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2 in one day! - Random babblings of a fiber-obsessed nutcase — LiveJournal

About 2 in one day!

Previous Entry 2 in one day! Mar. 11th, 2010 @ 08:36 am Next Entry
spin a yarn
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From:fiberaddict
Date:March 11th, 2010 04:32 pm (UTC)
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No, the main point is the Ag Exemption itself; the county won't allow it unless it's for BUSINESS. Doesn't matter that I have the land, the animals, etc - to get an Ag Exemption, you HAVE to prove a profit.

I have no problem keeping track of receipts, etc - all our books are in QuickBooks anyway. Fleece sales doesn't count (I asked...stupid, but there ya go.) To sell milk, etc, we have to go thru the FDA - which I WILL NOT do.

Soap sales - I've watched at craft fairs. Most of them are cash. $5/bar, tax built in. The sellers - IF they are doing this legally - have to back into the Sales taxes. Honestly, I doubt most of them are doing that - the ones I spoke to had NO CLUE about tax forms, etc. (I do taxes, which is why I asked. I wanted to know exactly what forms to get, etc.)

We're looking at about 20 gallons of milk PER WEEK. (And I'm low-balling that!). I WILL be purchasing the soap-making supplies - in bulk, since we will have so much milk that needs to be used (we drink maybe 2 gallons a week; cheese/ice cream/yoghurt/etc won't take *that* much!)....so, receipts of money spent won't be the problem.

As for receipts for sales - most of the people that are selling at craft fairs, etc DON'T give receipts. I asked....and no one had 'em. So....I'd like to know how they handle it with the IRS/State Tax offices.
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From:oakenking
Date:March 11th, 2010 04:42 pm (UTC)
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I wonder the same thing - I know that I wasn't a great book-keeper with my business, so some of these folks, I have NO CLUE how they manage to get right with the tax man!

I wasn't talking about giving receipts to people - I meant, showing receipts of money, to make your profit. If you're showing all the expenses that you're shelling out, you'll have to have all that amount plus $500 to show that as a profit... and if you don't pay the taxes on the whole amount of your sales receipts, you'll run into the folks with the State. I'm not saying it's not doable - I'm just thinking it might be more trouble and cost than it nets.
(spin a yarn)
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