Where can I review what taxes or benefits or tax savings - what is legally deductable for a home business?
I have an option to add value by setting up a home business with my family. My brother and his wife own the house, purdhased land and are clearing and setting up a Horse farm on 15-acres. My brother is retired from the US Navy and receives his retirement income and he works on an off shore supply ship and there is cash flow and stabilty.
There is no business license or plan as I have been suggesting to use the tax system and structure advantageously. I plan to set-up trade and product options after 14-years in SE Asia–Would it be wise to set up a LLC or a limited partnership? Is there available Horse Farm and Ag grants for the State of Florida?
I am seaching for some basic guidance so that our hard work and investment operates efficiently and advantageously…and solid tax and business planning.
Can you recommend some avenues or business sources and options that would provide answers and support ?
Theodore J. Adensam
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You can research for infoirmation or call 1-800-829-3676 (1-800-TAX FORM) and request Publication 17, Your Guide to Income Taxes. It is free and a very good source of information.
Recent news stories make it clear that there are agricultural tax advantages in Florida, but the land must be used agriculturally. Talk to your county assessors and state tax offices.