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Author Topic: Money  (Read 6934 times)

Offline RonDon

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Re: Money
« Reply #15 on: 08/17/12 22:59 UTC »
Not trying to be a smart-butt but in case someone really wants to know...Heres how it works for jigheads.

If you pay the FET when you buy the hooks you arent done paying the tax.  If you change anything about it... (pour lead) and raise the price you owe 10% above your hook cost. 

Lets say You buy a box (1,000 count) of hooks for $20.00 and you pay the 10% which would be $2. After you pour lead on them lets say you charge 10 cents each for a total of 100.00. Your  tax will be $10.00 minus the $2 you already paid when you bought the hooks.  Bottom line is that the FET is 10% of your final product produced.
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Offline floridagrimp

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Re: Money
« Reply #16 on: 08/17/12 23:10 UTC »
u r correct. we pd 10% over invoice when we bought hooks and 10% on jigheads when we sold them.

It's been a long, long time since I sold the stuff. Then we started to buy from spincasters and pd 10%.  I will NEVER pour lead again.

BTW, there is an exemption you can apply for on the F.E.T. but I am not sure how it works.
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"Be sure to fillet and re-grease!"

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Offline kipbass

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Re: Money
« Reply #17 on: 08/18/12 08:40 UTC »
Andrew...that was confirmed by my tax guy
I didn't know you could graduate college to be a doctor of money, not medicine. This guy is ..LOL
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Offline 412BaitCo

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Re: Money
« Reply #18 on: 08/18/12 08:44 UTC »
A CPA is for sure a doctor of money. Not an easy task to pass that exam!
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