Menu
Forums
New posts
Search forums
What's new
New posts
New media
New media comments
New profile posts
Latest activity
Media
New media
New comments
Search media
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles and first posts only
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Forums
Cattle Boards
Beginners Board
Tax question - depreciation
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Help Support CattleToday:
Message
<blockquote data-quote="Running Arrow Bill" data-source="post: 706439" data-attributes="member: 9"><p>First line of defense is to have and use a CPA for your tax things. Second is to have a CPA that is knowledgable of agricultural issues.</p><p></p><p>That said,</p><p></p><p>If someone is having a few cattle along with their "day job", then the situation gets sticker. If your DAY job IS your cattle operation, it becomes more plausible.</p><p></p><p>For any business type, it should be established as a business. As such, have a:</p><p></p><ul> <li data-xf-list-type="ul">1. Business Plan.<br /> 2. Separate bank account for business.<br /> 3. Keep detailed records.<br /> 4. Advertise your business to the general public every month (or every week if appropriate).<br /> 5. Have business cards, vehicle signage, ranch signage.<br /> 6. Use a formal Invoice for any sales (not just a "receipt book").<br /> 7. Sell something from the operation (obviously).<br /> 8. Run the operation as a "Business", not a part-time activity.</li> </ul><p></p><p>Note: 6 cattle on a rented or leased pasture (for a simple example) is probably not going to convince the IRS you are NOT a Hobby Farmer (aka "business" to reduce your "day job" tax liability)</p><p></p><p>JMO</p></blockquote><p></p>
[QUOTE="Running Arrow Bill, post: 706439, member: 9"] First line of defense is to have and use a CPA for your tax things. Second is to have a CPA that is knowledgable of agricultural issues. That said, If someone is having a few cattle along with their "day job", then the situation gets sticker. If your DAY job IS your cattle operation, it becomes more plausible. For any business type, it should be established as a business. As such, have a: [list]1. Business Plan. 2. Separate bank account for business. 3. Keep detailed records. 4. Advertise your business to the general public every month (or every week if appropriate). 5. Have business cards, vehicle signage, ranch signage. 6. Use a formal Invoice for any sales (not just a "receipt book"). 7. Sell something from the operation (obviously). 8. Run the operation as a "Business", not a part-time activity.[/list] Note: 6 cattle on a rented or leased pasture (for a simple example) is probably not going to convince the IRS you are NOT a Hobby Farmer (aka "business" to reduce your "day job" tax liability) JMO [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
Cattle Boards
Beginners Board
Tax question - depreciation
Top