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Coffee Shop
best place to get tax info on the cattle biz
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<blockquote data-quote="jkwilson" data-source="post: 802513" data-attributes="member: 969"><p>I do my own, and think I understand it pretty well. Still a PITA, and I've not come across a preparer or accountant that I'd let touch my taxes since I started. H&R Block caused me no end of trouble and almost cost me $1300 on some carryover conservation expenses.</p><p></p><p>The Catch-22 is that if you don't know how to do them yourself, you can't tell if you are being hosed, and worse yet, you can't make decisions that will help you out.</p><p></p><p>Depreciation and recapture are boogers, and the idea of not deducting purchased cattle until the year you sell them trips a lot of people up. You end up with a big deduction one year, and then end up owing on the sale the next.</p><p></p><p>I had an accountant tell me once that if you aren't sure about what the instructions mean, and couldn't get a straight answer from the IRS, to make a note of how you interpreted them or what your method of figuring it was. That can help sway an auditor to waive a penalty if they understand what you were thinking when you did it.</p></blockquote><p></p>
[QUOTE="jkwilson, post: 802513, member: 969"] I do my own, and think I understand it pretty well. Still a PITA, and I've not come across a preparer or accountant that I'd let touch my taxes since I started. H&R Block caused me no end of trouble and almost cost me $1300 on some carryover conservation expenses. The Catch-22 is that if you don't know how to do them yourself, you can't tell if you are being hosed, and worse yet, you can't make decisions that will help you out. Depreciation and recapture are boogers, and the idea of not deducting purchased cattle until the year you sell them trips a lot of people up. You end up with a big deduction one year, and then end up owing on the sale the next. I had an accountant tell me once that if you aren't sure about what the instructions mean, and couldn't get a straight answer from the IRS, to make a note of how you interpreted them or what your method of figuring it was. That can help sway an auditor to waive a penalty if they understand what you were thinking when you did it. [/QUOTE]
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