Flyshed 0 Report post Posted October 3, 2011 I am fortunate enough to have a fiance that knows a lot about website design and so I'll soon have a personal website to sell my flies and other things. I also tie for a local fly shop. I would say eBay would be a good place to start. It seems like a lot of tyers go that route. Hi, I actually was looking into the same subject and was thinking of setting up a website where everyone could buy and sell the flies they tie. Would appreciate some feedback on my idea...i have listed it at the location below in the forum. http://www.flytyingforum.com/index.php?showtopic=62038 Quote Share this post Link to post Share on other sites
Finjunkie 0 Report post Posted October 5, 2011 I have a line of trout trolling flies and downrigger rods I sell through my friends rental yard. You can rent a lawn mower and buy fishing tackle under the radar......................... Quote Share this post Link to post Share on other sites
sandflyx 0 Report post Posted October 5, 2011 I have a line of trout trolling flies and downrigger rods I sell through my friends rental yard. You can rent a lawn mower and buy fishing tackle under the radar......................... Not any more, Big brother watches sites like this for people like you..trust me I know... Quote Share this post Link to post Share on other sites
Al Beatty 0 Report post Posted October 10, 2011 I've been tying for a while now and was just wondering if any of you sell your flies, or if their just for personal use? If you do sell how and where to do it? I've basically just been looking at ebay so far. I'm talking internet only. Hi jrmartino, Tidewater makes a good point about Federal Excise Tax (FET). It's due each quarter and is paid/reported on IRS Form 720. You'll find some information here (http://www.irs.gov/pub/irs-pdf/i720.pdf). The tax is 10% of the "potential FIRST USA sale." Key word in that last sentence is "potential." Let me provide a couple examples and what you'd pay: 1. All of the flies you sell are straight to the customer (retail) and you charge $3.00 each. You pay 10% of $3.00 or $.30 each. 2. Part of the flies you sell are retail and others are wholesale to a fly shop. The flies you sell to the fly shop are $1.50 and the flies you sell straight to the customer are $3.00. Once you establish a base line in your accounting records that you sell flies (any flies) for $1.50 per each then that is the base lines you use to pay Excise Tax on for ALL of the flies you sell in that year (retail or wholesale). We always make certain our first fly sale each January is to our "base-line customer" so we can establish the price structure "base line" for the year for our quarterly Federal Excise Taxes. 3. Once you start paying FET you must report each quarter on Form 720 even if you don't have sales. You mark the Form "0" and send it in. If you don't you'll get a "nasty-note" from the IRS about not meeting your quarterly responsibility. 4. Flies are not the only thing you pay FET on. Fly Float, Sink or hooks (first sale in the USA only) requires payment but Dubbing Wax or thread does not. A quick rule of thumb we use is "Does this product (whatever it may be) go to the water and potentially touch a fish? If the answer is yes, then you pay FET. A spool of thread doesn't until it's tied on a hook and tax is paid on the fly (not the thread) OR unless it's turned into a furled leader (the leader is subject to the tax on the FIRST sale only). Fly shop don't normally pay on leaders because they buy from the wholesaler who has already made the payment. The same goes for many other products; the wholesaler makes the payment so the shop owners don't have to. 5. Don't forget to report/pay your quarter Income Tax (state and federal). Those payments are on several other forms that you can find on the IRS website. Darn! Good luck with your fly-tying venture. Take care & ... Quote Share this post Link to post Share on other sites
Guest rich mc Report post Posted October 11, 2011 good info al. thanks. im getting website built and have allready done the state business registration. planning to get it all working by the new year.i will be mostly selling online except for my first baseline customers and some guides. rich mc Quote Share this post Link to post Share on other sites
