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 Anyone an accountant??
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DandeeRose
True Blue Farmgirl

1492 Posts

Alicia
Charlestown, IN
1492 Posts

Posted - Nov 11 2015 :  05:31:10 AM  Show Profile  Send DandeeRose a Yahoo! Message  Reply with Quote
I have a tax question . If a person is going to buy land to do a small farm on and they want to take it off on their taxes because I know a portion of that is tax deductible for a business do you need to be a business before you buy the land or does it matter?

Many Blessings- Alicia #5232
http://themostlycrunchyfarmgirl.wordpress.com

https://www.etsy.com/shop/DandeeRose Farmgirl Accessories and more!
Life isn't about waiting for the storm to pass; it's about learning to dance in the rain."

Alee
True Blue Farmgirl

22856 Posts

Alee
Worland Wy
USA
22856 Posts

Posted - Dec 21 2015 :  1:16:57 PM  Show Profile  Click to see Alee's MSN Messenger address  Send Alee a Yahoo! Message  Reply with Quote
yes, you need to establish the business first or you will end up having to "sell" the land to the business later which means paying sales tax twice! It's easy to set up a business though- get an Tax ID Number (take about 10 minutes by phone) and check your state to see if you need to file a business entity notification, but usually just getting a TIN for the business is enough.

Alee
Farmgirl Sister #8
www.farmgirlalee.blogspot.com
www.allergyjourneys.blogspot.com

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littlemissfarmerca
Farmgirl at Heart

3 Posts

Monica
Billings Montana
USA
3 Posts

Posted - Feb 21 2017 :  6:19:59 PM  Show Profile  Reply with Quote
Hi,

I recommend you get an EIN tax number here: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
I'm an account for companies like http://secretmenus.com and one of the first steps I recommend to clients is to make sure you are filed as an LLC in your state and then make sure you have an EIN number to setup a bank account and use that for your business expenses.

LittleMissFarmer
Accountant
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