| nilbart - 12/18/2024 18:47 why pay an accountant when there is a wealth of experience out HERE ON THE NET. ditto
Because if you get audited, you will want your accountant to help you, not a bunch of random people that you only know through Agtalk.
Assuming that you use an accountant to file your taxes, mine will answer simple questions on the phone for free. Yeah I know its not free, it's part of the fees that I pay him, but he doesn't charge me any less if I never call and ask a question.
If you don't use an accountant, I'll just say, good luck with using message board tax advice.
BTW, you did not pay SS tax (or any type of income tax for that matter) on the money used to purchase the equipment if you expensed/depreciated the equipment.
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reporting income from sale of depreciated farm equipment
