You are already ahead of the game because you have been preparing your own taxes in the past, most people are scared of preparing their own taxes because they have been convinced there is some big mystery involved, this myth has been largely perpetuated by the accounting/tax preparing industry who naturally want to charge you substantial sums to fill out relatively simple forms and offer advice that may or may not fit your financial situation or your philosophy. If you educate yourself regarding the various methods of depreciating assets and use the schedule 'F' as a guide to track and document your expenses and purchases you will be able to prepare a quick estimate any time during the year to help you make decisions regarding spending on infrastructure and aquiring equipment or supplies. When you have an outside job and farm income you are allowed to deduct losses in excess of your farm income up to the amount of your own or your spouses non farm income if filing jointly, this may present a chance to offset some of your non farm tax paid in if you are building your equipment line or adding or improving farm infrastructure. Knowing where you stand all year also tells you where and how to invest profits if you have few purchases to make outside of the next years inputs. I would never blindly follow an accountants advice without at least doing my own research on the subject, I know a lot of people who do not have a clue as to what they are signing every year.
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Today's Featured Article - Women and Tractors - by Teri Burkholder. The View from the Garage - Never a doubt, everything on our farm is a learning experience. I've been working very hard to get our two rundown Farmall A's sanded, primed , bondo�d, fiberglassed and painted before our big local tractor show called the Tulip Festival. My husband Ben came in the garage one rainy day to see if he could "help". Well if you knew Ben you wouldn't want him anywhere near your spray gun, fiberglass or bondo! So I pulled out the 2 old yucky looking magne
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