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re: Starting a buisness (farming) and curious where to start
Posted on 2/17/17 at 8:53 pm to tigeryat
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.
2
Posted on 2/17/17 at 9:48 pm to FelicianaTigerfan
quote:
Is there a straight answer for my question?
It's a simple question, but there can be multiple correct answers. I'd talk to an accountant or lawyer (or both) if I were you. Bonus points if they specialize in tax.
quote:
How much money can you make from selling what you grow?
Not as much right now as a few years ago.
Corn price is practically below cost of production ATM. Cotton and soybeans are looking up, on the other hand. If you're smart and run a lean operation the potential is there for a good living. This post was edited on 2/17/17 at 9:53 pm
Posted on 2/18/17 at 10:57 am to FelicianaTigerfan
An LLC is supposed to limit your liablity in the event of a lawsuit. An LLC doesn't qualify you for any additional tax deductions. If you are selling any kind of product or have employees/contractors on your property, it would be worth the nominal fee of forming an LLC. LLC's don't replace the need for commercial liability insurance.
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