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BPnet Veteran
Depends on the state and country you live in. But most wont require one for reptiles as mammals are a lot different.
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I've been going through last year's return and I'm trying to figure out what all of this crap means and what I should be doing to prepare for future returns/audits. I probably should have done this before I started buying snakes for business purposes, but whatever.
- What tax code are you guys using? Does it matter too much? The CPA put code 115210 "Support Activities for Animal Production" on my Schedule C and listed the profession as "Animal Husbandry".
- How do you represent your animals to the IRS (if at all) on the Schedule C. And if you don't, why not? All of my snake purchases were totaled up and listed as inventory last year. Do I now have to create each snake as an inventory item in QuickBooks and keep track of them?
Is any of this good or bad either way? Something I should try to correct before this year's return is filed?
Maybe I should actually go find a CPA experienced with this garbage and speak to them
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I'm just starting to gather receipts and calculate milage etc getting ready for taxes. Any advice?
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Re: Breeding and the IRS
Originally Posted by LotsaBalls
I'm just starting to gather receipts and calculate milage etc getting ready for taxes. Any advice?
I would keep track of all of your expenses categorically. It helps to know exactly where your money is going, what needs to be changed, how much money to set aside for the next year, etc.
For instance, yesterday I discovered that we have spent almost twice as much on more startup/upgrade costs (racks, tubs/bowls/hides, thermostats, etc) than we did on snakes last year. $4K was purchased feeder rats for the first half of the year before our ASFs took off. Another $4K for food/bedding/plumbing/ventilation/heating/rack building supplies for the rats. So initially I was shocked that we spent $8K on rats last year, but digging deeper realized that only about $1K of that was rat food/bedding, and the majority of that was for the 2nd half of the year. Now we know to set aside around $2K for rats this year.
QuickBooks was a huge annoying PITA to set up (for me anyway), but now that it is I will keep using it to track every dime. I think a lot of people use spreadsheets like this one that just surfaced:
http://www.faunaclassifieds.com/foru...wpost&t=299949
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Re: Breeding and the IRS
Originally Posted by LotsaBalls
I'm just starting to gather receipts and calculate milage etc getting ready for taxes. Any advice?
I organize everything and hand it to my CPA. Some things are worth paying for and this one is high on my list.
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Re: Breeding and the IRS
Originally Posted by Dave Green
I organize everything and hand it to my CPA. Some things are worth paying for and this one is high on my list.
This is what I would like to do, my wife will want me to do everything though.
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BPnet Veteran
Re: Breeding and the IRS
To add to what Rich said, if you get classified as a hobby (unable to make a profit 3 out of 5 years), you can't deduct more than you owe. Put another way, you can't deduct it as a loss. So if you make $4,000 and you have $4,500 in expenses, then it's just zero. You can't deduct a $500 loss.
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Ok, other than bedding food milage time spent cleaning and such, what else can be claimed? Ideas thoughts?
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I was just thinking about this issue myself. Glad the people that have experience with it are willing to help
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Originally Posted by LotsaBalls
Ok, other than bedding food milage time spent cleaning and such, what else can be claimed? Ideas thoughts?
You can't claim time spent cleaning. You can claim racks/building materials, tubs/ bowls/hides, heat tape/clamps/clips/extension cords, space heater, etc.
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