Did Taxes Saturday,Declared Farm,got 3800.00 back!!!!

[Buck Creek Chickens]

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GREAT,

I'm glad to see a farmer make it, turn your back on the negative stuff, some are upset you made it and they can't, plus the rules of farming are different in every state, again CONGRAT'S

 

[vfem]

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Huh! Thats odd. My tax man said that as a sole proprietorship, I am allowed to intermingle my finances in the same account, and DO NOT have to maintain a seperate business account.

As I run 2 businesses from home (not a farm, though I do classify because of business #1) I can intermingle funds and manage my businesses any way I chose because we are 1099 sole propriotierships.

Long as you maintain records, receipts and any bank statements to back up deposits (like copies of checks used for advertising or purchasing) you are fine. The IRS just wants to make sure you spent what you spent, long as you're not lying, and you spent money and made money... you're good.

P.s. - As a business you can claim loses up to the first 5 years! This is year 3 for me, and I'm finally in the black!!!! (Boooo.... self employment tax came in!)

 

[Poulets De Cajun]

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This is my second.

 

[Katy]

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GREAT,

I'm glad to see a farmer make it, turn your back on the negative stuff, some are upset you made it and they can't, plus the rules of farming are different in every state, again CONGRAT'S

Sorry but this isn't a farm no matter how you cut it....it's someone taking advantage of the system. Selling a few birds or eggs doesn't mean you're a farm. The IRS rules are the same no matter where you live tho.

https://www.backyardchickens.com/forum/viewtopic.php?pid=5616729#p5616729

 

[RWD]

Take every single deduction that you can concieve of. The whole game is to get all your entitled to. The IRS is not here to help YOU, you are to have your own best interest at heart. If your not creative enough to see the angles, then your not as smart as the congressmen who wrote the laws.(Rangle) Thanks for allowing me to vent.......

 

[Poulets De Cajun]

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If 1/3 of an acre is a farm by gov't standards, then I must be the King Ranch!

 

[Buck Creek Chickens]

OK, I'm a farm, i own 5.42 acres that is farmed, with farm taxes ($19.42, the township says it, that is for the whole 5.42 acres) what about that, In WI if you own more than 5 acres that is farmed you are a farm

 

[gmendoza]

Someone is just mad because I saw a way for us to get taxes back legally. South carolina is not like Kansas. Sure there are federal guidelines,but they are state regulated.

 

[ranchhand]

It's been a couple of years, but I looked into declaring as a farm in SC. I seem to remember a minimum of 5 acres of land was required, our 1.64 acres didn't qualify. One third of an acre? That's a backyard, not a farm.

Not trying to rain on your parade, but be aware that you may well have to be audited and if not, it could bite you in the butt later on.

 

[Tuffoldhen]

Since we pay out to the IRS every year I guess your getting back what we will have to fork out!