RE: [AlpacaTalk] Digest Number 192

Lea,

Our accountant gave us kind of a hard time about how to report too. We
started discussing it with him 4-5 months before we actually purchased any.
His concern wasn't our bracket, but what we report our occupations as. I've
been "marketing manager" and my husband has been either
"logger/woodworker/sawyer" for several years. Since my husband's field is
considered agricultural and we're "expanding" into alpaca livestock, we
instructed him to list him as "farmer" going forward, and from that second
he relaxed considerably.

His concern was that we demonstrate it's a serious business venture and not
a hobby or a way to write off other income. It sounds like your accountant
may have similar reservations. We showed our accountant our 5-year sales
plan and included some stats from AOBA's most recent member survey to
reinforce our intent. I don't mind his being conservative, but some choose
to use accountants who already have established farms as clients. Remember,
he's signing your return too and bears responsibility for you.

One of my personal farm goals is to get to the day that I can list myself as
"farmer" on my tax return too!

Nicole Carter
Upper Farm Alpacas

>From: AlpacaTalk@yahoogroups.com
>Reply-To: AlpacaTalk@yahoogroups.com
>To: AlpacaTalk@yahoogroups.com
>Subject: [AlpacaTalk] Digest Number 192
>Date: 13 Feb 2006 18:58:23 -0000
>
>There is 1 message in this issue.
>
>Topics in this digest:
>
> 1. Went to my accountant
> From: "llauletta" <llauletta@yahoo.com>
>
>
>________________________________________________________________________
>________________________________________________________________________
>
>Message: 1
> Date: Mon, 13 Feb 2006 15:10:53 -0000
> From: "llauletta" <llauletta@yahoo.com>
>Subject: Went to my accountant
>
>Okay I went to my accountant to find out about the tax breaks. He said
>If I am in the 25% tax bracket that is all I can claim the first year
>and that is it! I can depreciate them and the other stuff on the farm
>but that is it. Also, if I do not make a profit in x amount of years I
>would have to repay some money. I thought the tax deals were better. I
>live in NJ can anyone offer me more insight
>Lea
>Williamstown, NJ
>
>
>
>
>
>________________________________________________________________________
>________________________________________________________________________
>
>
>
>------------------------------------------------------------------------
>Yahoo! Groups Links
>
>
>
>
>------------------------------------------------------------------------
>
>
>

Yahoo! Groups Links

<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/AlpacaTalk/

<*> To unsubscribe from this group, send an email to:
AlpacaTalk-unsubscribe@yahoogroups.com

<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/