I’ve read through the forum and didn’t see anything specifically about breeding and paying taxes on your income. My wife and I plan on breeding boas in the future and making it a fun thing to do as a family with our daughters. They love handling the animals as much as we do. We were wondering if it was necessary to set up a business or not. This will just be a hobby for us because we both have full time careers. Here are my questions:
Do we need to set up a business? If not, do we report our sales to the IRS when we file our taxes?
Are there any specific licenses that I need in the state of Virginia? I called the VDGIF (Dept of Game and Inland Fisheries) and they said they didn’t require any special licenses. I just don’t know if there is anyone else in VA that I should contact with these questions.
We want to get into this hobby, but we want to make sure we are doing everything legally before we get started. Thanks for your help!