Tuesday, January 10, 2012

Small, for-profit cattle business, Schedule C questions?

My husband and I are just starting a cattle business. We are buying calves to sell after we feed them on our land. So basically we buy the calf, feed it, and turn around and sell it; hoping to make a profit. (most likely will make a profit) We don't have very many expenses with this business. Our basic expenses are the seed for planting the land $100, lawn mower fuel for the year- $400?, occasional food pellets- $300. We own the land the cattle is own, and have a metal shop that we use as a barn. Are there any other deductions I can show, like my vehicle and insurance for my vehicle (we use it to pick up feed etc), and what about depreciation for the lawnmower, shop, and vehicle? I was just wondering if some one could give me advice on if it would be "worth it" to claim our for-profit business on our tax return for next year, and what things can I deduct.

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