flyfishing99 0 Report post Posted October 16, 2011 good info al. thanks. im getting website built and have allready done the state business registration. planning to get it all working by the new year.i will be mostly selling online except for my first baseline customers and some guides. rich mc When I tied commercially, I paid FET like Al Beatty said. It was my understanding, however, that the tax was established in order to fund Federal expenditures for water sport improvements. And, I thought it applied to all fishing "equipment" manufacturers: rods, reels, boats, etc., etc. Would appreciate knowing if I am correct on this. Byron Appears I am right: So, when the rod companies sell their rods, they pay $10 each in FET. From the IRS site: Sport Fishing Equipment A tax of 10% of the sale price is imposed on many articles of sport fishing equipment sold by the manufacturer. This includes any parts or accessories sold on or in connection with the sale of those articles. Pay this tax with Form 720. No tax deposits are required. Sport fishing equipment includes all the following items. Fishing rods and poles (and component parts), fishing reels, fly fishing lines, and other fishing lines not over 130 pounds test, fishing spears, spear guns, and spear tips. Items of terminal tackle, including leaders, artificial lures, artificial baits, artificial flies, fishing hooks, bobbers, sinkers, snaps, drayles, and swivels (but not including natural bait or any item of terminal tackle designed for use and ordinarily used on fishing lines not described in (1)). The following items of fishing supplies and accessories: fish stringers, creels, bags, baskets, and other containers designed to hold fish, portable bait containers, fishing vests, landing nets, gaff hooks, fishing hook disgorgers, and dressing for fishing lines and artificial flies. Fishing tip-ups and tilts. Fishing rod belts, fishing rodholders, fishing harnesses, fish fighting chairs, fishing outriggers, and fishing downriggers. See Revenue Ruling 88-52 in Cumulative Bulletin 1988-1 for a more complete description of the items of taxable equipment. Fishing rods and fishing poles. The tax on fishing rods and fishing poles (and component parts) is 10% of the sales price not to exceed $10 per article. The tax is paid by the manufacturer, producer, or importer. Fishing tackle boxes. The tax on fishing tackle boxes is 3% of the sales price. The tax is paid by the manufacturer, producer, or importer. Electric outboard boat motors. A tax of 3% of the sale price is imposed on the sale by the manufacturer of electric outboard motors. This includes any parts or accessories sold on or in connection with the sale of those articles. Certain equipment resale. The tax on the sale of sport fishing equipment is imposed a second time under the following circumstances. If the manufacturer sells a taxable article to any person, the manufacturer is liable for the tax. If the purchaser or any other person then sells it to a person who is related (discussed next) to the manufacturer, that related person is liable for a second tax on any subsequent sale of the article. The second tax, however, is not imposed if the constructive sale price rules under Internal Revenue Code section 4216( apply to the sale by the manufacturer. If the second tax is imposed, a credit for tax previously paid by the manufacturer is available provided the related person can document the tax paid. The documentation requirement is generally satisfied only through submission of copies of actual records of the person that previously paid the tax. Related person. For the tax on sport fishing equipment, a person is a related person of the manufacturer if that person and the manufacturer have a relationship described in Internal Revenue Code section 465((3)©. Quote Share this post Link to post Share on other sites
flyty1 0 Report post Posted June 17, 2015 If you want to start out small, think about exchanging your flies for karma and not cash! A dozen fishing flies in and inexpensive plastic box is often a welcome donation for your church's silent auction before the holidays. Include a short write-up about what flies you have included and why (what fish they will catch in your area, how to fish them, etc.). Promote your donation as "Makes a great gift for your favorite fishing buddy" and provide a suggested retail price (since the sale is for charity, sometimes people won't mind spending full retail or even a bit more). I am convinced that the monetary return for hand tied fishing flies is incredibly slim on the margin side - especially with all of the rules involved with taxes. You are guaranteed a great return for your time and money by performing a good deed and enjoying your hobby at the same time! Quote Share this post Link to post Share on other sites
Gene L 0 Report post Posted June 17, 2015 I've never been able to make a dime on a hobby. I don't see how anyone can compete with offshore tiers who get a few cents for each fly tied. They're quick, or so I've heard. FETaxes are in support for ALL sports, not just water sports. Guns, ammo, fishing tackle: etc. The money goes into programs to support outdoor sports, and maybe indoor sports, too, I don't know. Quote Share this post Link to post Share on other sites
Adam Saarinen 0 Report post Posted June 17, 2015 Best place! By the river, cash only! :-) Quote Share this post Link to post Share on other sites
artimus001 0 Report post Posted June 17, 2015 Best place! By the river, cash only! :-) wait...i think i've already seen this movie, lol. Quote Share this post Link to post Share on other sites