Iíve Started beekeeping and from my original intent it has evolved into much more. Iíve got ten hives at this point this year that are Queen right and happy. I started the year with a swarm that fell in my lap and two nucs. From there I did some removals etc. won a few lost a few but now I can confidently say Iím more likely to succeed on a removal then end up with a hopeless queenless colony. I did not harvest honey in any amount to speak of due to a poor location but I have since found a great pasture from a friend surrounded by palmettos mesquite and tallows along with fields of dewberries and spring forage with lots of golden rod and other sources of winter feed. I also have other leads to chase on other spots. Iíve done a few removals mostly cash some paid with a check Iím guessing I need to report the income but to me that only seems fair if I write off equipment and mileage on my vehicle. What would be the recommended course of action. I didnít save all the receipts but I have most of my online purchased items or should I just not worry about this year and if I still have bees in January start tracking it better and get a tax ID. I have a local beekeeper I get tips from and sometimes extra boxes he has as he is starting to downsize with age. Obviously a lot can change wether it be failure or fading interest but my goal would be 50+ hives minimum in the next 2-3 years and using the many available swarms and doing splits and requeening with purchased queens. Maybe a few nucs if I have a good crop or do good on removals next year.
I honestly would like my hobby to make me a buck on the side but obviously that wouldnít come for a few years since I plan to put my own money plus money from removals and honey back into more equipment. My outlook maybe misguided but if I could make 10-20k from 100 hives or so that I managed as an enjoyable hobby aspect that seems pretty worthwhile as well as justifiable to the wife and maybe write expenses off in the short term. My question if not clear is
1.should I file and get small business this tax year.
2. Can I use a charge on my credit card statement as a receipt if it says something new related or do I need the actual receipt.
3. The local I talk to every once in a while claims to have around 150 hives and made ~15 drums I believe he said 2 full supers per hive harvested in July if I do that math 55 gallons x 12 lbs per gallon 660lbs a drum x 15 drums is 9900lbs he has the local market pretty speed up his honey is everywhere I would think to market mine so I would ideally just like to sale in bulk $3-$4 per lb thatís still 30k before expenses of course. Does that sound right? How difficult is it to move bulk if your a sideliner.