CHINCHILLA AS A BUSINESS
Many people wish to turn their hobby of Chinchilla Breeding into a Business.
This article was written many years ago, but for those wishing to turn their hobby into a real business....starting to keep accurate records is very important. Again, this is just a guideline to start you in the right direction.
With our ever changing tax laws, use the following as a guidline...Checking with a tax expert regarding any recent changes in deductions, etc. for your individual needs.
These are items that are completely written off each year.
These are items that are not completely used in one year. They are depreciated over a period of years that they are expected to last.
Keep track of any income received in conjunction with your business
Like any business you must keep accurate records of purchases, mileage, etc. But when treated like a business it will have many benefits for you.
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