The Farmers Tax Guide
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George Monk
Well-known member
107 PAGES Holy &%^* It is no wonder the politicians don't want tax reform. With this straight forward approach the average joe has no chance of understanding the system. 
George Monk":1bce6xhy said:107 PAGES Holy &%^* It is no wonder the politicians don't want tax reform. With this straight forward approach the average joe has no chance of understanding the system.
That's why we would be better off with the fair tax.
Tod Dague
Well-known member
:clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:
BusterBrown
Well-known member
dcara,
Have you read this and can you condense it down to something a farmer can understand? Not poking you here, just hoping you're a tax expert and can help us with this........ :shock:
Fair Tax Please ..........
Have you read this and can you condense it down to something a farmer can understand? Not poking you here, just hoping you're a tax expert and can help us with this........ :shock:
Fair Tax Please ..........
cowsrus
Well-known member
You should be able to get a hard copy at your local extension office. Its a pretty good booklet with step by step instructions and examples of how to fill out your schedule f and related forms. I get one every year to keep up with changes
Susie David
Well-known member
Love tax time....we take our tax man our books and he goes over all the year's happenings and in a few weeks he sends us the finished forms to sign and send in. All for less than the cost of a couple tons of hay and the mileage up and back is a deductable expense to boot.
Getting to old to bother reading all the tax publications every year, my time is better served taking a afternoon nap.
And that's my two bits worth....asked for or not....Dave Mc
Getting to old to bother reading all the tax publications every year, my time is better served taking a afternoon nap.
And that's my two bits worth....asked for or not....Dave Mc
TexasBred
Well-known member
Dave...you got that right. I take him "my books" and it's his job to do the rest. If he has questions he will call. Heck if I could understand it all I wouldn't need him.
TheBullLady
Well-known member
Yep.. take all my totals to my accountant as well. With both of us independent contractors, plus the ranch, I have nightmares just thinking about trying to decipher the tax laws.
It's definately worth the $$ you'll spend, I promise. There are so many loopholes it's like a land mine...
It's definately worth the $$ you'll spend, I promise. There are so many loopholes it's like a land mine...
campman
Member
I realize you all aren't tax experts, BUT can anyone tell me if I can take any job related deductions on my taxes as a farm hand? I don't own the operation I work for the owner.
Just curious to see if I may be missing some deductions!
Thanks!
Just curious to see if I may be missing some deductions!
Thanks!
campman":o6cb7hi6 said:
Depends on how you are paid (are you a 1099? then yes you can as you are contracted, you will be responsible for all your SS and self emp tax, though) and how much - for most workers the automatic deduction is easier and a better deal.
FarmGirl10
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You can deduct your boots and things like that since they're work clothescampman":jkpz6rhi said:
http://www.wwwebtax.com/deductions_miscellaneous/miscellaneous_itemized_deductions.htm This might help you ( I wanted to make sure I was right before I told you that you could).
My Uncle is a owns a tax office, I take the books to him go on with my rat killing , and get a nice price break to. If he would let me I would pay him more, its worth to me though to just let him take care of it. :cowboy:
grannysoo
Well-known member
Stuff like this is why we'll probably never have tax reform. Who's going to hire all of those lawyers, accountants, and tax planners?
I would love to see a version of the "fair tax", but who's going to pay all of the unemployment benefits to that bunch of suits that have never worked an honest day in their lives? Make them unemployeed and it will be like a herd of locusts descending upon American society.....
