I’m interested in selling some of my jigs over Instagram. I’m just looking to break even just to have an excuse for the wife for why I need new molds/skirt material.
I understand that profit or not I’m responsible for 10% FET quarterly and I can report it via IRS Form 720. My confusion comes in with Form 637.
If I purchase all my skirt materials, hooks, powder etc etc at retail and I don’t claim anything as a loss/expense (which I don’t think I can anymore as a hobby,) can I just track sales in a simple spreadsheet and send in a 720 every 3 months for 10%?