Wendy Scheening
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  • Ballston Spa, NY
  • United States
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Wendy Scheening's Discussions

Maple Syrup Production Tax implications

Started this discussion. Last reply by Brett Davidson Feb 15, 2016. 3 Replies

In 2015 we converted our maple syrup hobby into a small business.  This is the first year we have to file our taxes related to the business and are not certain if we should consider it farming or…Continue

Tags: business, tax, maple

 

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Brett Davidson replied to Wendy Scheening's discussion Maple Syrup Production Tax implications
"Wendy, You may find it helpful to take a look at publication 225 Farmer's Tax Guide.  My guess is that your business fits the definition of farming.  Farmers get a lot of breaks that other business' do not get.  Here is a…"
Feb 15, 2016
Wendy Scheening replied to Wendy Scheening's discussion Maple Syrup Production Tax implications
"Thanks Steve.  I will definitely look into doing it that way.  I appreciate your response.  Wendy"
Feb 9, 2016
Stephen Childs replied to Wendy Scheening's discussion Maple Syrup Production Tax implications
"Wendy, Generally it is to your advantage to be considered a farm for tax purposes.  The main reason is that with a schedule F using the cash method you do not have to account for either supplies or product inventory.  Doing such inventory…"
Feb 9, 2016
Wendy Scheening posted a discussion

Maple Syrup Production Tax implications

In 2015 we converted our maple syrup hobby into a small business.  This is the first year we have to file our taxes related to the business and are not certain if we should consider it farming or retail sales (schedule F or schedule C) or what the standard business code is that we should use.  We own our own woodlot (38 acres) and do not purchase any other sap at this time.  We contacted the NYS sales tax division and they said we do not need a sales tax number because we do not collect sales…See More
Feb 6, 2016
Wendy Scheening is now a member of CornellForestConnect
Feb 6, 2016

Profile Information

How many acres of woodland do you own or annually manage?
38
Please describe, with two or three sentences, why you are interested in woodlot ecology and management. Your answer helps us ensure that only those people truly interested in woodlots are added as members.
We converted our maple sugaring hobby to a business in 2015. We are interested in making sure we do the best possible job of it.

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