Hi everyone! I was hoping some of the more experienced and bigger breeders would be able explain to me how difficult it is to handle and prepare your taxes. I’m thinking of applying for a New York State Tax ID number, that way I can start to send out applications to some NY reptile expos. I breed just as a hobby, I don’t make any money off selling animals and put all money I make back into the animals. So would doing my taxes at the end of the year be difficult?
Thank you,
Naven
This may be less a reptile matter than a small business matter. I don’t sell and breed but I do have a small business so I’ll address that half of the question.
Taxes are different in each state, so you’d be best off asking specifically people who also live in NY with small businesses. If you’re not making anything, in UT and CA and much of the West USA, that’d mean you have “no taxable income” from the business, (you’d have to have a busines license to sell or breed as an official Business or LLC) and needn’t report it since there’s nothing to report- you might have to say you have a business and prove there’s nothing to pay because you made nearly nothing or came out in the red… but again, that can vary.
Are you legally a Business already? Maybe that’s the same thing as applying for a tax ID in NY, or part of it.