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another tax question(2)

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Dave from MN

Well-known Member
Check off fee's, weighing inspection fee's, grain assessment etc?? What is the proper place for them? Marketing?? Also, I had a short contract this past summer and it cost me $1701 to buy out. Does that fall under marketing as well?
 
Dave, seriously, you need to get a CPA to do your taxes, if you are trying to do them yourself! Previously I recommended CDS in Sartell. You have a background in business....before farming.....no current farmer should try to do his own taxes. The CPA fees are more than worth it.
 
I agree, farming is a complex business when it comes to taxes, there are a thicket of rules that will hurt and rules that will help a person with a Schedule F. A good CPA will save you more than his cost esp with planning out purchases, and getting your expenses to match your income legally on the tax forum.

--->Paul
 
i can't wait till i turn 60, then i going to cash in any stocks i have left out there, so i only get taxed 10%, then i can start using the short form, instead of itemizing every thing and costing so much from the CPA...
 
Dave when received your grain check the check off fees were already deducted from the check, Right?

So I just report the amount I actually deposited in my account from a grain check and there is no deducting the checkoff fee because I never reported it as income.

Now if you are reporting the whole amount the grain was worth then yes you can deduct the fees.

Ex. 100 bushel of corn sold for $6 a bushel is $600. 1 cent a bushel checkoff is $1. If you got a check for $599 and that is what you reported for income you are done. If you reported $600 for income then yes you can deduct the $1.

I just report the net ($599) then I have a lot less book work.

Gary
 
I agree 100%. I know it seems like a lot to pay for their services, but I wouldn't even think of attempting to figure out what our accountant does for us each year. I don't think you'll regret turning over the headache to someone else.
 
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