10 Tax Tips for Farmers


8
Hire Someone to Help With Money and Records
Hiring someone to help with your taxes can actually save money.  Peter Beck/Corbis
Hiring someone to help with your taxes can actually save money. Peter Beck/Corbis

While it's not necessarily a tip guaranteed to relieve a tax burden or save you a wad of cash, you should never discount the importance of organization when it comes to your farm and its finances. With that in mind, hiring a professional bookkeeper or accountant could be worth peace of mind, especially if you're concerned your tax return or records leave you vulnerable to an audit.

Once more, the idea that hiring someone to help with taxes in particular could save some dough isn't that far off. For one, if you're itemizing your deductions, then you can actually write off the cost of the previous year's tax preparation. That means you can deduct the fees you paid anyone that helped you file -- or even what you paid for tax preparation software or e-filing.