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 - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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