Arggh...taxes!

Discussion in 'Homesteading Questions' started by Mary in Minn, Mar 17, 2005.

  1. Mary in Minn

    Mary in Minn Guest

    For those of you running small farms and small businesses, do you pay someone to prepare your taxes, or do you do it yourself with programs such as Turbo Tax?

    When you started your farm, CSA, or other homestead business, did you hire someone to set up your bookeeping system or did you do it yourself with programs like Quickbooks or Peachtree?

    Which way is best?

    Looking for advice...
     
  2. Helena

    Helena Well-Known Member

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    north central Pennsylvania
    we send ours down to a lady in Ga and we live in PA. Starting using her when I started my small home business and our daughter lived in Ga at the time and also used her for her own taxes. She does a really wonderful job for us. I send all the info to her and then she has it deposited into our checking account. Cost..$125 and does IRS, NY state taxes, and PA state taxes too. We have never used our homestead as a tax deduction type business. Perhpas we should have all these years but never felt we did enough "outside" business to really justify doing it. I would like to begin a small nursery business and run it as such. But it is hard to find a farmers market in my area that I think would be a good area. One in our area has a lot of "necessary" rules that I don't think would work for us. Just a little business selling extra plants/herbs in the spring and perhaps some rose bushes and buy them wholesale to re-sell. Perhaps I should look into that idea further...
     

  3. travlnusa

    travlnusa Well-Known Member

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    We do our own using Turbo Tax. Great customer support. We keep our own records on an excel spreadsheet during the year.
     
  4. mousecat33

    mousecat33 Well-Known Member

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    Does Turbo Tax cover schedule 'F' (ag status)?

    I wish sometimes (not very often) I was back in sched. 'C' . Tax prep was simpler then.

    mcandco
     
  5. caballoviejo

    caballoviejo Well-Known Member

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    When you were choosing your careers did you anticipate that you'd end up being accountants for the government?


    When people ask me what I do for a living I sometimes tell that that 30% of my time is used working involuntarily for the government.
     
  6. NWSneaky

    NWSneaky Well-Known Member

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    This year my accountant charged me $130. Last year he got for me $23, 782. I am SSI and disability.

     
  7. Jen H

    Jen H Well-Known Member

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    I take my books to a bookeeper ever couple of months to help keep things sorted out. He also does our taxes.

    I can do alot of things, keeping the bookwork straight just isn't one of them. Unfortunately, my husband is even worse at bookwork than I am.
     
  8. Quint

    Quint Well-Known Member

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    I hand all my documentation to my accountant. I come back later, sign the completed papers and write him a check. Better for my blood pressure.
     
  9. travlnusa

    travlnusa Well-Known Member

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    Yes, Turbo Tax has schedule F, along with #486X something, the one you use to list capital expenses.

    There are about 4 forms we use in addition to 1040 and scheule A.

    We order all the instructions from the IRS, then use them to guide us through Turbo Tax.

    We will plug deductions in until we hit a point were we are happy (or at least not mad), and then save the rest for the following year
     
  10. WisJim

    WisJim Well-Known Member Supporter

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    My wife owned 2 H&R Block franchises over the years, and worked for others doing taxes, until maybe 8 years ago or so, and now we take ours in to a professional, because things change so much that it isn't worth the time and expense for her to keep up with the training just for our taxes. She usually does ours before taking them in to the preparer, and we are always pleased with how much they are able to save us. Well worth the $140 or so it costs. We have also tried Turbo Tax or one of the other major programs, and it works fine for my son who has a regular job, but not for the one that is self-employed with lots of business related expenses.
    It really pays to have a good professional asking questions and understanding all the forms.

    Jim
     
  11. mightybooboo

    mightybooboo Well-Known Member

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    Almost made it to long form with deductions this year,wound up standard deduction again.But it was worth 70 dollars to me to have them done,and to discuss the areas where we can possibly improve in next years filing.
    Now a few years back,she saved us a lot of cash when we were a business.
    A tax pro is worth what we spend,IMHO.

    BooBoo
     
  12. tltater

    tltater Well-Known Member

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    Location:
    NY
    I use turbo tax on the web. I love it! I used it before we started our own business and continued afterward. They ask you all the questions and if you have any questions, there is someone to help or you can just click on a FAQ link. I also keep our own books. I have books for bookeeping, and quick books.

    Tracy
    Southwestern NY
     
  13. OUVickie

    OUVickie Well-Known Member Supporter

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    Oklahoma
    I pay a lady about $45-50 dollars to do mine. She always thinks of things I forget and she gives me great advice about tax deductions on the farm for next year. She keeps all my past returns in great order and files my taxes within a few days of taking them to her and everything gets automatically deposited in my account.
    She's worth every penny I pay her. It keeps me sane and helps her make a living at home.
    I know a lot of people that do their own, but for me it's well worth the money to have someone do them.
     
  14. mightybooboo

    mightybooboo Well-Known Member

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    I forgot about that,all the records nice and neat in Manilla folders,the automatic deposit.We leave with the whole shebang done and filed in 45 minutes,plus a pleasant conversation too.
    Boy does she make a stressful event very easy. :worship:

    BooBoo
     
  15. Bluecreekrog

    Bluecreekrog Well-Known Member

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    S Oh.
    I have used Turbo Tax the last 6 yrs, easy to use and tax deductable. :haha: