Doing my taxes - Having minis can be EXPENSIVE!

[Karin - NaKar Miniatures]

I am working on my taxes for 2006 & thought I would share what "SOME" of my expenses have been for 2006.

Feed (incl. hay) $8975

Vet supplies (incl. wormers) 532

Veterinary charges 3743

Registration/transfer fees

AMHA & AMHR 2000

Farrier ($13.00/horse) 2028

Insurance on 2 stallions 1188

Total on just the basics $18,466

THEN ADD:

Advertising costs (LB

Banners, World, Journal.etc) 4765

Farm supplies 760

Other Misc. expenses 1539

NEW TOTAL $25,530

That doesn't include the dollars spent having had 2 horses being trained/shown! :new_shocked: Properly caring for minis is not cheap!!!!!! :nono: I don't think many realize what it takes to properly raise minis and to promote them and/or your farm. My CPA is really not going to be very happy with my figures this year! :no: I will definitely be in the RED!!!

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Then people want you to sell your horses for little to nothing!

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Anyone else feel this way?

 

[Reble]

:new_shocked: How many horses? Hope you sold some this year?

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[Boinky]

Karin,

I think your right that not many people relise the expense. You know this goes towards breeding dogs too. Just last week there was some discussions on how much dog breeders made and "puppymilling" well i can tell you my fees add up just like with the horses! it AMAZED even me at how much i'd spent to maintain and care for the dogs and how much in the hole i was even after 3 litters!! a lot of that was nessary "routine" care type stuff. The horses are the same way, but not a business for me. last year i added up all the stuff that i have invested in horses like fencing, tack, the barns we built ect. this was just HOBBY stuff on a shoe string budget and came up with over $11,000K in prices and that wasn't even touching alot of other prices that should have been added in. it's nuts..even if your not doing it as a business you certainly sink a ton into them!

 

[Karin - NaKar Miniatures]

You are absolutely right Boinky! The expenses really add up whether you have minis as a business or as a hobby. People think you're making a lot of money and that isn't the case at all! I wonder how many people who have the minis aspets or a hobby actually add up all their expenses. I think they may be surprised what they are spending!

Rebel - I do have a lot of horses and need to reduce my numbers. I just hate to let them go. I get really attached to them. I don't have any help and I do everything all by myself. From stacking feed, hay to mending fences. I have about 60 horses.

 

[sedeh]

Ouch!! I hate getting my stuff together for taxes.......then I really see what I've spent on these little beggers! Mine is obviously smaller scale than yours..... I only have 11 mini's. But things add up and it is frustrating when you do your best to produce and promote quality minis and then people "don't understand" why they have a decent price tag on them. I'd be happy if one day the minis would at least support themselves!

 

[Boinky]

yep it's frustrating isn't it! both in horses and dogs when people say "wholly cow look at the price on those". now i'm not a big spender on buying horses, primarily because i don't HAVE the money to spend, buti buy what i can afford and same with dogs. I think it's funny, and I remember i used to think the same thing, that people thought prices of purebred dogs was outrageous and they must be making a killing.. err..not anymore!! lol $8K in the whole after three litters and i' not really seeing how i'll ever break even if i keep spending what i need to each time i have a litter..lol maybe at some point i'll break even..but the only way i can see it happening anytime SOON is if i pump out a lot of litters every year and maybe cut corners a bit on costs!

 

[Frankie]

Karin,,,,,if you got too many,,,,,,one could have been included in my secret santa gift!!! :lol: :lol:

I just try not to add it all up.

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But then you need to add,,,,,,,,,,,,their love,,priceless

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[disneyhorse]

That is NOT expensive!!!! If you do the math, you are only spending $425 per horse each year. That is NOTHING!!! I think it's simply because you have SO MANY horses that it seems like a lot of money.

Just be glad you don't live where I do... my annual cost for everything is (just the basics... feed, board, vet, and farrier) $2400 PER HORSE.

Just imagine... if sixty of your horses lived at my barn, the annual cost would be $144,000. And THEN you would have training and show fees and advertising on top of THAT!!!

So now you see why I only have three or four horses, tops.

Andrea

 

[targetsmom]

You are way ahead of me, as I haven't even computed my estimated taxes yet for my business that supports the minis. Those are due next week. I hate getting all the mini expenses together. We only have 6 minis and I would be THRILLED if our expenses were only one tenth of yours! I think our costs may be higher in New England, but I am sure it varies all over. And we haven't sold anything yet, as we are just getting started.

 

[kaykay]

i just finished my taxes also and yes its scarey. epspecially if you throw a colic surgery in there.

Boinky please do not take my comments out of context. I never advised anyone to be a "puppymill" What I said was there are a lot of miniature horse farms that supplement farm income by raising puppies.

Im one of the few (brave enough) that will admit that i have never lost money on a litter of puppies. But I do it sparingly. I am not a puppymiller. I do have a lot of friends that do it much more full time then i do and yes they make money, and they are not puppymillers either. Again making money does not equal "bad breeder" I am as passionate about Border Collies as I am horses. If I wasnt I would never breed one.

