Beekeeping Business and Taxes?
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Beekeeping in Alphabet City
Question by : Beekeeping Business and Taxes?
I am planning to start a beekeeping business in which I will be selling bee colonies(live bees), honey/pollen/wax and other bee related products. Once I get it running, do I need to fill out normal self-employed tax forms, 1040, schedule C, schedule SE, ect, OR do I need to fill out the farm tax forms since, I think, honeybees are considered agriculture.
What about State taxes? Property taxes?
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3 Responses to Beekeeping Business and Taxes?
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That sounds fascinating! I BELIEVE beekeeping is considered farm income, and if so you would file Schedule F, not C, with your 1040, but I would go to IRS.gov and download the instructions for 1040 Schedule F. There is probably a related publication you can DL from the IRS.
Check your state website’s business portal for information on state taxes. Farming is a very different kettle of fish from Schedule C, so you may want to consult an accountant with experience in this field.
I’m scared of bees, but good luck!
TheBansheeofBebop
February 13, 2012 at 4:51 am
Since honey is considered a product raised by farming use Schedule F. Same treatment for state income taxes. Property tax on your property should not change unless there are lower rates for farm property is your area.
spicertax
February 13, 2012 at 5:04 am
I currently work at a large commercial beekeeping outfit and I know that the owner got the property taxes at the shop in which we work at lowered by transferring it to agricultural land. So it may be that beekeeping income would also fall under farm income. To be sure though, you should be checking the IRS website at IRS.gov.
idaho_libertarian
February 13, 2012 at 5:19 am