ThreeBoysChicks
Loving the herd life
This year, I have tracked my Expenses for Feed, Goats (Breeding Stock, Buck Service), Poultry Hatching Eggs and then also my sales of Eating Eggs, Hatching Eggs and Poultry. The chickens pretty much broke even up until this fall / winter. The goats on the other hand are a big expense, because I have not sold anything. My wife and I are considering using Schedule C and claiming this as a Small Business so that we can take advantage of the loss on our Taxes. I have all of my receipts, etc., except for a few items that I paid cash for and did not get receipts.
So do you put your small farm through as a business on your taxes?
If you do, what are the pros and cons?
If you do, what are the things to look out for?
If you do, is it worth it?
So do you put your small farm through as a business on your taxes?
If you do, what are the pros and cons?
If you do, what are the things to look out for?
If you do, is it worth it?