UKC Forums - Anyone have an LLC for beagles?

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Posted by Steve Sanford on 01-12-2011 02:30 PM:

Anyone have an LLC for kennels?

With the cost of food, gas, basic meds, and over all general expenses that WE all spend on our beagles and kennels has anyone filed for a LLC for small buisness. There is a lot of money that can be written off on taxes that I would like to take advantage of.

I believe Ohio says you have to show a profit within three years or something like that...would like to hear form anyone who has, or did something like this.

thanks,
Steve

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Posted by crowtown kennel on 01-12-2011 03:47 PM:

Dunno bout an LLC. But as of 2 years ago at least in Coshocton you are now required to have a vendors license to be able to purchase a kennel license.

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Posted by smokes creek on 01-12-2011 03:49 PM:

be careful

When you do this, you may open yourself up for a whole new set of kennel rules, inspections, IRS audits, etc.... For the few bucks you may be able to write off, I myself feels it is not worth the risk of future problems.. When guys feel a pinch from the kennel, its time to sell a few hounds. I would really research the pro's and con's of doing this.

Rick

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Posted by Bodacious Britt on 01-12-2011 03:52 PM:

You may have a problem with the hobby loss rules of the internal revenue code.

Also, to the extent you can overcome the hobby loss rules you actually don't need an LLC in order to deduct expenses of a business. You can use Schedule C of the Form 1040.

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Posted by blackdog_star on 01-13-2011 02:18 AM:

dogs

man i dont know what is wrong with the world today if the dogs get to be that big of a problem i will just quit hunting the dogs we have are for enjoyment not a tax write off and if the dogs are that big a prob sell some like the other guy said i know every one has an op and this is just mine thanks dont wont to make any one made if i did dident mean to

Posted by Steve Sanford on 01-13-2011 01:05 PM:

Re: dogs

quote:
Originally posted by blackdog_star
man i dont know what is wrong with the world today if the dogs get to be that big of a problem i will just quit hunting the dogs we have are for enjoyment not a tax write off and if the dogs are that big a prob sell some like the other guy said i know every one has an op and this is just mine thanks dont wont to make any one made if i did dident mean to

My situation deals with an ex-wife trying to make me prove income for more child support. Sorry but one litter a year doesnt out wieght the amount spent for the yearly up keep of my kennels. So long story short i have to come up with a way to justify all expenses, etc....and an LLC is an option Im looking at. Trust me, this may not be an option for 99% of us on here, but with my current situation I have to start looking outside the box to cover my own.

Posted by blackdog_star on 01-13-2011 04:18 PM:

dog

i can under stand wer u are coming from most xwifes are ruthless and have no hart most of them are 10 steps ahead of u also like they say hell have no furry like a woman scorned lol but it is true so good luck u will need it

Posted by Bodacious Britt on 01-13-2011 04:25 PM:

Re: Re: dogs

quote:
Originally posted by sanfordssj
My situation deals with an ex-wife trying to make me prove income for more child support. Sorry but one litter a year doesnt out wieght the amount spent for the yearly up keep of my kennels. So long story short i have to come up with a way to justify all expenses, etc....and an LLC is an option Im looking at. Trust me, this may not be an option for 99% of us on here, but with my current situation I have to start looking outside the box to cover my own.

Again you don't need an LLC. Show the income from the litter on your personal tax return as hobby income and then show the enormous amount of expenses on the up keep of your kennels. You won't be able to take the net loss against your other income (ie: wages from job) but you will definately off-set the income earned on the litter. If you have to provide your ex more child support because of this one litter you need a new attorney/accountant or both.

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Posted by Steve Sanford on 01-13-2011 06:34 PM:

quote:
Originally posted by Bodacious Britt
You may have a problem with the hobby loss rules of the internal revenue code.

Also, to the extent you can overcome the hobby loss rules you actually don't need an LLC in order to deduct expenses of a business. You can use Schedule C of the Form 1040.

im looking into this! Thanks for the info.

Posted by Steve Sanford on 01-13-2011 06:39 PM:

Re: dog

quote:
Originally posted by blackdog_star
i can under stand wer u are coming from most xwifes are ruthless and have no hart most of them are 10 steps ahead of u also like they say hell have no furry like a woman scorned lol but it is true so good luck u will need it

She is even reading these boards as we speak

Love you honey

Hows the kids?

Got to watch her pull out about 100 printed pages from the American Beagler and UKC board at court a few weeks back (I had two litters last year). I just laughed at her, but its still a wake up call to start looking into things because im sure she will try to pull it out of magic hat again.

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