School me on income taxes in relation to farming

[Angus Cowman]

Get a Ag CPA. Any ligit farm expense is deductible. Set up a farm checking acct, you don't have to take every receipt to the CPA. Keep them though so you have proof. Also put a little bait out once in a while so if you are audited they don't have to dig and dig to get something on you. Makes them happy, your happy they stop digging, you write a check, they look good. Everyone's happy, happy, happy.

You nailed it. Bait is so important, it should be a part of any business plan albeit unwritten. Sound advice jed.

I don't have to worry about it too much If I ever get audited my CPA will handle it plus she might take Jed's momma with her and them folks from the IRS better hide

 

[jedstivers]

They teamed up on a bunch of them. Didn't stand a chance.

 

[CKC1586]

I keep everything, and I mean everything even remotely associated with the farm. At the end of the year I list them out and give the list and the numbers to my CPA.

Yes sir, they know exactly what to do with those receipts. CPA is worth every dime they charge.

 

[Calhoun Farm]

I spoke with a CPA yesterday and got a good foundation of what I need to keep. Thanks guys.

 

[Brute 23]

I spoke with a CPA yesterday and got a good foundation of what I need to keep. Thanks guys.

Make sure they teach you how taxes work. Im ok with a CPA doing the leg work, bringing up ideas, or staying up on the new stuff... but at the end of the day I need to be able to sit and have a conversation about the taxes they filed for me. Go home a Google what they tell you and be sure its correct. For one, they are human and that is a lot of info to take in... especially right now. For two... there are some real idiots out there. Don't just take their word. ;-)

 

[Calhoun Farm]

I spoke with a CPA yesterday and got a good foundation of what I need to keep. Thanks guys.

Make sure they teach you how taxes work. Im ok with a CPA doing the leg work, bringing up ideas, or staying up on the new stuff... but at the end of the day I need to be able to sit and have a conversation about the taxes they filed for me. Go home a Google what they tell you and be sure its correct. For one, they are human and that is a lot of info to take in... especially right now. For two... there are some real idiots out there. Don't just take their word. ;-)

The lady I talked to did my grandmothers farm taxes for years until she passed away in 2012. I live on the same farm so I trust this woman. :cboy:

 

[Brute 23]

I spoke with a CPA yesterday and got a good foundation of what I need to keep. Thanks guys.

Make sure they teach you how taxes work. Im ok with a CPA doing the leg work, bringing up ideas, or staying up on the new stuff... but at the end of the day I need to be able to sit and have a conversation about the taxes they filed for me. Go home a Google what they tell you and be sure its correct. For one, they are human and that is a lot of info to take in... especially right now. For two... there are some real idiots out there. Don't just take their word. ;-)

The lady I talked to did my grandmothers farm taxes for years until she passed away in 2012. I live on the same farm so I trust this woman. :cboy:

Its your money... but those two in no way have any thing to do with each other. She could have done your gmaws wrong for all that time. It happens every day. Be your own person... don't just go with it because Gmaw did. A lot of farms and ranches are going down the tube or are already gone because they did it the same way Gmaw and Gpaw did it.

I went through a very similar deal with a CPA when I started my business.