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    BPnet Veteran Spicey's Avatar
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    Re: TAXES :-) Can we right off snakes we bought?

    You should make sure you pay quarterly taxes if you are using your snakes as an income. The IRS will not let you know right away that they don't like the way you're handling things, and at the end of two years (the usual lag, because it takes time for stuff to get flagged and go through Exam) they'll whack you with all kinds of penalties and interest. As long as you itemize your deductions on your return, you should be able to write off the cost of the parent snakes, as well as the food you feed them, and your setups as long as they are specifically set aside for the business. I was a tax examiner for 10 years so I know a little bit about it. And yes, there are flags and limits. I'm not familiar with most of them any more because it's been 15 years since I retired.
    Hope that was helpful and not too confusing.
    "Something Clever"

    1.0 Paradox Albino KSB - Spotticus
    0.1 Dutch Rabbit - Wendy

  2. The Following User Says Thank You to Spicey For This Useful Post:

    Bogertophis (03-26-2020)

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