Beginning Beekeeping Accounting
OK. Third year, 17 hives, harvested from 8. This year I started tracking income/expenses, with an eye toward losing a little money on my taxes. This year I had approximately $5K go in and out of the account, not enough to justify professional tax preparation. (Surprising to me- to date I'm only a couple hundred in the red and still have enough honey left to come out ahead.)
Started plugging the numbers into my accounting software but the catagories don't seem to make sense. I'm a contractor, do my own taxes, and am familiar with Schedule C, (Profit/Loss from Small Business). Should I be looking at Schedule F (Farm income)? Or is this Hobby Income? Am I going to prison?
Buy the ticket, take the ride. -H.S. Thompson