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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!
Im retired now, but back when I took a vacation day to fish, I figured I was getting paid to fish.
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
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.
Hell no!!!! The tax man will have your rear for making money off sporting goods
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%?
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