How much is too much!

[Blkpiranha]

If you are a stingray vendor I take it you have to report your sales if you have a business license but couldn't you pose as a vendor without a business license and not report your sales? If you are a hobbyist do you have to pay tax on all the sales of your stingrays? Do you have to report your income of stingray sales to the CRA(Canada)? How much are you allowed to make before you have to report your income? What happens if someone reports you and you get audited and have to pay tax if you are making too much?



On a side note.....Do you need to prove you are a business before you can become a vendor on MFK and other fish sites?

 

[Oddball]

Best bet is to get a tax accountant to file your taxes on fish income. All income must be reported with income from animal sales reported on Schedule F (in the US). However, don't forget that you can deduct your expenses in breeding and raising the animals so, the tanks, utilities, foods, medications, vet/lab fees, and supplies can all be deducted from the gains.
A tax specialist can inform you of the minimum income levels that must be reported and whether or not you may require a resale tax number and/or business/jobbers license if the income reaches a certain level. These levels vary depending on your area.

 

[Oddball]

IF you have a resale license/business license, and you make less fish sales money after your original year of reporting, the business can be declared a loss on your total income and you can receive additional tax credits.
But, like I said, a tax CPA can give you the full picture.