TOPIC: Taxes on ginseng

So I'm wondering if like, you raised an acre of seng and it was considered wild and you made like $20,000 on it, would you have to pay taxes on that?

Legally the answer is yes I believe as it is considered income and you would need to file it as income during tax time. I am not a tax professional so please confirm this with your tax person.
Thanks,
Latt

If your income is augmented by the sale, then taxes are a requirement... from the IRS. You will have to determine if you want to pay the IRS... and the amount you post , gotta be honest, you know? However, like the previous poster stated: \"I'm not a professional tax person.\"

However if you have a business growing 'Sing, and you can show expenses to offset the income, then that's another story. Still, you would need to show the IRS on the apprioate forms from them that the offset expenses were, well, IRS \"streetlegal\". In other words, you'd need to file using the usual IRS forms, which feed into your state's income tax dept... you get the idea....

I don't know how you would hide such a large income amount. I don't recommend it either...

Well actually I'm only 17 and was wondering for future reference. I don't have to put up with taxes yet lol But thanks cuz I thought you did, I just didn't really know cuz it never even crossed my mind till the other day.

I do agree tho, tryin to hide that wouldn't be a smart idea at all.

Well, being 17 doesn't exempt you from taxes. Being exempt from income does. good luck!

I know that, I was only sayin I don't have a job so I don't have to worry about that yet. And I don't have that much sang either, I was just wondering.

What's that they say about 2 sure things in life...

Death and Taxes

www.irs.gov/taxtopics/tc407.html

Topic 407 - Business Income

Business income is income received from the sale of products or services.

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TNhunter

lol ya I've heard that my whole life lol.

TNhunter,

Did yall get alot've snow out your way? I also live in middle Tn, and we got about 2 1/2 inch all in all.
And next week when it's supposed to reach into the 40's and after it rains, do you think that would be an ok time to do a little bit more planting?

Boyhud - - -

Yep - we got 4\" here - some counties just south of us got 7-8\".

Our kids are still out of school today - not sure about tomorrow.

Most main roads are clear, but some of the country roads (on those north facing hillsides where the sun hardly shines) are still covered in snow/ice.

When it does warm up after this - I think it will be a great time to plant more. I sure plan to.

I noticed that wildgrown had seed for sale again up in the 1 lb range. They guy I have been buying from shows sold out on his site now - so I will likely buy from wildgrown next time around.

TNhunter

Taxes will need to be paid!

In my home taxidermy business, fo the past 25 years, I have been writing off everything possible. I write everything like a boat, fishing tackle, hunting equip., atv, atv trailer for hauling shot game, guns, archery equip., hunting licenses, bullets, hunting clothes, plus taxidermy equip. and freezers.

All this equip. is needed for collecting specimens(animals and fish) to be mounted for display in the showroom. All this stuff can be a write off on my taxes. I write off thousands of dollars every year. keep all the reciepts on these.

For ginseng you could write off things like Atv, atv trailer, roto-tiller, hand tools, seeds, rootlets, gypsum, chainsaw for clearing trees, gas, shipping costs, labor paid to others for helping(including wages paid to your children), and the list goes on. Just make sure you keep records of everything. You should be able to reduce the amount paid to Uncle Sam.


Boyhud17 - Yesterday in Maine we had 15\" of snow come down in 13 hrs. A Blizzard!

Classicfur