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  1. #1
    Join Date
    Jan 2011
    Location
    Athens, OH
    Posts
    2,740

    Default 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

  2. #2
    Join Date
    Dec 2006
    Location
    St. Albans, Vermont
    Posts
    5,587

    Default Re: Beginning Beekeeping Accounting

    I use schedule F

  3. #3
    Join Date
    May 2009
    Location
    Garland, Bladen County, NC, USA
    Posts
    3,185

    Default Re: Beginning Beekeeping Accounting

    Charlie, Schedule F seems simpler to me, perhaps not at first but in the long run. Several different agri. ventures can fit into 1 schedule F. I use it for polli money, honey, grape vineyard, land rentals, and lumber harvests. I've considered schedule C, but consider F to fit my needs better....
    “Don’t tell me how educated you are, tell me how much you have travelled.” - The Quran

  4. #4
    Join Date
    Apr 2011
    Location
    Weeki Wachee, Florida,USA
    Posts
    2,065

    Default Re: Beginning Beekeeping Accounting

    I know it's a lenghty conversation but what are some of the benifits of schedule f?
    I'm have an Inc I could just file under?
    Thought or can someone point me in the right direction to educate myself?

  5. #5
    Join Date
    May 2009
    Location
    Garland, Bladen County, NC, USA
    Posts
    3,185

    Default Re: Beginning Beekeeping Accounting

    I can't speak to the advantages or disadvantages of schedule F. I was already doing F and the bees, honey, and pollination easily fitted in. I have read some good arguments for Sched C here on Beesource.
    “Don’t tell me how educated you are, tell me how much you have travelled.” - The Quran

  6. #6
    Join Date
    Apr 2011
    Location
    lee county, fl, usa
    Posts
    903

    Default Re: Beginning Beekeeping Accounting

    Cg3, your first line is exactly where I'm at too.
    I did a beesource search on taxes and after reading a few threads I'm going with schedule f, and at least for this year, an accountant. I want to find one that will teach me as they're doing this years taxes. I'm glad you asked the question, I'd planned on doing the same.
    Pleasant words are a honeycomb, sweet to the soul and healing to the bones. Prvb 16:24
    March 2010; +/- 30 hives, TF

  7. #7
    Join Date
    Dec 2011
    Location
    Bristol, Florida, USA
    Posts
    88

    Default Re: Beginning Beekeeping Accounting

    Keep in mind that good bookkeeping is primarily designed to help run your business more profitably with being able to create a tax return from the numbers being a by-product. If the categories don't make sense yon need to create your own to meet your needs. In QuickBooks, for example, you can go to chart of accounts, select "new" and create the categories you need.

    If you are not familiar with setting up your accounting software I strongly suggest you get a professional to help you get started. It will save you time and money in the long run.
    Last edited by JohnK and Sheri; 12-23-2012 at 11:52 AM. Reason: unnecessary quote
    Gary

  8. #8
    Join Date
    Jun 2011
    Location
    Bardstown, KY, USA
    Posts
    321

    Default Re: Beginning Beekeeping Accounting

    I use the F form with broad categories like "material" and "Sales". I just keep the sales of my different agricultural products on my notes should I ever get audited.....
    Grandchildren are the best.... Bees a close second....

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