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Form 1040 (scheduale C)
Posted by: Lance Lapeyrouse (---.msy.bellsouth.net)
Date: January 12, 2009 04:21PM

in box "B" of this form, do we (sole proprietors) use the code 114110? that code is labeled as "fishing" but i dont know if it is for charter captains or what not.

thanks
lance

[www.irs.gov] (page 9,10,11)

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Re: Form 1040 (scheduale C)
Posted by: William Bartlett (---.proxy.aol.com)
Date: January 12, 2009 04:53PM

If I remember right, that's the code that my TaxCut software lists on it.

Bill in WV

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Re: Form 1040 (scheduale C)
Posted by: Tom Kirkman (Moderator)
Date: January 12, 2009 05:14PM

Most likely, that pertains to people who fish for a living - commercial fishing.

Call your local IRS office and ask - they'll know better than anyone here.

............

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Re: Form 1040 (scheduale C)
Posted by: roger wilson (---.hsd1.mn.comcast.net)
Date: January 12, 2009 05:31PM

Lance,
There are 4 catagories - all of which could be used with no issue for your rod building and sales:
1. 339900 - Misl Mafg.
2. 811490 - Personal goods repair and maintenance
3. 451110 - sporting goods retail
4. 453990 - Misl store - retail.

Choose the one that most closely fits your particular operation and go with it.

Take care
Roger

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Re: Form 1040 (scheduale C)
Posted by: Jim Gamble (---.187-72.tampabay.res.rr.com)
Date: January 12, 2009 08:23PM

Lance -

This was asked this 9 months ago, but here it goes again for ALL that are interested.

You have TWO choices for the proper NAICS code, the former is more correct IMO ... you ARE manufacturing and your sales would really be classified as "manufacturer direct". Although, the second code would be found to be acceptable to most agencies.

339920 for manufacturing sporting goods
OR
451110 for retailing sporting goods

Jim -

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Re: Form 1040 (scheduale C)
Posted by: Fred Yarmolowicz (---.hsd1.nj.comcast.net)
Date: January 12, 2009 09:51PM

All the more reason to call the IRS.

Freddwhy (Rapt-Ryte)

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Re: Form 1040 (scheduale C)
Posted by: matthew jacobs (---.114.31.71.dynamic.ip.windstream.net)
Date: January 12, 2009 10:17PM

Get a better accountant.
My accountant and I had a conversation when I hired him, if I get audited, I fully expect to have to pay something. If not, he didn't try hard enough.

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Re: Form 1040 (scheduale C)
Posted by: Lance Lapeyrouse (---.hsd1.la.comcast.net)
Date: January 13, 2009 12:30AM

thanks for the help guys.

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Re: Form 1040 (scheduale C)
Posted by: Bill Tune (---.wasco-inc.com)
Date: January 14, 2009 12:43PM

Lance this and many other questions should be discussed with a GOOD tax advisor. It would be well worth your time to retain a good CPA to do your tax return at least the first year. There are many issues that may need to be resolved to properly file. You can find a list of these in your local yellow pages and be sur to ask them if they do returns for this type of business. As a CPA and former tax preparer I can assure you it will pay to have everything setup from the start even if you just do a few rods a year. And depending on how you plan to operate I recommend a talk with an Attorney and Insurance person as well.

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