Skip to Content.
Sympa Menu

market-farming - RE: Farming Income Tax Preparation

market-farming AT lists.ibiblio.org

Subject: Market Farming

List archive

Chronological Thread  
  • From: "Donna Fezler" <gcr AT rhealiving.com>
  • To: "'market farming'" <market-farming AT franklin.oit.unc.edu>
  • Subject: RE: Farming Income Tax Preparation
  • Date: Mon, 31 Jan 2000 09:37:01 -0600


We have part of the farm as a C corp. and part as a DBA. We do both on
Turbo Tax but run it by the accountant after we are finished and early in
the season (like first week of Feb) so he can check it for strategy. Turbo
Tax assures math accuracy.

The IRS, through the university extension services, offers farm tax school
for lawyers, bankers, tax preparers or people interested. That is usually
offered in NOV-DEC in hundreds of locations and runs about $75. Worth every
penny and they give out a HUGE easy to read binder. Two days of pretty
boring stuff and a good working knowledge of the tax code is essential, but
they try to make it interesting.

FYI, farming is the last great tax loophole. Remember, the IRS wants you
to take every deduction you are legally entitled to. However, they aren't
going to tell you what they are.

In the past, we have elected not to take some deductions so we wouldn't
trigger the "second review" limit. They won't tell you what it is, but this
year IMHO I believe it will be pretty lenient because so many farms are
suffering huge losses. Auditing farmers is not a good investment of time
and money for the IRS in a lousy farming year; there isn't much money to
get. They have to show a profit on audits.

Donna Fezler
GCR
Jacksonville, IL

http://www.rhealiving.com


-----Original Message-----
From: Adriana Gutierrez & Dennis LaGatta
[mailto:gutierrez-lagatta AT home.com]
Sent: Monday, January 31, 2000 9:04 AM
To: market farming
Subject: Farming Income Tax Preparation


I'm just completing my first full year of market farming and am trying
to decide whether to do my income taxes myself or "farm them out" :>).
How many of you do your own and how many use a tax professional?

I normally do our family income taxes myself using Turbo Tax with no
difficulties. However if the farming rules are very complex or
convoluted then it may be advisable to use a professional, at least for
the first year to be sure the critical decisions are made correctly
up-front. What's the consensus of the group?

Adriana Gutierrez
Green Cuisine
Sarasota, Florida

---
You are currently subscribed to market-farming as: gcr AT rhealiving.com
To unsubscribe send a blank email to
$subst('Email.Unsub')






Archive powered by MHonArc 2.6.24.

Top of Page