How many of you make money off fishing?

[HWeber]

Child please.  So you don't have any possession limit on the fish you catch?  Your equipment doesn't cost anything, your bait, your vehicle to get there, your gas, c'mon man!

No storage limit once they're at your permanent residence in North Dakota but anyone who thinks feeding their family by fishing is cheaper than buying food needs to get out the calculator

[maddogg]

Im retired now, but back when I took a vacation day to fish, I figured I was getting paid to fish.

I also get paid to fish. I also save money when I'm fishing I'm not spending money anywhere else.

[Ice_Fly_Guy]

I tie ice flies and open water hair jigs and sell them in my online retail store.  I also started making rods this past year but I'm still pretty green at it.

[clintonstick]

I own a construction company and I have taken a few rich builders fishing to help secure their business,some turned into very lucrative and longterm relationships,many wealthy guys dont have time to learn how to fish because they are too busy.I have also spent alot of time and money at bars,strip clubs,golfing with clients,building relationships which leads to work.drinking,hunting,fishing,golfing,these skills have helped me make money and build great business relationships.I used to tie flies and sell at some local stores but probably lost money on it.

[stripernut]

I have been a fishing guide (both fresh and salt), Outdoor Writer (free lance and column), worked in tackle shops, marinas, Rep work around the country flying in to Bass Pro and Cabela, Loading anglers GPSs with my fishing waypoins (called "Custom Points"), running day long Mini Coach tours showing anglers where to fish (Called "Discovery Trips"), seminars, collage classes and more, all for over 25 years. At time I have made good money, at others just a "Side Gig". None of it I could have done with out the support of my wife, who would often carry the insurence (but I payed cash from guiding money getting her through nursing school) so that I did not have to have a "regular job. I have loved most every minute of it and it has always felt like a job ( very rare for me to fish when guiding), it has been a job I love.

Early on I desided not to guide ice fishing, I always wanted to make sure that there was one type of fishing I could invite anybody to go with me, but not feel like I should charge for it...

[DTro]

I'm a guide for Sturgeon and Catfish.  Also make a few bucks doing YouTube fishing videos.

[perch chacer]

Child please.  So you don't have any possession limit on the fish you catch?  Your equipment doesn't cost anything, your bait, your vehicle to get there, your gas, c'mon man!

In NY no possession limit once in the freezer, 50 perch per day, can catch a lot of fish in a season.  As for equipment most of my stuff was purchased years ago and deprecation has run out and I live only 3 miles from the lake.  Bait is perch eyes and only a few mousees to get started in the beginning of the season.  Never said I feed my family by fishing, but I due avoid the Fri-nite fish fry expense, which is money in my pocket.

[fish_finder]

Make a bit of money fishing local tournaments throughout the year..nothing major. Tie and sell flies also to a few people. Have been offered money to guide on the ice this year by a few different groups of people but having a new baby and full time night shift job its hard to find time to fish myself let alone guide

[FG Steve]

Not even close.  For me it is a place to (happily) spend money, but I did like some of these comments:

Im retired now, but back when I took a vacation day to fish, I figured I was getting paid to fish.

I'm not retired yet, I get 5 weeks of vacation and 2 weeks of holiday per year, and I like to fish weekdays.  If you ignore the sunk costs like shelters, boat, snowmobiles, snowmobile trailer, etc, then I might come out ahead.  Kind-of like a Net Present Value take.

I think I have lost money, but gets me out of the house and makes me move so it might help my health so then maybe I am breaking even

Oh, man.  This is a strong one.  What price to put on your well being?  Fishing keeps me sane.

The way I make money off ice fishing is I fill my freezer with a fish supply that usually lasts from ice season to ice season and the money I would have to spend to buy fish stays in the checking acct.

Hm.  Organic, wild fish.  How much at the market?  I saw this smoked salmon recently at 14.99 a pound and I started to think of all the smoked fish I produce every year. Of course then there is the cost of the smoker, etc.  Again, in a NPV view, I might pay expenses with this one, and if you combine that with the vacation pay idea, hmm.

[esox_xtm]

Old man used to annoy Mom something fierce when she'd come home crowing about how much money she'd saved shopping the sales. "Show me the money", he'd say. Then she'd get all huffy and he'd splash on the kerosene, "Better go back and buy some more. Think how much you'll save!. Didja save $50? Go right back and do it again and you'll save $100. Go back often enough and we can retire..." Oh man did she get mad. 

Not pickin' on any of you guys, just sharing something funny from the past.

Here's something else: Everyday spent fishing is a day added on to your life. My plan is to live forever = "Priceless".

