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Schedule F and ranting and raving....tax time...
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Posted by sandy0225 z5 Indiana (sandy02256@yahoo.com) on Thu, Feb 28, 08 at 19:06
I hate schedule F!
Now I said it out loud...it's so irrelevant to a small greenhouse/farmers market grower business. Especially if you sell some things online, etc. NO place for those expenses on the form.
We end up putting so many things in the misc. part at the end, I know they're thinking we just added everything together and put it all in there.
Come to think of it, that WOULD be easier...LOL
Just wanted to vent, I know you all have your taxes done and are laughing at me!
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Follow-Up Postings:
RE: Schedule F and ranting and raving....tax time...
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| I disagree. When we started up a small growing and livestock business there were lots of capital expenses from walking tractors to a barn. Each of the first 3 or 4 years brought more capital expenses. Using income averaging and depreciation (all by CPA) saved us much on taxes. Are you doing this yourself without any at least consultation from a CPA? If so that may leading to you problems. And it is important to find a CPA with Sched F experience. What program/system are you using to track and organize your income and expenses? You still have time to get all the info together for this year. Good luck! Tom |
RE: Schedule F and ranting and raving....tax time...
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| I love my Accountant!!!!!!!! I pay $500 a year he does the taxes for the farm and both partners personal taxes and he takes care of any and all paperwork for the state and federal government. I just keep my bookwork straight for him to follow. He used to work for the IRS so he knows what he is doing and I dont have to worry what end is up at tax time!!!!!!!!!! Find a great accountant! |
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