Pistol
Diamond
Posts: 28,064 Likes: 62,420
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Post by Pistol on Apr 4, 2018 17:29:48 GMT -6
Tagging brux in here because I'm confused. How do I classify our farm expenses? Turbo tax gives me the options of side job, business, or something else. Does it really matter? Main source of income is also an option but doesn't apply, though we hope it does eventually. Eta: we do not own the land or pay any sort of rent for the land. We have our start up expenses but no income so far.
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brux
Diamond
Posts: 35,346 Likes: 282,613
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Post by brux on Apr 4, 2018 17:36:22 GMT -6
I am not super familiar with farming taxes.
I would think you would include the income and expenses on a schedule C, but I am not sure of that. I think a side job would be the way to get there.
I can research more tomorrow if no one else has better advice.
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Pistol
Diamond
Posts: 28,064 Likes: 62,420
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Post by Pistol on Apr 4, 2018 17:41:27 GMT -6
I am not super familiar with farming taxes. I would think you would include the income and expenses on a schedule C, but I am not sure of that. I think a side job would be the way to get there. I can research more tomorrow if no one else has better advice. I'm trying to google now. Thanks for responding though!
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klondike
Sapphire
OHIO
Posts: 4,412 Likes: 12,161
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Post by klondike on Apr 4, 2018 18:00:03 GMT -6
I think turbo tax has live chat with a tax expert for a fee if you really get stuck. Don't know how much, probably a ridiculous amount.
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Pistol
Diamond
Posts: 28,064 Likes: 62,420
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Post by Pistol on Apr 4, 2018 18:21:09 GMT -6
So I spent too much time researching and it logged me out and when I went back in to continue it didn't ask me that question anymore.
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rvasc
Emerald
Posts: 14,313 Likes: 82,568
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Post by rvasc on Apr 4, 2018 19:42:19 GMT -6
I also hate taxes.
We lived and worked in one state for 9 months this year, then moved to another state but kept our jobs in the first state. So that was super fun.
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Pistol
Diamond
Posts: 28,064 Likes: 62,420
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Post by Pistol on Apr 4, 2018 19:51:05 GMT -6
I also hate taxes. We lived and worked in one state for 9 months this year, then moved to another state but kept our jobs in the first state. So that was super fun. Ugh that would suck. I wanted to use an accountant this year but we procrastinated on finding one. Next year we will start early!
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Post by GhoatMonket on Apr 4, 2018 19:51:54 GMT -6
You need to consult an accountant and have them assist you with this in person. While you are likely ok this year, know that if 2/3 of your income comes from schedule F, you will need to file by March 1 if you don't want to have to file quarterly.
Unless you have had training in it, I would not suggest tackling schedule F on your own.
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Post by GhoatMonket on Apr 4, 2018 19:56:15 GMT -6
Part of the reason that you need to consult the accountant is there are certain categories on schedule F that are major audit flags, so help in setting up your tracking so you are set up correctly from the start is essential. My mom still has an accountant review theirs and file despite the fact that she does all of it prior to taking it in.
Fuel expenses is one of those items.
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Pistol
Diamond
Posts: 28,064 Likes: 62,420
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Post by Pistol on Apr 4, 2018 19:58:26 GMT -6
You need to consult an accountant and have them assist you with this in person. While you are likely ok this year, know that if 2/3 of your income comes from schedule F, you will need to file by March 1 if you don't want to have to file quarterly. Unless you have had training in it, I would not suggest tackling schedule F on your own. When I was an accounting major I did take a tax accounting course, but it’s been a while. We definitely do not get 2/3 of our income from farming.
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Pistol
Diamond
Posts: 28,064 Likes: 62,420
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Post by Pistol on Apr 4, 2018 20:00:24 GMT -6
Part of the reason that you need to consult the accountant is there are certain categories on schedule F that are major audit flags, so help in setting up your tracking so you are set up correctly from the start is essential. My mom still has an accountant review theirs and file despite the fact that she does all of it prior to taking it in. Fuel expenses is one of those items. We have an accountant friend I plan on having review them before I hit the submit button for sure. I was just trying to get the info put in tonight.
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Post by GhoatMonket on Apr 4, 2018 20:03:39 GMT -6
You need to consult an accountant and have them assist you with this in person. While you are likely ok this year, know that if 2/3 of your income comes from schedule F, you will need to file by March 1 if you don't want to have to file quarterly. Unless you have had training in it, I would not suggest tackling schedule F on your own. When I was an accounting major I did take a tax accounting course, but it’s been a while. We definitely do not get 2/3 of our income from farming. I did too and the accounting based class barely touched that schedule F existed. It was my ag classes that went over farm taxes. Schedule F is a course unto itself.
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Post by DavidRose on Apr 5, 2018 10:46:28 GMT -6
I am late and don't know the answer to your question, but sometimes looking at the forms instead of the questions helps. It is an option at the top right.
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cribs
Sapphire
Posts: 4,276 Likes: 19,978
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Post by cribs on Apr 5, 2018 12:22:09 GMT -6
When I was an accounting major I did take a tax accounting course, but it’s been a while. We definitely do not get 2/3 of our income from farming. I did too and the accounting based class barely touched that schedule F existed. It was my ag classes that went over farm taxes. Schedule F is a course unto itself. My mom was an accountant back aways. still don't have her help me because ours are a shit show
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