I would love to see a version of the "fair tax", but who's going to pay all of the unemployment benefits to that bunch of suits that have never worked an honest day in their lives? Make them unemployeed and it will be like a herd of locusts descending upon American society.....
dcara
Well-known member
BusterBrown":cia4vp8y said:
Sorry for the late reply but I haven't had much time to get on the boards these days. Have I read it throughly, no. I'm also no tax expert, but when it comes to saving money I get creative. Recently I've started using it as reference material. Besides the ranch we also have rental properties and regular jobs. For years I've paid accountants, CPA's and other tax professionals $600-$800 a year to do our taxes. Every year it get more expensive. Earlier this year I borrowed copies of Turbo Tax 2005 and TurboTax2006. I re-did our taxes for those years and to my surprise came with-in $1 (just a rounding error) of what our Tax guys had came out with. Needless to say I went and bought a copy this year for $67 and finished our taxes last night. In all I figure I spent about 4 hours on this years taxes. Partly because it rolls in your previous years data, depreciation rates and stuff and keeps you informed as to what you entered in previous years
When I re-did the 2005 and 2006 taxes it was not just a matter of typing in the same numbers on the same lines (though you can do that if you want). TurboTax takes you through an interview asking you questions that you respond to. But you don't know where the numbers are going until you print it out or view the completed forms at the end. There was only a little back and forth, but I am definatly about $800 happier this year.
dcara
Well-known member
It was the Premier version
http://www.walmart.com/catalog/product. ... id=8065979
Thought I paid $67 for it but the above link says its 69.88.
I thought the questions were pretty specific. It asked specifically about certain expenses. Here's a paste from Schedule F that it fills in. It also helps you determine what depreciation schedules to set up.
12 Car and truck expenses (see instructions).
Also attach Form 4562 12
13 Chemicals
14 Conservation expenses
(see instructions) 14
15 Custom hire (machine work) 15
16 Depreciation and section 179
expense deduction not claimed
elsewhere (see instructions) 16
17 Employee benefit programs
other than on line 25 17
18 Feed 18
19 Fertilizers and lime 19
20 Freight and trucking 20
21 Gasoline, fuel, and oil 21
22 Insurance (other than health) 22
23 Interest:
a Mortgage (paid to banks, etc) 23a
b Other 23b
24 Labor hired (less employment credits)
25 Pension and profit-sharing plans 25
26 Rent or lease (see instructions):
a Vehicles, machinery,
and equipment 26a
b Other (land, animals, etc) 26b
27 Repairs and maintenance 27
28 Seeds and plants 28
29 Storage and warehousing 29
30 Supplies 30
31 Taxes 31
32 Utilities 32
33 Veterinary, breeding, and medicine 33
34 Other expenses (specify): Phone, Truck washing, tools for equipment maintenance
http://www.walmart.com/catalog/product. ... id=8065979
Thought I paid $67 for it but the above link says its 69.88.
I thought the questions were pretty specific. It asked specifically about certain expenses. Here's a paste from Schedule F that it fills in. It also helps you determine what depreciation schedules to set up.
12 Car and truck expenses (see instructions).
Also attach Form 4562 12
13 Chemicals
14 Conservation expenses
(see instructions) 14
15 Custom hire (machine work) 15
16 Depreciation and section 179
expense deduction not claimed
elsewhere (see instructions) 16
17 Employee benefit programs
other than on line 25 17
18 Feed 18
19 Fertilizers and lime 19
20 Freight and trucking 20
21 Gasoline, fuel, and oil 21
22 Insurance (other than health) 22
23 Interest:
a Mortgage (paid to banks, etc) 23a
b Other 23b
24 Labor hired (less employment credits)
25 Pension and profit-sharing plans 25
26 Rent or lease (see instructions):
a Vehicles, machinery,
and equipment 26a
b Other (land, animals, etc) 26b
27 Repairs and maintenance 27
28 Seeds and plants 28
29 Storage and warehousing 29
30 Supplies 30
31 Taxes 31
32 Utilities 32
33 Veterinary, breeding, and medicine 33
34 Other expenses (specify): Phone, Truck washing, tools for equipment maintenance
I use turbo tax also, this tax guide is just more mumbo jumbo i have to interpret...and it looks like they are wanting us to become accountants (not that i don't account) but watch out, just looks like alot of rules/paperwork. donna
