Do you sell from your farm? I HAVE QUESTIONS!

[MrsKemmerlin]

My husband and I are falling more and more in love with raising and selling things from our homestead, but not having done anything like this before, I of course have questions!

We live in South Carolina, so if anyone knows if things are state specific.

- Is a business license required: if you have a name, will sell from your property, etc?
- How, when and where do you pay taxes on the things you sell? Is there a minimum amount of profit you have to collect before you must pay taxes? Or is it on everything?
- How do you figure out what you're taxing? Meaning, if you pay for taxes when purchasing it for your "store" do you also have to pay taxes on the amount you are selling it for?

Things like that - all and any info is greatly appreciated! Even if it isn't specific to SC -- it will at least give me a direction to begin searching!

THANK YOU!

 

[Punkstermom]

Now mind you I'm in Iowa but I called my tax guy and he gave me a packet. Basically he told me just keep outgoing expenses like receipts for any food, livestock, building/farm repairs, losses, and basically anything you can use as a deduction. Anyhow my main income will be from selling goat for slaughter. Stuff like eggs or maybe meat birds or meat rabbit honestly are usually small cash transactions and you won't even worry about them. But anyhow you would keep your major sales recorded along with any receipts and then it would show you owe government such and such amount of money then out come the deductions to see how much you can get that amount to come down. And yes their is a minimum amount you can make without doing taxes on it I'm thinking $700 but don't quote me on that. You can just call up whoever prepares your taxes and they should be happy to walk you through what they will want. And good luck with your business venture