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Entrepreneurship:  Unsure about taxes and farms  |
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idsweetie72
True Blue Farmgirl
129 Posts
Sandra
New Meadows
idaho
USA
129 Posts |
 Posted - Mar 27 2009 : 12:41:35 PM
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Since I just started Mazy Day Farm this year- (got serious in Jan 2009)- I am somewhat unsure of how the taxes will go on it. I am keeping records, reciepts, daily logs and daily journals of what I do each day- and on the animals, and my greenhouse/garden.
We live on 5 acres- in Idaho- we will also have a small orchard-
My husband is self-employeed, but I am a stay at home farmer girl/mom.
so- anyone have any ideas/suggestions?
Thanks!
Mazy Day Farm |
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windypines
True Blue Farmgirl
4204 Posts
Michele
Bruce
Wisconsin
USA
4204 Posts |
Posted - Mar 28 2009 : 04:21:08 AM
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We keep our receipts, checkbook, etc, on a quicken program. We also use an accountant to fill out our taxes. With depreciation on building, equipment, amatorizaion, it is very confusing.
Good luck
Michele |
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NancyM
True Blue Farmgirl
113 Posts
Nancy
Fall City
WA
113 Posts |
Posted - Apr 03 2009 : 8:47:43 PM
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Hi Mazy Day-
You definitely want to keep all receipts and other expenses. I'd suggest some sort of simple organizer in order to keep track of them. You also want to keep track of any business related mileage.
I would strongly suggest meeting with a CPA early in the process. Many CPA's will meet with you at little or no charge (after Apri 15th!) for a brief meeting, from which you might learn a lot. Ask for recommendations from friends or other farmers. Not everyone knows farm taxes, but being in Idaho you should be able to find someone. Good luck!
Nancy
Farmgirl Sister #159 |
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Entrepreneurship: Unsure about taxes and farms |
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Unsure about taxes and farms