[matzilla]

Hell no!!!! The tax man will have your rear for making money off sporting goods

[kasilofchrisn]

Hell no!!!! The tax man will have your rear for making money off sporting goods

You're absolutely right.
Anybody manufacturing and selling fishing tackle (jigs, sinkers, Etc)needs to have an EIN with the IRS and pay quarterly federal excise taxes on their gross sales of 10%.
If you're not paying this tax and they catch you you have to pay it and the fines.
There is no hobby level so if you make and sell 1 jig or 1 million jigs 1 sinker for 1 million sinkers you must pay the tax man.
There's a different rate for those who manufacture fishing rods and another rate for those who manufacturer tackle boxes.
It's ridiculous how this is all set up but there's no getting around it. Heck there's even been kids that have been fined for making and selling soft plastics as a summer  project.

[kasilofchrisn]

I make and sell custom saltwater fishing jigs, sinkers, custom surf cast sinkers Etc.
It's more of a hobby business as I have a full-time job and I really don't make money selling the jigs and sinkers.
Especially after paying the tax man his 10% every quater and the overall cost of doing business nowadays.
But what it has done its allowed me to expand the amount of fishing tackle I can make.
I now have over 130 molds in my shop for different fishing tackle items two different wire formers and a host of other equipment for making fishing tackle.

[jpohlic]

I design houses for a living and ice shacks as a hobby. Did up some construction plans/material cut list for my shack and have sold enough sets to pay for my time and then some, every set I sell now is just gravy!!

[Ice_Fly_Guy]

You guys that are manufacturing baits/sinkers/lures and NOT wholesaling, you're overpaying at 10%.  PM me if you haven't heard of the "60% rule" with excise taxes.

[kasilofchrisn]

You guys that are manufacturing baits/sinkers/lures and NOT wholesaling, you're overpaying at 10%.  PM me if you haven't heard of the "60% rule" with excise taxes.

This is the first I've heard of this 60% rule.
I'm on a bunch of tackle making forums and a lot of guys over there sell what they make and I've never heard of this 60% rule.
When I use form 720 there is no 60% rule on there it's 10% of gross sales.
I will have to have to pm you.
I sure hope you have links to actual IRS documentation. I'm also going to have to verify everything you say with my sister who happens to be a CPA or another knowledgeable person in the field.
Because the IRS is definitely somebody you don't want to mess with!

[kasilofchrisn]

You guys that are manufacturing baits/sinkers/lures and NOT wholesaling, you're overpaying at 10%.  PM me if you haven't heard of the "60% rule" with excise taxes.

I just read the latest version of publication 510(March 2018 version)
And it still states 10%(see pages 30 & 31).
I tried googling this 60% rule but come up empty handed.
I sell direct to the consumer so can't see how I'm getting out of paying the full 10%?

[ronco]

I just read the latest version of publication 510(March 2018 version)
And it still states 10%(see pages 30 & 31).
I tried googling this 60% rule but come up empty handed.
I sell direct to the consumer so can't see how I'm getting out of paying the full 10%?

Are you able to deduct your materials? I sell hay directly to my customers, after expenses I break even or in the hole and have a credit for the next year. When looking for a CPA, ask the person what 2 plus 2 is. If they say 4 you don't want them. If they say 3 you don't want them. The one that replies "what do you want it to be?", that's the one you want   

[taxi1]

I've been a taxidermist for the past 35 years. I've specialized in fish for probably the last 15. I have enough trouble keeping up with fish so sure don't need other work on top of that. And I like the fish the best.

Not fishing related directly, although harvest is mostly by hook and line, I also hatch and raise live trophy size brook, brown, and tiger trout, bluegill, yellow perch, and soon to be hybrid crappie, largemouth bass, rainbow trout and cutthroats, to sell shipped whole frozen to taxidermists from coast to coast. Three recirculating tanks in the basement and four ponds on the property. I guess I'm using my 2 year fisheries degree I got from ACC in Alpena,Michigan way back in the 76' to 78.' Best college I ever attended even though I transferred to a 4 year college. 4 year college was a joke compared to ACC. Small classes, full professors teaching instead of students, and best of all not as expensive. And did you know the number priority at university is not education. It's getting published to keep their jobs! Not so at junior colleges that get a bat rap.

OK senior citizen rant over!

[rivereddy]

A couple of years ago I was offered the chance to teach a course in recreational fishing at a local
university, but after 41 years in the classroom, I decided to go fish instead. I do a fair amount of
volunteer work with the local DNR on getting kids interested in fishing.

fish on,

rivereddy

[kasilofchrisn]

Are you able to deduct your materials? I sell hay directly to my customers, after expenses I break even or in the hole and have a credit for the next year. When looking for a CPA, ask the person what 2 plus 2 is. If they say 4 you don't want them. If they say 3 you don't want them. The one that replies "what do you want it to be?", that's the one you want   

On your annual taxes yes that is deducted.
But for the quarterly excise taxes nothing is deducted.
It's just a percentage of gross sales.
I loose money every year selling jigs.
But it's because I keep buying new molds, a new wire former etc. etc. Just so I can expand what I can make.
More for myself than the business though.lol
But like I said it's just a hobby business for me. I have had the opportunity to expand and get in magazines etc. But its an iffy deal to quit my job and make tackle full time. Just can't guarantee I'll be able to pay the mortgage every month especially in the off season.