options...
BLT Posted June 16, 2013 Report Share Posted June 16, 2013 Congrads on your jigs! You can do all you want on line, no accountant needed. The EIN, excise tax number, and probably state "use" tax number or retail number. I still have a trolling mold I may want to sell you that goes to 28oz. if I remember right. I'll get back with you soon about that. Bob Quote Link to comment Share on other sites More sharing options...
Kasilofchrisn Posted June 16, 2013 Author Report Share Posted June 16, 2013 I want to speak with an accountant to make sure I cover all my bases. We don't have a state tax but do have a borough (county)sales tax. I think for me the best approach to keeping my nose out of trouble is to hire an accountant for the first year or so then if I feel comfortable with it I can do it on my own. I don't want to get my arse in trouble for forgetting something at first because I was too cheap to hire a professional. It is not like I can't afford it. Quote Link to comment Share on other sites More sharing options...
