Digger22 Posted May 4, 2014 Report Share Posted May 4, 2014 I'm looking to start sell my baits at a local flea market in the coming weeks. I'm seeking any advice or information to assist me with selling my baits with reporting my profits. What steps do I take selling baits at a flea market without starting an actual business(If possible)? Thanks in advance. Nate Quote Link to comment Share on other sites More sharing options...
BigLewers Posted May 9, 2014 Report Share Posted May 9, 2014 If you are going to just sell at flea markets then dont worry about it. If you start a website and all that then you will need to get a tax ID number with the IRS and the you will need your state and local tax numbers. Then be prepaired to file quarterly taxes. 10% tax through the fed gov on all fishing stuff. Then depending on your state, you will have to set the sells tax for that state, then hand it over every quarter. You can make more money at flea markets or fishing expos, then you will from on line. Quote Link to comment Share on other sites More sharing options...
toadfrog Posted May 9, 2014 Report Share Posted May 9, 2014 I'd say put the money in the bank and forget it . But then none of us do that cause there ain't no fun comes from that . The guys are dead on when they tell you that web sites , advertising taxes and all that is a waste . Time will be a killer in itself . You will spend as much time dealing with paperwork BS as you do making the stuff . That is if you keep records and track things the way you should . Cost analysis should be done quarterly same as taxes . Why , because these days things are in a constant state of transition . Just remember when you start to dread going to the shop . You have begun the road to cheating yourself out of the prime directive . Do what you love . Love what you do. Above all have fun . Quote Link to comment Share on other sites More sharing options...
smallmouthaholic Posted May 9, 2014 Report Share Posted May 9, 2014 I'd say put the money in the bank and forget it . That's prudent advice unless you're retired and looking for something to keep you busy. Quote Link to comment Share on other sites More sharing options...
Digger22 Posted May 10, 2014 Author Report Share Posted May 10, 2014 Thanks for all the input everyone! Quote Link to comment Share on other sites More sharing options...
Driftwood Posted May 18, 2014 Report Share Posted May 18, 2014 Most states will require you to collect sales tax at the flea markets and trade shows also. I would hand some out at the local tourney and go from there. Quote Link to comment Share on other sites More sharing options...
