Quote History Quoted:
Thanks for the info...
This is hobby stuff venturing on business. We are unofficial bee keepers
with a dozen hives. Last year we go 50 gallons out of 11 hives.
I've got 3 hives left he has just one. We'll see what happens tonight.
View Quote
I you are thinking of going into a real business in the future, you need to call it a business now, and file a schedule F form this year. Write off all of your wood, frames, queens, packages, feed (sugar, protein), feeders, all honey equipment, hotwire fencing, fuel involved directly in caring for your bees and other expenses. Continue to write off your expenses as you grow and report your income.
Talk to your tax guy on it now. For the first few years you for sure will get a tax return on the business with your expenses being higher than any income. Pending if you are selling your honey, or making money on pollinating, you'll start breaking even eventually (without paying yourself). When you are sidelining 150-400 hives, you can start paying yourself... And you can kiss your sanity goodby. Lol.