Bernard
Well-known member
In a post (somewhere) on this site someone alluded to the distinction the IRS may make between someone with small acreage / few cattle (hobby) versus a larger enterprise which presumeably qualifies as a for-profit business. And, the implication was that tax issues were involved and that a consultant should be employed. Is this a legitimate concern for someone who has plans for an initial small startup? Is there a break point, baseline or formula that determines which is which? And finally, if I do need to "consult", are the tax issues basic or do I need to find someone who specializes in Agribusiness?
Long, complicated post, I know. Sorry.
Long, complicated post, I know. Sorry.