- Oct 23, 2011
- Reaction score
- East Texas
No, they don't but even hobbyist are best served if they follow much of the advice ORA has posted.TOR, thank you for your very informative post. As to the part of what you eat, here in the US, the IRS code states that you can only deduct the cost of your meals only when you travel for your farm business, however the price of the meal must be reduced by 50%. This applies ONLY if your farming is for PROFIT and you must file a farm Schedual F. If your farming endeavors are a HOBBY, well then these types of deduction DO NOT APPLY !
Want or need something but think it's not in your budget?
How will you know if you haven't paid close attention to what you have going out $$ wise?
Not a 'for profit' farmer today? Don't mean you won't be one or try to be one next year and the last thing you want to do is try to learn how to keep track and get the best bang for your $ in the middle of your first attempt.
You'll never know if your hobby is costing more than it should if you don't keep track of costs.