So my tax lady is telling me that losing a small amount each year is going to flag an audit eventually... I've never been audited. I have a good job in town and pay PLENTY in taxes (don't we all!) Anyway, between diesel, twine, repairs and such I lose a few thousand each year. (gross sales on 10 acres of hay, a little bit of custom work and a few meat goats for 4H projects is around $6-8K.) So I told her, OK that's fine... I will simply have her do my taxes like I don't farm... I won't claim any losses or profit, just keep it all "under the table" so to speak. She says "well, you can't do that!!!!" So what the hell do I do? Keep doing what I'm doing (I keep every receipt as proof if I ever do get audited) or just treat my little operation like most folks do a garage sale or lemonade stand? I know there are a lot of part-time / hobby guys on here like me, I'd like to see what you all do. Thanks
Hobby farming - tax issues / audits
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