Agriculture
Tax Information
 |
Gregory J. Cook, EA, CPA+ Accredited Tax Advisor Past President Alabama Society of Enrolled Agents Past President Alabama Association of Accountants |
|
Items Purchased for Resale
If you use the cash method of accounting, you can deduct the cost of livestock and other items purchased for resale in Part I of Schedule F in the year of sale. This cost includes freight charges for transporting the livestock to the farm. Ordinarily, this is the only time you can deduct the purchase price. Refer to Farm Business Expenses, Items Purchased for Resale in Publication 225.
Example:
You report on the cash method. In 2000, you buy 50 steers you will sell in 2001. You will report the sales price minus the purchase price (and any freight cost) as income in Part I of your 2001 Schedule F.
News and Articles from Bara Business Center
|
Greg Cook on the Recovery Act ... The Recovery Act was passed by Congress and signed into law by President Obama on February 17, 2009. The purpose of the $787 billion Recovery package is to jump-start the economy to create and save jobs. The Act specifies appropriations for a wide range of federal programs, and increases or extends certain benefits under Medicaid, unemployment compensation, and nutrition assistance programs. The legislation also reduces individual and corporate income tax collections (to an extent), and makes a variety of other changes to tax laws.
This Act will have far reaching consequences and we will be dealing with it for years to come (at least until 2018). Twenty-eight different agencies – such as the Departments of Education; Health and Human Services; and Energy – have been allocated a portion of the $787 billion in Recovery funds. Each agency develops specific plans for how it will spend its Recovery Act funds. The agencies then award grants and contracts to state governments or, in some cases, directly to schools, hospitals, contractors, or other organizations. The agencies are required to file weekly financial reports on how they are spending the money and their specific activities related to Recovery funds. Read more about The Recovery Act  |
While Our Government Rolls the Dice with Deficit Spending ...
We endeavor to bring information to you that will help you keep taxes and your personal finances in check. |
| Anyone May Take Advantage of Our Affiliate Discounts Simply use one of our links to receive: QuickBooks discounts are up to 20% off MSRP QuickBooks Checks and Forms are 10% off your entire order Free Shipping on all purchases QuickBooks Pro 2011 makes accounting easy with tools to organize your finances all in one place. Complete tasks like paying employees1), invoicing, bill tracking and check-writing. Track sales and expenses, and easily share this data in Word and Excel 2) With QuickBooks Pro, you’ll spend less time on routine tasks and more time on your business. QuickBooks Organizes your Files and Makes Tax Time Easy - Save up to 20% Now + Free Shipping. 
Buy QuickBooks Checks and Forms and Save 10% + Free Shipping QuickBooks Premier has all of the great features you know and love in QuickBooks Pro, plus industry-specific, timesaving, ready-to-use reports and business planning tools tailored to help your company grow. Along with saving you time on routine accounting tasks, Premier makes it simple to monitor business performance, build forecasts and manage payables and receivables. Premier also includes tools for tracking inventory, creating purchase orders and setting pricing levels. Order QuickBooks Premier Industry-Specific Solutions and Save 20% + Free Shipping 
|
Tax Dept
