Cattle Operations and Turbo Tax

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Julian

Well-known member
Joined
Oct 8, 2006
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528
City & State/Province
Inman, Kansas
Anyone use Trubo Tax, or any other tax preperation software, to prepare their own taxes for their cattle operations?

I would appreciate any replies.
--Julian
 
I use Turbo Tax, but it doesn't do anything special for a cattle operation. Just breaks it down into the categories the IRS wants expenses and income in. Quickbooks is good if you use it during the year, and TT can import from QB.
 
I use an accountant... he charges about $150 to do it all for my operation. Tubo Tax isnt detailed enough if you ask me.
 
We use Quick Books in my buss. Just added the cattle operation in as a sep buss. Then enter direct to TT.
All this can get pretty expensive. So it all depends on how large a cattle opp. you have. That 150 to cpa sounds great.
 
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I keep my books on Quicken
And have them set up(he told me how he wanted them) so the accountant just has to punch in figures-- he can do my books so fast that he charges me less.$300/yr.As a bonus I get to ask him about money issues all year long.
It took me forever to find him though --hes one of the few that really understands agriculture.
Our county is tightening on agricultural deductions- and went back 5 years looking for
"mistakes"-- Lots of my neighboors got nailed with $3-6,000 bills.I got nailed for $500(mostly penalties on a $75 mistake)

The accountant is the Best money I spend all year---
 

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