TAXES :-) Can we right off snakes we bought?

[MattBlaw]

I know this thread is a little old, but the information is still relevant.

1). Anything related to your breeding business that has a single use: e.g. rats that are purchased for food, travel, utilities, bedding, vet care, garbage bags, medicine, and so on, is an expense that can be written off in that year.

2). Anything that you can use long-term: e.g. the snake itself (if purchased), racks, snake hooks and other tools, carts, garbage cans, and so on, can be depreciated.....over several years. If you're writing these off in a single year, you're going to get yourself in trouble eventually.

So, you can't make $20,000 selling snakes, then go buy $6,000 worth of racks and $14,000 worth of snakes and claim you made $0.

It's worth paying an expert to do your taxes for one year. Then you can at least see how it should be done going forward.

FYI, I'm not an accountant, but I've hired many over the years.