I had an LPA from 1972-1988. Only time I got audited, but it worked out ok since LPA missed some deductions and put some in wrong categories. Went to a real CPA firm....they say they like to be "aggressive" with IRS. Never audited since, and they are worth every penny of the 5-600 annual tax prep fees, plus the 200 per hour Dec planning session. No way I would know how to fill out all of the forms, and I"m no dummy! Farming, any business, you HIRE those who make you money! Tax advisor, feed man, crop guy.
I legitimately expense 51% of car expense, 90% of truck expense to the farm. Never questioned. If your CPA doesn"t recognize that as legit expenses for any business....fire him!
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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1965 International Harvester McCormick Farmall cub tractor 2,500. Two owner tractor. My grandfather bought new in 1966, then we inherited it. Have all the paperwork original manual and all maintenance records. It starts and moves. Comes with underbelly mower, plough, and some other attachments.
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