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Re: OT: taxes on small farm
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Posted by kyhayman on October 07, 2005 at 17:10:46 from (68.171.76.92):
In Reply to: OT: taxes on small farm posted by Marcuss on October 07, 2005 at 09:50:43:
Good advice about using a CPA, thats what I preach, regularly. As far as audits go, I've had 2 one in a year when I made money and did my own taxes (ended up owing $1.27 plus interest and penalty) other year I lost money on the farm and did my own taxes and didnt owe any more or get any money back. Since 1996 I've had a CPA do my taxes, she never, ever fails to get me a significant refund (always over $5K, sometimes over $10K). The size of the refund doesnt necessarily trigger an audit, it is your money after all, all a refund means is you let them use more of it than you had to for free. For me, it works better to have them withhold for 0 dependents even though I could claim 3 plus I pay in extra (several of my largest customers pay on an irregular basis, this year I collect 2 years worth of back hay bills from one of them) so my farm income may fluctuate wildly. What you have to watch is making sure you make money or a make a reasonable attempt to make money (for me its almost always capital gains). The short answer on your building question is it appears to be depreciable property, multi use, 20 year class life. CPA can set up the best method to depreciate it. I messed up 25 years ago when I did my own taxes and 'took a 1 time irrevocable election to use straight line'.
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