Hatching Eggs / Paypal CHAT Thread

[NotAFarm]

Went to the P.O. this morning and got packages from DM and madam!! All well packaged and intact!

 

[Sahwithchicks]

Me

Here in Ohio you only have to have $500 farm profit a yr to be tax exempt. I love being tax exempt it saves me so much money on poultry supplies and feed.   I claim every penny I make from my birds every year come tax season.  I don't write off my expenses however though cause i have little ones I claim. But once they are grown and I can't claim them anymore I will be writing off the expenses.  I Used to work for Jackson Hewitt I was the assistant Manager and was to be promoted to the manager the next year and have my own office to run until my hubby decided he liked me better at home.  I really liked my job and miss it all the time. I have a job there anytime I want to go back. I told hubby once all the kids are in school full time I was going back to work no if's and's or butt's about it.

Me too!!!!!!!!! e

I love being a sah mom, but I am really looking forward to the day I can go to a paying job, get out of the house, and actually have cash in my pocket.


Is being AG exempt the same as having a farm exempt? We are AG exempt for the pine trees we have on the property, an it saves on taxes... I know that TSC would allow some discount for me if I brought in the form, just never have. I didn't know that there may be a separate exemption for farm, but now I am thinking its probably the same thing?

 

[SusanRenee]

That would be AMAZING! We'd all eat like kings and queens!!!

Ill have to post pictures of our Berkshire weaner piglets when they get here! It's still going to be a few weeks but I went out to their farm and they're gorgeous!!!!!!

bacon!!!!

Heather, we're looking into doing pigs this year! How much would you say your feed cost for one pig is from weiner to butcher? That's what we're having a hard time figuring.

 

[SusanRenee]

Nah not personal, and you know that probably wouldn't stop me from asking either!! Lol

i really think I am almost at the point to make my farm into a business. Albeit very small, but none the less , a business. I was just hoping to get some good tips on where to start, etc, i have a tendency to usually do things backwards or the hardest way possible. I am hoping I can avoid some of that!

Hey, that PM yesterday didn't have anything to do with that bug in your head....

 

[DMRippy]

If I go to a fleamarket or swap to sell chickens.... I DON'T BRING ANY HOME. They have to go, can't quarantine them in bulk like that.

As for the Business of a Farm. Just as with any business keep good records. Everything becomes deductible. Somethings people don't even thinks about. Electricity and water... they get charged sales tax and should be exempt. You just have to take you exemption forms to the utilities. We have a meter at the barn so that is 100% tax exempt. We don't have one for the water so that is not. If you use it for person use too you cannot get the exemption. That is a bigger savings than you would think. ALL businesses can do that. We had a printing company and as long as it was used in the production of the product we were selling it was tax exempt.

Mileage is a Income Tax deduction. Keep up with EVERYTHING. Trips to the feed store, hardware store, trips to the post office even Walmart if it farm related. I have ledger like form I have in my purse. I add anything I buy and where if needed and anything I sell and add special notes if I took a trip and the mileage. I keep all my receipts in an interoffice. It has a clear pocket on the front to keep my ledger forms in. I do one ledger form per month and put everything in a envelope by month so I have it for taxes come tax time. Good records are the key to getting your proper tax write offs. You should not have to show a profit as a farm.... my hubby can't get that out of his head. He thinks it like a reg business and you have to turn a profit in the first 3 years.

 

[DMRippy]

Went to the P.O. this morning and got packages from DM and madam!! All well packaged and intact!

Lets hope they are ok. Let me know how they develop.

 

[madamwlf]

If I go to a fleamarket or swap to sell chickens.... I DON'T BRING ANY HOME. They have to go, can't quarantine them in bulk like that.

As for the Business of a Farm. Just as with any business keep good records. Everything becomes deductible. Somethings people don't even thinks about. Electricity and water... they get charged sales tax and should be exempt. You just have to take you exemption forms to the utilities. We have a meter at the barn so that is 100% tax exempt. We don't have one for the water so that is not. If you use it for person use too you cannot get the exemption. That is a bigger savings than you would think. ALL businesses can do that. We had a printing company and as long as it was used in the production of the product we were selling it was tax exempt.

Mileage is a Income Tax deduction. Keep up with EVERYTHING. Trips to the feed store, hardware store, trips to the post office even Walmart if it farm related. I have ledger like form I have in my purse. I add anything I buy and where if needed and anything I sell and add special notes if I took a trip and the mileage. I keep all my receipts in an interoffice. It has a clear pocket on the front to keep my ledger forms in. I do one ledger form per month and put everything in a envelope by month so I have it for taxes come tax time. Good records are the key to getting your proper tax write offs. You should not have to show a profit as a farm.... my hubby can't get that out of his head. He thinks it like a reg business and you have to turn a profit in the first 3 years.

Does a "farm" have to be a certain size?

 

[DMRippy]

Me
Quote: That sounds like AG Exemption is the same as our green belting here. But we had to get a Tax ID number from the state to get the tax taken off at the stores. We were GUARANTEED the exemption because of the green belting. No further paperwork was needed. We can get green belted several ways, forestry land conservation, but had to be over 10 acres to get it. We only pay like $75 in property taxes for the 30 acres in the other county. We have to pay FULL property taxes on the developed land (a full acre per building I think). But still that is a HUGE Savings. We could not afford the farm if we had to pay full property taxes on 63 acres.

 

[NotAFarm]

Lets hope they are ok. Let me know how they develop.

Will do!

 

[DMRippy]

Quote:
IDK for here in TN.... maybe 10 acres here to get the exemption from the state. Not sure about the IRS part..... I will say this the IRS will not allow you to claim anything if you call it a HOBBY FARM. They think it is your HOBBY and not a JOB or a Working FARM. Trust me mine is a JOB... Full Time too.