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Jim Meade / Iowa City
Senior Advisor

Farmers Tax Guide by IRS

A good CPA has always been money well spent for me.  Here's the IRS publication that farmers can use as a starting point to consider their tax situation.  The IRS publication is not intended to replace knowledge of the law and accepted practices, so it's probably not a good idea to rely only on it.  But, it's a handy place to look if you have a quick question and your CPA is not handy.

 

http://www.irs.gov/publications/p225/index.html 

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4 Replies
Kay/NC
Honored Advisor

Re: Farmers Tax Guide by IRS

Jim, thanks for the link. 

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idalivered
Advisor

Re: Farmers Tax Guide by IRS

Jim says "a good cpa is money well spent". I couldn't agree more....I raised one. (truthfully, she handled the cpa part : )

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Kay/NC
Honored Advisor

Re: Farmers Tax Guide by IRS

When we moved to NC from VA 16 years ago, ww kept our CPA in Richmond. About five years after we moved here, one of the guys who ran our integrator's production division called me, to aks for insurance and accounting referrals. He and another high muckety- muck had formed their own comapny on the side, to lease andrun some finishers that were being sidelined by their retiring owners. When I told him , accontant was in Richmond, he was really puzzled, and asked me why I would drive over 100 miles, when there ia an accountant in every little town here, so I could have hit several within 10 miles. My reply was that she had done our taxes for years, and I only had to drive up twice: to carry the stuff in for our annual prep meeting, and then to pick up the returns. Now, with electronic filing and email, they do the returns by computer, I print out the vochers and write the checks here at hime, and then they forward the packet of returns that have to be signed for the LLCs and the annual reporting forms for our Secretary of State forg those entities. One half-day drive, to reach a professional who has adviswd us very well for almost thirty years. If i had to crawl the distance n these bad knees, it would be worth the trip. People don't think anything of driving a humdred miles here to sh an outlets mall, or flying thousands to access a big game hunting ground, but they chintz on things that really matter....
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centralillinois
Veteran Contributor

Re: Farmers Tax Guide by IRS

800-829-3676 is the number to order pub 225, Farmer's Tax Guide.  It's easier for me to have a copy rather than wade through the IRS website.  Don't worry.  They don't trace the call.  They're more than happy to send you a copy. 

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