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

[Poulets De Cajun]

Quote:
Why is 'leaving the forum' the first thing that adults say they are going to do when the conversation doesn't go as they hoped it would?

 

[vfem]

This is basically a thread because someone who lost there job made a business and in the end didn't end up in the red. I think he had a great experience on his poultry farm and wanted to share his good fortunes. I have no doubt that if he used a good CPA he will be fine and met requirements.

If he's happy let him be happy.... if there is trouble with the IRS, a good CPA take care of any of the auditing process with him.

There is no reason to fight on someone's happy day.

 

[gmendoza]

Quote:
Why is 'leaving the forum' the first thing that adults say they are going to do when the conversation doesn't go as they hoped it would?

Why say Im braggin? I dont care if this goes good for me or not.The negativity on here is thicker than goat cheese.

 

[gmendoza]

For all the naysayers this is for you:

When we started we wanted to raise our own meat and make some money on the side. Sounds like a busines to me.

We sold our first chicks,made chicken coops,made rabbit hutches,and sold eggs last year.
Might as well delcare a farm.If you find a loophole exploit it.Not saying this is a loophole.
This is legal here in South Carolina. There are Federal guidelines,but regulated state by state.
I didn’t need to show reciepts,ledger,sales figures or nothing here.
I do have a ledger just in case of the irs coming to do an audit.
I told the tax people this is a business.
Even thought we have only a mere 1/3 acres,we grow our own veggies and sell off the rest.
Same as poultry, ducks,guineas,quail,and silkies.
We also sell mealworms,red worms, hissing roaches,and black soldier fly larve.
I utilize our space wisely.

So the refund was from Poultry and poultry items. Since we make coops and runs,that’s poultry items.
Also a little itemization helps (gas expense, purchases for building coops and runs, selling birds, selling chicks, feed,medication,housing repairs and upkeeps,maintenance to farm equipment( rakes,hoes,shovels,axes,ect..) transportation in farm vehicle ( van,gas,milage,) farm clothing(boots,coveralls,etc..)

If you do this,legally or not,its not for me to say yes or no.
I am happy it worked legally for me.

Also I was unemployed for 8 months last year. I didn’t receive unemployment due to eleigibility ruling
.I had to make some money so I stared making chicken coops from recycled materials.Then I made rabbit hutches from crates.

I hustled my butt off to make stuff from free stuff to make money from my family so we could keep our property and stuff.
We raised chicks to sell,I did a lot of trade and barter to earn a good reputation as a backyard grower.

I am happy I did all this stuff,and my rewards are 3800.00.Am I braggin?No. I am happy my hard work paid off.

 

[Show Me Chick]

gmendoza wrote in another post:
I currently have:


one rooster
11 hens

one bantam roo
3 bantam hens
guinea roo and hen
two chock muscovy hens
one silkie roo
two silkie hens
8 quail

This is considered a farm? I live in town and own more livestock than that.​

 

[Lazy J Farms Feed & Hay]

If you are building chicken coops for resale, those expenses would be filed with a Schedule C not a Schedule F. The Schedule F is for expenses directly associated with the production of farm products. Just an FYI for you.

Jim

 

[gmendoza]

Lazy J Farms Feed & Hay :

If you are building chicken coops for resale, those expenses would be filed with a Schedule C not a Schedule F. The Schedule F is for expenses directly associated with the production of farm products. Just an FYI for you.

Jim

Yes Jim, I know that,seen it done and all.I was present and awake at the tax office.

 

[ranchhand]

(embarassed to be known as "from SC")

 

[Lazy J Farms Feed & Hay]

Quote:
Yes Jim, I know that,seen it done and all.I was present and awake at the tax office.

No need to be a smart###! I'm trying to be helpful. Maybe you should leave the forum with that attitude!

Good luck with your "Farm". Welcome to the world of the Schedule F.

 

[Stevo]

Hmmmmm I guess if your paying you hate this thread. If your getting a refund you like it lol.

I have to say I like this thread.