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Sharon Greene is a partner in Snow Diamond Alpacas, along with her husband Don and son Austin. Located in Steamboat Springs, CO, Snow Diamond Alpacas is focused on producing alpacas with fine fiber, and on providing superior customer support to new breeders.
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The
good news (for alpaca owners) is that the federal tax code does,
indeed, offer opportunities for some alpaca owners to save money on
their tax bill. The good news for everybody else is that these same
benefits are available for virtually every qualified business.
Accelerated
Depreciation
Section 179
is a part of the federal tax code that—among other things—allows
qualifying taxpayers the option of treating certain property as an
expense (instead of a depreciable asset) and deducting it in the year
in which the property is placed in service (instead of depreciating
it over several years). The amount of depreciable business assets
that can be expensed under Section 179 is $500,000 for 2010 and 2011.
For
most active, hands-on alpaca breeders, deductions from expensed
assets can be applied towards any
business income, not just income from the business related to such
assets. Passive investors (generally those who do not participate in
the day-to-day care and decision-making involved in the business) can
apply the value of expensed assets only to income from the sale of
alpacas, their fleece, and other related farm income.
Deductible
Expenses
Hands-on
breeders who actively participate in their alpaca business can deduct
the normal expenses associated with running a business. For alpaca
farmers, those expenses can include the cost of feed, fertilizer,
seed, farm repairs and maintenance, shearing, marketing, vet
expenses, security, breeding fees, boarding, show and travel
expenses, fiber processing, office expenses, vehicle expenses, small
tools, and the business portion of taxes, utilities, telephone and
insurance, among others.
Tax-Deferred
Wealth Building
Alpaca
farmers or investors can purchase several alpacas and then allow
their herd to grow over time without paying income tax on its
increased size and value until the animals are sold. This is the same
tax rule that applies to any cattle farmer. . It works just like it
does for employees who receive stock options from their employers and
do not pay tax until the options are exercised.
Alpaca
Breeders Are Special; Their Tax Breaks Aren’t
The
alpaca owners I know work hard, invest a considerable amount of money
to purchase and care for their animals, and spend a lot of time
building their business. Anyone who says that they got into the
business because of the tax
breaks for
alpaca owners is not doing enough homework. Alpaca breeders know that
there’s more involved in being successful than being able to deduct
some of their losses before paying taxes.
This
article has touched on a few provisions of the federal tax code, and
additional tax breaks for alpaca owners may be available at the
state, county and local levels. Be sure to check with the taxing
entities where you do business, as well as your tax adviser, on
whether or not your alpaca business qualifies for these or other tax
considerations.
Sharon Greene is a partner in Snow Diamond Alpacas, along with her husband Don and son Austin. Located in Steamboat Springs, CO, Snow Diamond Alpacas is focused on producing alpacas with fine fiber, and on providing superior customer support to new breeders.