Updated over 2 years ago on . Most recent reply
Flower farm tax deductions
I am not sure if this is the right forum, but I am wanting to start a flower farm this spring and was wondering how to go about it? Do I become an LLC first and then save my receipts for tax purposes or what? And, does anyone know of a great CPA around the Green Bay/Wausau/Clintonville WI area?
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#2 Commercial Real Estate Investing Contributor
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#2 Commercial Real Estate Investing Contributor
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If you already own the ground start the farm.
Talk with your attorney and set up the LLC. You can transfer the land into the LLC.
Ask your local realtor for the name of a cpa who is good in Real estate.
Looking at your prior posts looks like you are starting out with rental properties and learning about REI. Plus you're wanting to start a Flower Farm.
Please understand your risk reward and learning curve. Looks like you receive money after your mother passed away. I would spend more time learning right now before investing. You’re starting two types of businesses. Usually your cash needs are greater up front than you budget. I personally would pick one type of business and learn it versus two. Pick the one that you plan to scale. Versus a one off investment. My friends do a lily farm and they are doing great. But it took 2 to 3 years to build up their inventory and build their market.