----- >> Need Help: Tax Question for those who sell hatching eggs.....

[chickenzoo]

My accounted wanted to know if we file a class C form when dealing with hatching eggs etc...? She doesn't deal much with chicken people, lol, and she said it would be cheaper for me to find out instead of paying her too..... So anybody......... HELP.. hehe Most people payed with paypal etc..........

 

[Goose and Fig]

I don't claim them as income- I consider it a wash. Isn't there a low-end limit- like if it's under 1000 dollars you don't have to claim it?

 

[4-H chicken mom]

Quote:
Ditto here too.

 

[Elite Silkies]

If want to claim the income then you will file as Self Employed with a schedule C. You of course claim your income and your deductions would consist of the following:

feed
cost of new birds
bedding
any material you purchased for your coops or repairs to your coop
Any vehicle that you used (mileage or gas) If you have no other vehicle for personal use I would document all miles driven for the business
Anything office wise that you purchased (pens, paper, invoices, ink cartridges, etc. )
Shipping receipts

Let me know if you need more help, I would be glad to help you out.

 

[Funky Feathers]

We sell a lot of birds & eggs, we fill out a schedule F for Farm income or loss. So far it has always been a big loss. Schedule C is not for Farm income/loss, it is for any other self-employed business (i.e. horse breeding, dog breeding, produce stand, cattery, flower shop, art business, crafts like jewelry, etc). We only used the schedule C when we had a dog breeding business.

 

[Elite Silkies]

I'll have to ask the Big Boss and see what he says. Then, I'll let you know. I keep forgetting most people have farm chickens, because all I have is City Chickens.

But, I'll see what I can find out.

 

[chickenzoo]

Thank you for the info Chicks.....

 

[Camelot Farms]

We did ours as small farm under poultry. We didnt have to file as the income was low, but we did so that we could claim expenses etc. Made out great on the bottom line

 

[Elite Silkies]

Quote:
Anything under $8500 you are not required to file a tax return, however, that does not include any type of Self Employment. Self Employment has to filed regardless of the income amount.

 

[CrazyFowlFreak]

You need to file a Schedule F, as Fattie ( I hate typing that! LOL ) said. You can print out copies of your yearly Paypal transactions to make things easier for you.