Reptile & Amphibian Forums

I was curious weather it would be in my best interest to incorporate my venture. I figure this would allow me the opportunity to write off quite a bit. I average about $1500 in sales a year. But figured if i was able to write off all the expenses, Such as electrical bills, food, shipping expenses, advertizing, internet connections, smart phone, and space in the home. It make work out to my benefit. Just looking for opinions as to what others have done. Since i breed mostly hognose and that this is a fairly active forum I would get a decent amount of knowledgable reponses.
Tanks
Mark

Seriously, this is a question better off asked of a CPA or a lawyer that specializes in business and taxes. Sure, you can ask people here what they do, but business laws and taxes can vary drastically by location and it's far better to be informed by a legal adviser in your area than by people who may play by a different set of rules that may not apply to you. The last thing you want to do is to break the law simply by following the advice of others that might not be as well informed as a CPA or lawyer in your particular area.
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Troy Rexroth
Rextiles

good call I appreciate the insight.
thanks

I think this is a great idea. It is relatively easy to set up a corporation. I did it by using legal zoom. It will cost you a few hundred dollars, and it will be set up very quickly. Once in place, your corporation will serve as a separate entity (even as a person depending on which politician you listen to.) You can do many of the things you mentioned above with it completely legally. Legal Zoom will suggest books on the subject, and might even send you one as part of their fee. Read, read, read, and educate yourself, so you can avoid making any legal errors. Good luck!

Dan

You already have the right answer. Talk to your CPA.
However you do not have to incorporated to clain a portion of your living space, utilities,milage, etc as deductions.
The corporation might be an expense that you could skip over; however, the corporation could be a protective shield for your other posessions. He can also advise you on how many times a hobby can be used for a write off as a loss. Best wishes.