Taxes, taxes, alpaca spit!
Oh it’s that time of year! Every year I say I am going to be better organized and then, well, I use the same blue folder. Ugh!
I have done my taxes, and now the farm taxes, for years. First, let me preface that I am not a tax professional. Take this blog with a grain of salt as I can’t bail you out if the IRS shows up. Hahahaha! But really, here are some things I have learned.
#1. Farming won’t keep you from owning taxes. Don’t use your farm as a tax write off. If you are, you are in this for the wrong reason. Sure, some years it makes our tax situation a little better but doesn’t make up for the long nights, back pains, screaming matches, or fights, I mean discussions with the husband.
#2 Most of the things you do on the farm are expenses. There are the obvious: food, supplies, electricity, shearing, medical, fleece processing, and sooooo much more. Don't forget about tracking your miles to the feed store, the supplies you use in your on-site/on-line farm store, and memberships to AOA, CABO, and your local Chamber. The list can go on and on.