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Author Topic: Of interest to the IRS  (Read 1110 times)

Offline cowboygourmet

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    • Autrey's Friendship Farms
Of interest to the IRS
« on: September 23, 2018, 02:30:26 pm »
Looking for a go to person that has experience with the IRS as it pertains to expenses that might be a " Red Flag" when reporting
I have enough bees now and sell enough honey that the income will have to be reported and I don't want to make any mistakes if possible
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Jest Remember to Keep your hands on the plow and your eyes on the Lord

Offline Acebird

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Re: Of interest to the IRS
« Reply #1 on: September 23, 2018, 05:58:13 pm »
A red flag would be  not creating a business.  If you create business you should get an  accountant.
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Brian Cardinal
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Offline Dallasbeek

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Re: Of interest to the IRS
« Reply #2 on: September 26, 2018, 11:18:11 pm »
Texas Agriculture Code, Chapter 131, is your first place to look.  Standard business practices and the Internal Revenue Code spell out the details.  I don't think there are any "red flags" any more.  The IRS is spread so thin that agents are not checking whether you actually use part of your home as an office, for example, but the computers at IRS are very efficient.
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"Liberty lives in the hearts of men and women; when it dies there, no constitution, no laws, no court can save it." - Judge Learned Hand, 1944
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