Young couple/ Farming & art
My girlfriend and I are navigating through state websites and the IRS trying to get stuff in order, so we can start showing the IRS our income and hopefully leave the renting world behind and hop into the mortgage world.
We are still in our mid 20’s.
A. We both farm in the summer and have a farm stand and supply a few restaurants locally and are trying to expand our distribution. This will be our second year of this and last year it went very well considering, we actually made a profit and made a decent amount of connections .
So for this upcoming season, besides of a Intuit quickbooks type thing, what else do we need to have for record keeping?
What would suit us best ? We have no employees other than ourselves, farm on the land we rent and live on. LLC, S corp etc?
B. Then besides farming we both do our own art thing, mine being digital media, generally weddings/ winter stuff( were up in Vermont) random events, Edit stuff for people etc. Which is making like 2-3 k a month on average, with sometimes being closer to 6k.
And my girlfriend paints and does communism works for lots of people locally, making usually 1-3k a month.
What should be both do for that to should our income monthly for our art, individually.?
How do you keep records of that and submit that sort of stuff to the IRS?
Hoping in a few years we can qualify for a mortgage, off of our farm income and our own art.
( I currently work in the winter right now for some extra cash at the ski resort)
We’ve paid 1600$ for rent for going on 4 years now.. would love to start a transition to owning, obviously will take a few years
Her credit score is in the low 700 I believe, mines in the low 600.