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.
What do alpacas eat? Alpacas mainly eat grass or hay, and not muchâapproximately two pounds per 125 pounds of body weight per day. The general rule of thumb is 1.5% of the animalâs body weight daily in hay or fresh pasture. A single, 60 pound bale of hay can generally feed a group of about 20 alpacas for one day.