Business Tax question....

[Jetlander]

So who here has information on what needs to be done to sell eggs as a business? I plan on selling the majority of the eggs from 20 hens and I would like to do it as a small business. I have heard of opening a checking account under a business name and name myself as the sole proprietor. I do have 6 acres and I am under the impression I could write-off some of the property tax (I free range for several hours a day) as well as the feed and other supplies I use to keep the chickens. Any help would be appreciated.

 

[SPRING CREEK FARM]

We have a decent size operation here, especially dealing with registered black Angus cattle. I think you should consult with your accountant who could fill you in on all the items that you can itemize for tax purposes. It amounts to quite a lot. Also, here where we live, if we make at least a certain dollar amount off agricultural sales, be it livestock or hay or whatever, we can get a much better tax rate for our property taxes. Here in Tennessee it is classified as "greenbelt property" and it has saved about 50% off what we would be paying tax on for the farm.

It does not reduce the tax on the house though.