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Author Topic: How much $ did you spend in 2010  (Read 3114 times)

Offline hankdog1

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Re: How much $ did you spend in 2010
« Reply #20 on: March 01, 2011, 04:12:29 PM »
"What argument?"

The one I almost got into about tax law!  Ill leave that wide open for you to debate if you find yourself interested.

Hey it happens people get a little restless during winter happens to us all.  I actually feel rather flattered that my post was taken up to point out the new beekeeper politial correctness.   :-D  Starting to think i was invisable around here. 

A word of advice on tax law the IRS doesn't even know how to interprate it so you have to just comply the best you can and hope they don't come a knocking.  An example of this would be back in 2001 we had a book keeper working for us that messed up on payroll.  We worked to fix the problem ended up over paying.  Now years later we still haven't got our money back from them and depending on which person you talk to at the IRS we eigther still owe them or they owe us.  Go figure if you have a good accountant you should be fine though.
Take me to the land of milk and honey!!!

Offline ronwhite3030

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Re: How much $ did you spend in 2010
« Reply #21 on: March 02, 2011, 03:16:01 PM »
I really like this topic, gives info to people wanting to make a business out of bees.

Offline charmd2

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Re: How much $ did you spend in 2010
« Reply #22 on: March 02, 2011, 09:50:32 PM »
More than I will ever tell my hubby about.     :evil:  that's my story and I am sticking to it..   (hey I don't know how much he spent on bass fishing stuff last year but I guarantee the boat alone was 10 times what I spent on the bees.     
Charla Hinkle

Offline woodchopper

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Re: How much $ did you spend in 2010
« Reply #23 on: March 06, 2011, 12:52:16 PM »
We have 8 out of our 11 hives still alive over this winter. The three hives we lost all had mice damage in them so it was my stupidity and not the girls fault they didn't make it.  My wife and I keep bees just for fun and know we'll never be big enough to do it for a living. We've keep pretty accurate records since we started 7 years ago because we wanted to know when our girls had covered all of the equipment and other expenses. We have enough equipment for 22 hives and most of that was paid for a few years ago when we had two good producing years in a row.
 In 2010 we spend about $1250 for replacement packages and more woodenware. We made close to $5000 after all expenses. Even if beekeeping didn't pay for itself it's still a fun hobby for us and it's nice knowing our neighbors and our gardens are probably doing better because of it. It's also nice having a few extra bucks to do improvements around the house.
Every man looks at his wood pile with a kind of affection- Thoreau

Offline organicfarmer

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Re: How much $ did you spend in 2010
« Reply #24 on: March 06, 2011, 10:57:32 PM »
$1500 approx to increase from 5-6 hives to a dozen, though i had some extra material so i didn't need to buy all new. i also build a good amount -hence save on expenses- and i catch and remove free bees. Actually bee removal is what finance my addiction, allowing me to get more stuff.

Offline CAHighwind

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Re: How much $ did you spend in 2010
« Reply #25 on: March 06, 2011, 11:00:21 PM »
More than I will ever tell my hubby about.     :evil:  that's my story and I am sticking to it..   (hey I don't know how much he spent on bass fishing stuff last year but I guarantee the boat alone was 10 times what I spent on the bees.     

You and me both, ma'am!  I intentionally tried not to keep a record of it to any great extent, but over the whole spring and summer I was at the bee supply place every other week it seemed spending $130-$160 bucks or so.  Yikes.  Went from 0 to 10 hives at the end of last summer, and even though I built my own boxes and bottom boards, those frames and miscellaneous accessories sure add up quick.

Offline edward

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Re: How much $ did you spend in 2010
« Reply #26 on: March 06, 2011, 11:26:02 PM »
I didn't spend enough. I still need more hive bodies, frames, tops, bottoms, nucs, nails, screws, glue, saw blades, router bits, swarm traps... :-D

 :lau: :lau: :lau:

Ah .. ... .  . the joy of nailing together frames , wiring and waxing while siting in your be suit when its 30oc in the shade , ooh what joy  :-D

To the lovely sounds that flow out of your mouth  :thunder: :evil: :-x :rant: :devilbanana: :hissyfit: :rant: :thunder: :thunder:

mvh edward  :-P

Offline Dave360

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Re: How much $ did you spend in 2010
« Reply #27 on: March 07, 2011, 11:27:09 PM »
Last year was my first year and I got the fever bad so about $1200.00 and got 4 gal of honey not bad anyone want some $300.00 gal honey


Dave

Offline bee-nuts

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Re: How much $ did you spend in 2010
« Reply #28 on: March 08, 2011, 03:23:40 AM »
Here is some related info with regards to beekeeping and taxes at beesource if the link works.

http://www.beesource.com/forums/showthread.php?t=251345

maybe i should change my handle to bee-taxed
The moment a person forms a theory, his imagination sees in every object only the traits which favor that theory

Thomas Jefferson

Offline D Coates

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Re: How much $ did you spend in 2010
« Reply #29 on: March 08, 2011, 12:19:19 PM »
I went LLC 3 years ago as a CYA.  I am not putting my personal assets at risk over beekeeping.  I'm very careful but if I get sued (for whatever) my beekeeping company is out of business and I'll start another one.  I spent $2,291 and brought in $2,262 and I report it on my IRS taxes.  I've got my fingers in enough pies that I keep tight records and let the tax professionals handle it.  I'm still increasing the number of hives.  At the point where I am not increasing and having to purchase as many supplies I do expect to make a little money but at it's core beekeeping is a labor of love.  My cost for 2011 will be much higher as I substantially upgraded my extraction equipment.
Ninja, is not in the dictionary.  Well played Ninja's, well played...