If you are a sole proprietor, you report your business income (or loss) on your Form 1040, U.S. Individual Income Tax Return. Generally, you must file Schedule C, Profit or Loss From Business, with your Form 1040, on an annual basis, to report your business income and deductions.f you are a sole proprietor, you report your business income (or loss) on your Form 1040, U.S. Individual Income Tax Return. Generally, you must file Schedule C, Profit or Loss From Business, with your Form 1040, on an annual basis, to report your business income and deductions.
The very first thing to do when planning to start an alpaca farm is to educate yourself by reading and doing a lot of research. Knowing everything and anything about the alpaca and how to successfully manage and run an alpaca farm is key to what could be a very rewarding and fulfilling business.
1 They can be readily halter trained, and reward their owners with an annual fleece. 2  Alpacas produce a luxurious fibre which can be shorn on an annual basis, and sold as either raw fleece, or manufactured in yarn or fabric. 3  Alpaca textiles are recognised by fashion houses world-wide. Alpacas are probably the optimum livestock investment in the world. 2  Even small herds can be financially viable, making them ideal for hobby farmers or those with limited land space. 3  Wethers make great pets for people who prefer the livestyle option and have no desire to commercially farm or breed their animals.