All you have to do is look at the back porch to see how many people here breed dogs.

 

[maplegum]

Yes, i also did the 'math' and figured that $425 per year, per horse if affordable. Now, multiply that by the 60 horses you have and yes, that will burn a hole in your pocket.

I don't have my horse just yet, i get him in February, but i've been told that it should cost me around $15 per week (Australian $$$) to keep him. It costs more to feed the dog!

At the end of the day, i bet you still think your little horses are worth every cent! Sounds as if they have a good life with you, no expense spared. :aktion033:

 

[Gena]

We feel the same way!! Each year we dreaded adding up the total expenses...they add up SO fast, especially like kaykay said if you have extra vet bill or bills for that year it comes out to even more. We made good money on our foals BUT we never had a year we were NOT in the red! The most we ever had at one time was 16 but we spent a lot on feed, ferrior, worm meds, and vet bills - even though we did give our own vaccinations. We had always hoped to make enough each year to come out even but never did that either. That said, we sure enjoyed the miniatures. I have had horses my whole life...I am having withdrawal not having any right now but will have miniatures again, God willing...its because of how expensive everything is getting we don't have any right now - we are trying to sell our home and find someithing cheaper/smaller to live in so we can have horses again

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[Margaret]

Lol Karin, ...I have to do that once a year too,( hubby makes me) -only closer to April -I guess so I dont know how things look for last year yet.,.. Wow even with my measley 3 miniature horses now things can total up in a hurry. My hay and feed is the largest expence, even though we have pasture durring the growing season.. Do you ever make out ahead? or even, break even?

I dont incure much w/ the vet expences, and I do my own farrier work, but it sure would be nice if I coiuld generate my own hay.

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Well all that said and done, all I could offer you in the line of advice is that,- if you brought your numbers down in horses, than your expences should follow.

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[garyo]

We are still pretty new at all this and have just functioned as a hobby. How do you do your horse business? Is there a good book? Is there a website or program? What about things like hay cost? Does Farmer John give you a receipt?

 

[Buckskin gal]

Yep Karin, I think most of us have realized a long time ago that for most part, our horses are a luxury. I do think you are very lucky to have a fairly low cost per horse. I don't know if you figured out how much you averaged with selling your horses but you should come out okay with those expenses. I know many of us don't have an endless supply of money to put out on horses but it is an enjoyment that we try to hold on to with the very best management possible. I would do just fine if my 6 horses each took $425.00 a year to maintain. 6 times $425.00 =$2,550.00. If I had 3 foals a year and sold them for only $900.00 each, I would not be in the red if the cost per horse were only $425.00! Since this is a hobby for us and we usually only have 1 or 2 faols a year we don't expect it to be a money maker but I do think we could make it a money maker if we wanted to put the effort into it but we don't. I think our money is well spent on the horses because we sooo enjoy them and they are the best entertainment/ enjoyment I know of for us at this age. Well, send some here if you have too many ...we could handle a couple more and they receive excellent care! LOL Mary

 

[Loess Hills]

We're just starting to put ours together, too. My husband has been nagging me about using too much woodchips.........because all the stalls are bedded with them, and we clean daily. I don't even want to add up how much it is!

 

[ibquackers20]

I really do not want to know how much I am spending - hubby would freek if he knew, I only have 4 and since I also do everything myself except for vet/ferrier/growing hay. I think if I figured everything out I would freek but since it is just a hobby and I am not breeding I just file everything away.

I knew getting into this it would not be cheep but then what hobby is / lol

 

[Boinky]

Boinky please do not take my comments out of context. I never advised anyone to be a "puppymill" What I said was there are a lot of miniature horse farms that supplement farm income by raising puppies.

that was not aimed at you, but there was discussion about puppymilling.

Im one of the few (brave enough) that will admit that i have never lost money on a litter of puppies. But I do it sparingly. I am not a puppymiller. I do have a lot of friends that do it much more full time then i do and yes they make money, and they are not puppymillers either. Again making money does not equal "bad breeder" I am as passionate about Border Collies as I am horses. If I wasnt I would never breed one.

I don't think anyone is bad for making money..and i'm not trying to be flip here.. i'm TRULY intrested...but sometime when you have a chance would you be willing to talk dogs with me? I'd truly like to know how you do it and come out ahead.

 

[wildoak]

Karin, you need some barn help! That's a big herd to take care of without help...I've got half that and I whine when I don't have a little help LOL.

The costs sure do add up in a hurry but yours don't look out of line for the number of horses you have - I haven't started working on my figures for the year yet, always dread getting into it. We had a "big" year last year what with moving and setting up a new place so our costs will be much higher than normal. Have to get back to reality this year - no more new toys :bgrin and get some horses sold again.

Jan

 

[CharmedMinis]

Karin you are doing good for having 60 horses!!! :aktion033:

I've got 19, and my farrier bills for the year.......$4,000

My vet bills from October 2005 until now (bad year)....estimate $30,000, good thing my vet takes payments.

I haven't sold any, because none are sellable.........and I'm done breeding, now they are just expensive pets

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Oh, what we do for the animals we love

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