Figured chicken profits for 2011

[BairleaFarm]

Its that time. The time where i start doing taxes. Hate them. anywho...

For 2011
Feed $277.87
Animal Supply $210.74
Income$266


In the red 222.61$

o well the thoughts of making money was there. Lost 100 birds this year to preditors. Maybe 2012 will be my money making year.

 

[duckinnut]

You must be doing something terribly wrong because I made a killing selling eggs this past year............Errrr wait a minute that was my dream a few nights ago. Sorry disregard.

Actually made a couple of bucks(my wife did not me,I just provide the feed and care) but in the big picture,still operating at a loss. Will have my mortgage paid before I re coop(no pun intended) the original investment of this chicken thing but am rich with laughter will these mini dinosaurs.

 

[Mahonri]

My accountant says I can't use "chicken raisin'" as a business, She noticed I'd be taking a loss every single year and told me the IRS would call it a HOBBY... which I guess it is.. .and a very enjoyable one at that!

 

[BairleaFarm]

My accountant says I can't use "chicken raisin'" as a business, She noticed I'd be taking a loss every single year and told me the IRS would call it a HOBBY...

You may want a new accountant. I know state to state differ but uncle Sam is the same no matter where you live. I loose money every year on mine(2 acres). Our family farm(320 acres) has lost money the last 10 years since we sold out the tobacco. If you are actively farming(or agriculture) trying to make money than its no hobby. I will actually loose more than this once i figure all the utilities(20% of all utilities, fuel for my truck, and truck repairs all go into cost of operation). I would have made money and have all birds paid for and been in the positive but i lost 100 chickens and a turkey to predators last year. Hurt me. Alot of that supply cost was bedding and waterers/feeders. I wont have to repurchase those and i am no longer using bedding so that number should go down drastically. The biggest pain is having to rebuild the laying flock.

 

[colby318]

I found from the IRS that we're a hobby farm since 2/3 of our income has to come from the farm to be considered a business. I'm not leaving my well paying job. I was actually breaking even by selling around 15 dozen eggs a week to coworkers. So, cash under the table it is...

 

[BBUTTER]

This is so interesting! I guess I'm a hobby farmer, too. This is our first official year. I haven't done our taxes yet. I'm afraid to see the losses!

 

[duckinnut]

I found from the IRS that we're a hobby farm since 2/3 of our income has to come from the farm to be considered a business. I'm not leaving my well paying job. I was actually breaking even by selling around 15 dozen eggs a week to coworkers. So, cash under the table it is...

Chickens? What chickens? I don't know what you are talking about Mr Tax collector.

 

[NYRIR]

Chickens? What chickens? I don't know what you are talking about Mr Tax collector.

Oh no sir, those aren't chickens....those are ground dwelling wild woodpeckers!! Don't know why they hang out here..........

 

[AuroraSprings]

The accountants in my family say it works this way, "If you can show the POTENTIAL for your chicken-raisin to make a profit, then you can write it off." If you want to make it a legitimate business, then you will have to make a profit 3 out of the first 5 years after start-up. Unless of course you're raising something that has a long maturity time, like trees or horses. Hope that helps.