Anybody use TurboTax for farm taxes?

[appaloosalady]

It's that time of year again :dead:. I know that there was a discussion about this before, but I can't find it. Has anybody used TT or a similar product to do their farm business taxes? I would like to do my own this year, but I'm not sure which product has the appropriate Schedule forms, etc. Were you pleased with the results you got? Thanks!

[sid]

Gawd no...way too complicated for a canned program, at least my farm business taxes are! I have always used a professional CPA firm which understands and specialized in the ins and outs of the mecurial agricultural business. Costly, but worth the expense to do it correctly.

[appaloosalady]

That is what I always thought, too, but I know that a few people on here used something like it last year and were happy with it. Figured I would check it out. My business isn't that big or complicated :winkgrin:.

[Daydream Believer]

Yes I do use that program but you need to know that I am also a trained accountant and have a CPA certification. I don't however have a great deal of tax experience but I know the basics and know when something doesn't seem right. If you are inexperienced, I do suggest finding a good tax professional to help you.

[hackinaround]

Used it loved it ...taxes done:D

[appaloosalady]

Used it loved it ...taxes done:D

Did you use the "Home and Business" edition?

[Windswept Stable]

I can't even imagine trying... I can not even figure out how to fill out the Ag Census required form that I received in the mail. It wants to know depreciation amounts? value of tractors? values of the land used for pasture alone?? etc.. I have no idea what formula the accountant uses for depreciation etc.. I will have to call today for advice on this form.. so the taxes--no way.

[pwynnnorman]

You are going to be that precise, Windswept? I just guessed a lot. Can't see why we should be expected to have figured all that out by Feb 22 when we have until April 15 to submit our tax reports.

[Long Shadow Farm]

I have used TT for the last couple of years and have been thrilled with it. Granted, my place is just a small boarding/sales farm but it's done wonderful for me. I usually do the on-line and use the deluxe one.

Bobbi

[Daydream Believer]

I think the version I use is Turbo Tax Premier for the Mac. I file a Schedule F on it for the farm and do our personal taxes at the same time.

[Tiki]

Since the horse business is so marginal anyway, I use a tax professional to do mine. If I get called in, I want some professional (farm professional, not just tax professional) backup there if I need it.

I used to do my own taxes, but I wouldn't DREAM of doing the farm taxes myself.

[hackinaround]

For my personal taxes I used the freedom version. My husband is military and well heck its free!:D

For the farm taxes I need a little bit more advanced so I went with the deluxe.

[inca]

Yep, I use the deluxe version to do our taxes, including the Schedule F for my farm. Like Daydream Believer, I am a CPA but not a tax specialist. So, I am familiar with things but not a true tax professional. My husband also has some semi-complicated stuff since he serves as a Director on a few boards and has stock options, stock grants, etc. It has worked well for me. I just bought my 2007 version today!

[Cielo Azure]

You know???? What business is it of theirs? Why is this a yearly thing? Why do they require that HUGE document way before tax time? Again, the USDA overstepping boundaries seems to be a big theme in these times of over regulating everything. Think what it will be like once NAIS is shoved down our throats. Along with how many pounds of honey we produced, how many tomatoes we grew in our family plot, what amount of land was leased or financed, what our loans rates are, if we carry insurance (you know, all those things they want to know now). In the future, we will probably be asked for microchip numbers, permit numbers, how many times we moved our equines from our farm, how many times we crossed states lines, where we bought our animals, who our vetirinarian was etc. etc.

I took one look at that form this year and realized that if i was to do it "right," it would be a weeks worth of work. That is NOT happening! So, i guess on at least 50% of the questions or I left them blank if i didn't know (I mean, really)! They require way more detail on items that aren't even required in the tax docs and some of those questions are very personal.

B.T.W. Inquiring minds want to know just what is the criminal penalties for not returning the form? Since they threaten us with criminal punishment for not returning the Ag Census, I for one, would like to know what the punishment is!

[erinwillow]

I think the version I use is Turbo Tax Premier for the Mac. I file a Schedule F on it for the farm and do our personal taxes at the same time.


Is Schedule F the one that provides for the "breeding stock"??? Our taxes lsat like PAGES LONG!! nk!! I remember the tax guy breaking down the breeding stock into 5 year deductables, as in each year you can deduct a portion of the animal over 5 years. . .very helpful. . .

[Daydream Believer]

Erinwillow...yes, I think we are talking about the same schedule. What your accountant is doing is called depreciation. :-)