I have been tying flies for spinning rod fishing and have had a lot of success.  Now I have people and sport shops wanting to buy them.  I have one shop that wants an initial order of 100 and another shop having me make a prototype they want 100+ of.  I will eventually have a website dedicated to flies for spinning rods.

 

Now the legal side of this all!  I live in Wisconsin and have a state sellers permit and tax ID.  I also have my company name filed with the state under what they call "doing business as".  I am filed as a sole proprietorship.   On the federal side of the government I have an EIN and have also registered for excise tax with form 637.  I know I will have to file a form 720 quarterly.  I am going to open a  separate bank account for this business to keep things separate from personal finances.

 

My question is, on the legal side with excise taxes or anything taxes, is there anything else I have to do?  Before asking this question I have spent days mucking thru useless and useful information on the web.  I have tried to contact the IRS 4 times now to ask questions and been put on hold for over two hours before being disconnected.  Today I was on hold for over 3 hours!  This is why I am here asking.  If there is anything I am missing here, please help and chime in!

I'm just a fisherman!!! ?

Check to see if you need a business license in your city.  And save all your receipts!

Thanks Glenn, never thought about checking on city license or permit.  We only have one stop light in our town so I doubt they have any complicated permitting!

 

I have saved all receipts and have accounting software to use.  I have simple accounting software that is for small businesses and is easy to use- and cheap. 

 

I just want make sure I stay legit and legal.  I know someone who got nailed for not reporting federal excise tax.  He is still in business but almost lost it all. 

1 hour ago, PeshtigoST said:

I have been tying flies for spinning rod fishing and have had a lot of success.  Now I have people and sport shops wanting to buy them.  I have one shop that wants an initial order of 100 and another shop having me make a prototype they want 100+ of.  I will eventually have a website dedicated to flies for spinning rods.

 

Now the legal side of this all!  I live in Wisconsin and have a state sellers permit and tax ID.  I also have my company name filed with the state under what they call "doing business as".  I am filed as a sole proprietorship.   On the federal side of the government I have an EIN and have also registered for excise tax with form 637.  I know I will have to file a form 720 quarterly.  I am going to open a  separate bank account for this business to keep things separate from personal finances.

 

My question is, on the legal side with excise taxes or anything taxes, is there anything else I have to do?  Before asking this question I have spent days mucking thru useless and useful information on the web.  I have tried to contact the IRS 4 times now to ask questions and been put on hold for over two hours before being disconnected.  Today I was on hold for over 3 hours!  This is why I am here asking.  If there is anything I am missing here, please help and chime in!

It would probably be worth paying to meet with a knowledgeable, local tax attorney.  

1 minute ago, OldManLure said:

It would probably be worth paying to meet with a knowledgeable, local tax attorney.  

…or CPA

Having your own business is great....you can claim lots of things as 'business expenses' on your taxes ?.  

You might also touch base with the state.  MO wanted me to collect sales tax for any individual sales.