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Tax Time

3

37chief

Well-known Member
Location
California
I took all my tax papers to the tax man yesterday. I am glad that's over. I have to thank the wife for doing all the paper work. I am so unorganized when it comes to paper work. I toss al my receipts in a bag for the wife to sort out. I probably miss a few deductions for lost receipts. How's your paper work going? Stan
 
I wound up my business last July- I hate the paperwork too, but the thought that THIS IS THE LAST YEAR helps me get through it. I will say, I used QuickBooks, and that made it a LOT easier.
 
Simplest thing in the world since I started using the computer back in 91. I just sit down and enter things as soon as I write a check,or at least once a week. Doesn't take more than a minute or two. Come February,I click a few icons,print things out and take them to the tax lady. Mine's been done and filed for over two weeks now.
 
As a farmer I have to get mine figured by March 1st if I owe.

Glad it's done, about like you, a bag of receipts, a calculatoror, and a couple very late nights. I can't get myself to do any of this stuff timely. I know it would be 'easier' if I did it weekly on a simple program.

Paul
 
Is she interested in doing any freelance work? We pay FarmChek services a bunch of money every year and it keeps going up.
 
Ours gets pretty complicated. Let's just say when my wife and I work off the farm, serve on a couple paid boards, two kids with one in college, waiting for 1099's on our whole life insurance policies, and our farm, well, the pile of crap we take in to our accountant is rather deep. I just took my big pile of crap in last Saturday. I just sit back and wait until I get a call to come in, sign the forms, and write out any checks. We usually have enough withheld from our jobs, and take very little (if any) out of the farm, we more often than not end up getting a refund. I don't like paying in. I bought QuickBooks last year. I just need to enter the data and get my farm records in that program rather than the crude Excel spreadsheet I have been using for years.
 
I have a little note book, 6"x9" maybe? Pages are set up based on IRS form 1040 Sch F. line categories. By the end of the day, every time money comes in or goes out, I record it on the appropriate page. When doing taxes electronically becomes mandatory, I'll either quit doing them myself, or more likely, quit farming.
 
I give them a choice. I will happily sit here and compile their records...many pay me to do this and I actually like doing it because I know there are no land mines hidden in their records. Choice two is a quick free bookkeeping lesson with instructions to take it home and bring it back without the clutter. About half the businesses that come here let me compile their records. Pretty much all individuals who come here compile their own to save money. I'm OK with that because my volume is high enough that I could not possible do them all if I had to compile all the numbers too.

And, of course, coincidence being what it is. While I was writing the above a woman came in the front door and handed me a shopping bag full of papers and wished me luck. (sigh)
 
When I had my welding shop open I did work for a couple dairy farms. They would bring the shut spreader right out of the field to my shop. I told them in the very beginning I won't work on it like that. They said they work in those kind of mess all the time. I said that's fine but I won't. I charge $80/hr. in my shop do you really want to pay me that much to wash your spreader? From then on they brought them all washed off.
 
Just finished. We farmers have to pay by March 1st so that has been done for awhile. Today I signed the papers for dad's taxes. I attempt to keep good records on the computer so it's getting easier by the year. Marilyn is a great help too.
 
My wife spends literally days working on our tax information to take to the accountant. I don't understand it. I am retired, on SS. She still works. We own our home, vehicles, and toys free and clear. We do have some income from investments, but we aren't talking tens of thousands of dollars here. I just don't understand what that large manila envelope contains that we take to the accountant, and there is no use in her trying to explain it to me. I wouldn't understand anyway. Anymore than me trying to teach her how to set the points on my tractor. One more reason she has to survive me. I would be completely lost
 
I do the books. Better half tried it the first year, lots of prodding, lots of mistakes. I"ve used the MN Farm Acct Book for 45 years. Fill out the summary at the end of the year in prep of tax time. I"m an organizer. Have all records/receipts/checks since 1972, two years in each Office Depot box. All boxes in an 8 by 8 shelf system in the office- I can access any year in a moment. I like paper copy- no interest in going with computer records.
 
Well I hate paperwork so I make darn sure it is done in a simple accurate manner so I do not have to do it twice. The farm records are easy as the one DIL is a CPA. Even though she only does our paperwork. She is very good with all of it. All expenses are on a business program. Equipment bought and sold is on a spread sheet. Cattle bought and sold are on another spread sheet. Real simple to see what a pen of cattle cost and what the sold for. She has the feed cost on a per pen basis. So we can real easily see how each pen does. Grain crops are kept track of farm by farm. Once again we can see what is going on.

I will tell anyone in any business this one thing. Good records are key to being successful over the long haul. You need to know what your have done well and what you have not done well. Then you can manage to be better.
 
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