Goats as a business?

Discussion in 'Business Buzz' started by mommaB, Nov 4, 2009.

  1. So I was just thinking(dangerous)! Can you use the goats as a business? Are there a certain number you have to sell and keep? I know this probably varies by state. Can you use farm as write off? Just some things I was thinking about? I figure if I'm going to keep the little critters and am going to breed and have babies for fun and 4-H, I might as well get what I can back out of them?
    Anybody with knowledge about this? Your thoughts and advise would be appriciated.
    Thanks!
     
  2. capriola-nd

    capriola-nd New Member

    Jul 6, 2008
    Northwest Oregon
    I do not consider my herd a business. More a "hobby business" when I make my money back occasionally. In order to really make a profit, you would have to manage a large herd.

    Not positive on the tax part of that, but you can probably write some expenses off. But you may need to have more than just type of farm animal? My aunt writes off some for running a farm but she has horses, cows, goats, chickens, pigs in the summer, etc.
     

  3. ProctorHillFarm

    ProctorHillFarm New Member

    well since I am a tax preparer- I would say yes you can use goats as a business- pretty much anything can be a business.
    You will want to get a DBA bank account though- and use that for all of your spending and receiving
    keep track of everything- of course. And you have 5 years to make a profit on it- or it becomes a hobby and you can only write off up to your profit from the goats, whereas a business you can take a loss and pretty much write everything off
     
  4. I would consider mine a hobby business also! I don't expect to make much if any profit, but was more interested in being able to write off our truck, hay, any equipment purchased? Can you write off new livestock?
     
  5. Begotten75

    Begotten75 New Member

    2
    Nov 27, 2010
    I think goat business is good depending on the place where your farm is. Although it is low maintenance, it still needs a spacious and leafy pasture land to maintain the proper feeding of the goats. You also need to be knowledgeable enough to do such business.
     
  6. ohiogoatgirl

    ohiogoatgirl New Member

    771
    Jan 31, 2010
    ohio
    what about if you had a dairy herd and an angora herd (goats) and small rabbitry (for meat/sell babies) and quail? how many animals do you need to be a "business"?
     
  7. StaceyRosado

    StaceyRosado Administrator Staff Member Supporting Member

    Oct 4, 2007
    NJ
    you dont need mulitiple animals to be a business -- just one breed is enough.
     
  8. SDK

    SDK New Member

    Jun 26, 2008
    Yucaipa ca
    if you enjoy having businesses in the red yea, goats can be a business.

    I'd consider my rabbits a business, but breaking even doesn't cut it for me
     
  9. toth boer goats

    toth boer goats Moderator Staff Member Supporting Member

    Jul 20, 2008
    Corning California