Re: Tax Question

Posted by paul on March 04, 2003 at 06:10:18 from (66.60.197.59):

In Reply to: Tax Question posted by JW on March 03, 2003 at 18:40:56:

There are some thorny issues with farm deductions if you have a regular job, and fam on the side - often at a loss....

This might well be worth getting a tax pro to work it all out for you. With depreciation, property taxes, repairs, and so on, there is a lot to juggle & consider to get the best rates on your total state & esp fedral & property taxes.

Doing something wrong or going too far can really cost you.

If you are only farming, then you can really go for deductions, parts of your house for an office, newspaper & phone & electric & 75% of your pickup expenses - but that gets _very_ dicey if you have other income to live off of - you need to turn a profit more years than not on the farm operations, and deducting a new tractor over 7 years will probably make that difficult - then you need to show you are a starting operation & this is all start-up costs - well, it gets complicated in a hurry.

The $200-500 spent on a good tax prep guy could really save you some real money in the long run. We are talking thousands if you do it all right - and you are actually a real farm.

--->Paul

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