I had an LPA from 1972-1988. Only time I got audited, but it worked out ok since LPA missed some deductions and put some in wrong categories. Went to a real CPA firm....they say they like to be "aggressive" with IRS. Never audited since, and they are worth every penny of the 5-600 annual tax prep fees, plus the 200 per hour Dec planning session. No way I would know how to fill out all of the forms, and I"m no dummy! Farming, any business, you HIRE those who make you money! Tax advisor, feed man, crop guy.
I legitimately expense 51% of car expense, 90% of truck expense to the farm. Never questioned. If your CPA doesn"t recognize that as legit expenses for any business....fire him!
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Today's Featured Article - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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