1. BYH Official Poll: What are the things that you should consider before buying herds?
    CLICK HERE!
    (if you are logged in, this notice can be dismissed using the "x" to the top right of the notice)

    Dismiss Notice
  2. Hay Baler - Discussion Thread
    CLICK HERE!
    (if you are logged in, this notice can be dismissed using the "x" to the top right of the notice)

    Dismiss Notice
  3. Dismiss Notice
  4. BYH Picture of the Week (POW) - Submit your Pics Now !!
    Click HERE!
    (if you are logged in, this notice can be dismissed using the "x" to the top right of the notice)
    Dismiss Notice

SHEEP FARMING: The search for a niche.

Discussion in 'Everything Else Sheep' started by The Old Ram-Australia, May 29, 2017.

  1. Jun 4, 2017
    norseofcourse

    norseofcourse Herd Master Golden Herd Member

    Joined:
    Mar 26, 2013
    Messages:
    2,653
    Likes Received:
    2,107
    Trophy Points:
    313
    Location:
    NE Ohio
    It didn't put me in a higher bracket, so I didn't overpay.

    For me, it's much easier to add the value of the animal kept for my own use, than to try and deduct the fraction that animal cost in each of the expense categories I track. It also bumps up my 'gross farm income', which is a factor in my area for qualifying for 'farm' property tax rates, since I don't have the minimum required acreage.
     
    Baymule likes this.
  2. Jun 12, 2017
    Bossroo

    Bossroo True BYH Addict

    Joined:
    Jun 15, 2010
    Messages:
    1,352
    Likes Received:
    567
    Trophy Points:
    221
    The " bump" is what is known as creative accounting and will eventually catch up with the tax payer by creating a red flag on the IRS computer with guidelines preset for anomolies and then the tax payer will receive an invitation for a tax audit. Could become costly one day.