a question about fish stores

[jpcampbell123]

do most fish stores claim the fish die offs on their taxes? we all know that deaths are part of this hobby but i wondered if the fish stores file them on their taxes.


as part of their loss in the running the store.

 

[F1 VET]

do most fish stores claim the fish die offs on their taxes? we all know that deaths are part of this hobby but i wondered if the fish stores file them on their taxes.


as part of their loss in the running the store.

Yes because its once inventory but part of the game, like a supermarket that has fruit, which, some goes bad.

_________________________________________________________________________
http://www.monsterfishkeepers.com/forums/showthread.php?504763-Cheap-plants-less-nitrate!-POTHOS

*Go S. Vettel #1 rb8--2 MORE RACES LEFT! SEE YOU IN TEXAS BOYS! LET'S MAKE IT 3 BACK TO BACK WDC!* :beer:

 

[jpcampbell123]

been thinking about trying a store lol but afraid the fish would all go belly up

 

[Tucc185]

Yes because its once inventory but part of the game, like a supermarket that has fruit, which, some goes bad.

_________________________________________________________________________
http://www.monsterfishkeepers.com/forums/showthread.php?504763-Cheap-plants-less-nitrate!-POTHOS

*Go S. Vettel #1 rb8--2 MORE RACES LEFT! SEE YOU IN TEXAS BOYS! LET'S MAKE IT 3 BACK TO BACK WDC!* :beer:

Most small-medium sized LFS do not keep nearly detailed enough records of inventory shrink to be able to write something like that off. Trying to write off dead fish on your taxes would be asking for an audit. In-house losses are typically just absorbed by the store (part of the risk involved in the livestock business). Business savvy stores mark up accordingly, factoring in losses as well as all the other overhead that goes into that fish (employee labor putting it away, feeding, electricity, water, etc.) to get a realistic cost of the fish. A lot of MFK'ers will bash stores for being "overpriced" with no concept of how much overhead that store has to contend with just to break even on a fish.

 

[EBJDguy]

My LFS owner told me he claims the equivalent of 25 bucks a day on loss inventory to the IRS when he does his taxes and has been in the fish business for 35 years.

 

[discusgirl]

been thinking about trying a store lol but afraid the fish would all go belly up

Id be more afraid of it killing the hobby, I have so many tanks that I love I think by the time i was done with my day at work id be like..."ya no..." to all the water changes for the home tanks.