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re: Starting a buisness (farming) and curious where to start
Posted on 2/17/17 at 7:48 pm to FelicianaTigerfan
Posted on 2/17/17 at 7:48 pm to FelicianaTigerfan
Google "hobby loss rules" before you spend a bunch of money expecting a large tax deductions. It doesn't matter how you structure it if it's not your primary income and you don't show a profit 3 out of 5 years.
1
Posted on 2/17/17 at 8:53 pm to tigeryat
Is there a straight answer for my question?
I understand the "hobby loss rules" and such. I've been doing it for a while now and just paying out of personal accounts and not claiming any expenses. I don't write off fuel, or any maintenance cost and if I can just get a little break on that it would be an improvement.
I've had people tell me to stay away from doing a LLC and others say it's the way to go.
I understand the "hobby loss rules" and such. I've been doing it for a while now and just paying out of personal accounts and not claiming any expenses. I don't write off fuel, or any maintenance cost and if I can just get a little break on that it would be an improvement.
I've had people tell me to stay away from doing a LLC and others say it's the way to go.
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