Make Money From From Maine Coon Cat Breeding - Hobby Or Business?
Maine Coon Cat breeders often say that the business is not lucrative. But most people still try. The main question is, is cat breeding just a hobby or a business to you? Many cat breeders made this choice of breed after a careful consideration of Maine coon characteristics, temperament, personality and even allergies.
If you want to turn breeding Maine Coon cats into a lucrative business, you will have to scale many heights, one of which is 'most people think it is unethical and that legal actions should be taken against those who are breeding cat for business purposes.
Also a large number of counties give out licences based on the numbers of the animals being sold. For example, a Maine Coon cat breeder who sells 50 kittens at a price of $400 will get a license, while a person who offers maine coon for sale at $900 will certainly not get a license.
In an IRS regulation there is something known as the “hobby loss rule” that needs a reason for making profit, so as to reduce loss. When the reason is established, they will then study your professional disposition – your company name, transactions, business account information and records, and daily log or journal. Once you decide to manage it as a non-profit venture, the IRC will not enable deductions from your account.
NOTE; if you are able to make profits in three out of five years, you are officially a business man.
Analyzing this issue from the viewpoint of the IRS shows that IRS are profit driven. It is also advisable to hire a legal practitioner and an accountant.
This may not seem important to a person that has few Maine Coon cats. If you just love breeding cats, you can add the extra income to your funds. Keep in mind that once you turn catbreeding into a business, everything changes really fast.
Hobby or business, you should decide to choose and play safe.
