Good records, accurate tax payments Keeping a good set of expense
records is paramount to fi ling an accurate tax return that allows you to “pay what you owe and no more,” says Dan Childs, senior consultant and ag economist at the Samuel R. Noble Foundation. “We may do something ‘cash,’
and we don’t have a record of it; it’s easy for those to get lost. At the same time, he warns producers that all of it has to be recorded. “There’s a misunderstanding out there that if I receive cash for a sales item, I don’t have to report that. That’s not true. Whether you pay cash or receive cash, if it is a business ex- pense or business income, it needs to be reported on the schedule. The need for a good set of records is the fi rst line of defense.” And accuracy is demanded by
the IRS, which asks each taxpayer to substantiate all entries, wheth- er income or expenses. “Therein comes the need for a good set of accurate records,” notes Childs. “We know that there are times where we do make estimates or might say, ‘I don’t know exactly what that was. It’s roughly this.’ But in an audit, if you cannot sub- stantiate a number, then it’s go- ing to be subject to correction or adjustment.”
Understand the basic farm tax rules Childs recommends farmers and
ranchers spend some time making themselves knowledgeable of some of the basic farm taxation rules. They should know, for instance, when they can deduct the cost of a meal as a business expense, so they know to keep a record of the purchase. Also, not all income is recorded on Schedule F. Capital gain
tscra.org
Why Lincoln Financial Advisors?
Our lives are filled with commitments, both in business and family. Securing your future is probably the most important commitment you will make. But when it comes to doing the actual financial planning necessary to help secure your future, you put it off. At Lincoln Financial Advisors, we know how important it is for people to have a financial plan. The appropriate financial plan, that is. That’s why we’re in business. You see, we believe it’s our responsibility to help you make the most of your income and assets – and to make the most of your life.
C. Beth Roberts, RFC
Lincoln Financial Advisors Corp. 14911 Quorum Dr. Suite 30 Dallas, TX 75254 214 828-2380
Beth.Roberts@
LFG.com © 2013 Lincoln Financial Advisors Corp.
Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.
CRN201304-2080039
January 2014 The Cattleman 31
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