How do you work your depriciation

[RazorbackRed]

on your cows?

 

[allinnow]

5 years, straight line method
you can also use a 5 year accelerated method

 

[RazorbackRed]

whats the difference

 

[BTRANCH]

on the 5 year straight line, you take an equal amount for 5 years. On the accelerated version, you take a larger percentage in the first year, slightly smaller for the next year, and so on.

Your CPA should be able to advise you which will work best for you. If you don't have a CPA, I strongly encourage you to get one. Ours has been invaluable in helping plan our taxes and maximize the dedcutions.

 

[sidney411]

It really depends on if you need more of a deduction the year you purchace the animal or if you want to stretch it out. You can section 179 them the first year if you need all the deduction up front too.

BTW - How much does yall's CPA's charge you to do your taxes?

 

[bigbull338]

It really depends on if you need more of a deduction the year you purchace the animal or if you want to stretch it out. You can section 179 them the first year if you need all the deduction up front too.

BTW - How much does yall's CPA's charge you to do your taxes?

ours charges $100 to put all the figures on the right lines.an maybe more depending on whatelse they have todo.

 

[allinnow]

I've seen CPA's charge from $65 if you just drop off your final numbers, to $8,500 for a small corporate return with sales of five million dollars or less, and there was even some tax planning in there. Remember, when it comes to doing tax returns and financials, if you give the same corporate financial numbers to 100 different CPA's you will probably get 100 different tax returns and many will be correct. Unless you are pretty good friends with a CPA you will get what you pay for. If you are paying your CPA what seems to be a small amount chances are he/she is very conservative and not taking advantage of many deductions available through tax court cases. If you are paying your CPA a lot take your final numbers to an H&R Block rep. and see what they come up with, if there is no real savings then find yourself and new CPA. I have 25 years experience in accounting it was my first passion but I'm tired of sitting in an office all day for 12 hours so now I've put my pencil and computer away and started to raise cattle, my new passion.

 

[dcara]

Anyone have recommendations for Tax Accountants or CPAs in the Dallas Tx area? The one we've used for the past 3 years gets more expensive every year. This year his fee was $600 (plus our tax bill) which seemed a bit steep for our small ranch, the few rental props we own, and our regular 8-5 jobs.

 

[BTRANCH]

Ours charges $175.00 for a complete return. We both have 8-5 jobs and then the farm. I can highly recommend Gene Pfeiffer at 972-287-2118. He has been doing our taxes for at least 6 years. We are very happy.

 

[dcara]

Thanks BT