Reptile & Amphibian Forums

i was just curious as to when a hobby becomes a business and needs a tax ID code to be "legal" any info would be greatly appreciated

Adam

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1.1 THAYERI (1.1 added soon)
1.2 SPLENDIDA (1.0 ALBINO/ 0.2 HYPO)
1.3 ALTERNA

0.1 PYXIE FROG
0.0.1 TADPOLES

here in new york i believe you have to make more than 3 grand a year for 3 years before a hobby becomes a buissness. if you report losses, break even or dont make more than 2999 then it is still considered a hobby.
adam
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hybrid breeders association
0.0.17 baby corns
16 corn eggs-due aug 5th
5 leo eggs-due aug 1st
0.1. normal corn het hypo,anery
1.0. snow corn het hypo,anery,amel
1.0. amel corn unknown hets(4ft 8inch long)
1.0 sinacorn
1.1 kenyan sand boas
0.1 mbk
0.1 albino nelsons
0.2 normal leo geckos
1.0 blizzard leo gecko
0.0.1 3 lined mud turtle

You have several issues. Federal and State taxes, and maybe a vendors issue?

I use to do ebay on a small scale, REALLY. But the Feds have been trying to regulate ebay for some time. It is loss taxes, but herp sales unless you are doing a LOT would be hard to trace. Add in your costs, if a "legit" business, you can make it look like you are in the red even if you make money. Again, unless you have a lot of stuff, and high end stuff.

Maybe talk to a tax person on extra personal income? They should know.

I'm going to be getting back into breeding mice and rats on a fairly good size scale. I'm debating to make it legit. But for other reasons, not to cheat taxes. I will be raising my stuff where I work. If I legit, I can deduct my gas to go take care of my critters and then, oh yea by the way, go to work. It's 60 miles! Plus a few other reasons.

This IS NOT legal advise, but I have stayed at several Holiday Inn Expresses in my days!

Any money you make even off a hobby technically needs to be claimed for taxes. However, I think you don't actually pay taxes on that money if you make under a certain amount within that year... which probably varies by state. Probably an average estimate is about $1,000 or thereabouts. If you treat the hobby as a business you can write off certain expenses to help bring you under that threshold amount. Though I think if you do it that way you can only go for like 3-5 years at a 'loss' (ie no profit) before the IRS will start to get suspicous. Then again, if you consistantly make more money than what a hobby should be bringing in (ie running a business under the guise of a hobby) you could probably bring suspicions down on ya too.

As suggested, probably talking to a local tax person (H&R block or something) for advice is the best way to go. They should know all the loopholes.
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PHWyvern

I do not think federal income tax varies by state. State income tax does.

Also don't forget sales tax. That kills us big time.

I know ebayers that make 30k with out claiming anything. I do not have those type of *****.

It would be funny to see a herpers audit!

Tax man: "You bought $3000 in frozen mice?"
Herper: "Er you"

Tax man: "You bought $2000 in tupperware?"
Herper: "Er Yup"

I used a texian as my example as a herper.!

POOF

blah

get over it. 99 is nothin!

dont forget the $$$ spent on aspen bedding (or your bedding of choice), and your electric bill. My goodness.
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****Misty****

http://www.sneakyserpents.com/

"Yesterday was the deadline for all complaints"

Not counting Hatchlings, this is what I have.........

1.1.2 bearded dragons
9.18.0 corn snakes
1.1.0 jungle corns
1.2.6 California King
1.0.0 Mexican Black king
0.1.0 Blotched (variable) king
0.1.0 Lavender Brooksi king
1.0.0 Sinaloan milk snake
0.1.0 Tri-Hybrid milk snake
0.1.0 rat snake
1.1.0 Arizona mountain king
1.1.0 Congo African Grey Parrots
0.1.0 German Shepherd (hybrid) dog

>>get over it. 99 is nothin!

99 and 75% humidity. Not like 30% in Texas.

And I'll whine all I like! lol

Our new aspen has been crap, it is cut like pine. And smaller bails.

I may have to go back to the cheap place. We pay $6 a bail if we buy a lot!

I really need to get some stuff done at the shop for my friend. I plan on taking off 2 weeks, to go to Puerto Rico.

No, computers, just me my mom in law and many many over her family cooking for me. This trip is 27 years in the making.

I may never be seen again!