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Tax deductions question for breeding stock
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<blockquote data-quote="Katpau" data-source="post: 1516872" data-attributes="member: 9933"><p>Jeanne,</p><p>I use TaxCut to calculate and print out my tax return, but it is not really designed to cover all of the complexities of a farm return. I also have a rather complicated program that I designed using Excel that I use for my own situation. I keep that up on almost a daily basis, so my return is ready to be completed as soon as 1099's arrive and I verify all numbers are the same. We also have some rentals and hunting leases. I use the numbers from my Excel calculations and manually enter them into schedules F and E. All of the forms are available on TaxCut, but I manually access them to enter information, rather than depending on the program to guide me there. I appreciate the calculations that TaxCut does with my numbers. Especially the depreciation calculations. I don't like that I need to verify every number for each capital item every year, but that does make me refresh my mind about what assets may have been retired or sold. I feel TaxCut saves me a lot of time and helps avoid simple math errors, but it may not be suitable for someone who doesn't already know which forms are required. It does ask questions that should lead you in the right direction for most returns.</p><p>I don't believe you can file a return as complicated as most farm returns electronically, but I may be wrong. I file my relatives returns electronically, but I send in my return by mail. There is almost always a balance due, so I am mailing a check anyway. I have never tried the Federal electronic system, but I will have to look into that. I don't think it was available when I first started using TaxCut years ago. The nice thing about staying with the same program is that all of your information from prior years is stored and you don't need to reenter that information. For example I have pages of depreciation sheets on all of our various assets and TaxCut stores them from year to year and remembers what method of depreciation I chose for each and my current basis. It does not carry that information to 4797 when something is sold, so I must remove it from inventory and manually enter that information. I think there may be more expensive programs that would do that for me, but I kind of prefer it this way.</p></blockquote><p></p>
[QUOTE="Katpau, post: 1516872, member: 9933"] Jeanne, I use TaxCut to calculate and print out my tax return, but it is not really designed to cover all of the complexities of a farm return. I also have a rather complicated program that I designed using Excel that I use for my own situation. I keep that up on almost a daily basis, so my return is ready to be completed as soon as 1099's arrive and I verify all numbers are the same. We also have some rentals and hunting leases. I use the numbers from my Excel calculations and manually enter them into schedules F and E. All of the forms are available on TaxCut, but I manually access them to enter information, rather than depending on the program to guide me there. I appreciate the calculations that TaxCut does with my numbers. Especially the depreciation calculations. I don't like that I need to verify every number for each capital item every year, but that does make me refresh my mind about what assets may have been retired or sold. I feel TaxCut saves me a lot of time and helps avoid simple math errors, but it may not be suitable for someone who doesn't already know which forms are required. It does ask questions that should lead you in the right direction for most returns. I don't believe you can file a return as complicated as most farm returns electronically, but I may be wrong. I file my relatives returns electronically, but I send in my return by mail. There is almost always a balance due, so I am mailing a check anyway. I have never tried the Federal electronic system, but I will have to look into that. I don't think it was available when I first started using TaxCut years ago. The nice thing about staying with the same program is that all of your information from prior years is stored and you don't need to reenter that information. For example I have pages of depreciation sheets on all of our various assets and TaxCut stores them from year to year and remembers what method of depreciation I chose for each and my current basis. It does not carry that information to 4797 when something is sold, so I must remove it from inventory and manually enter that information. I think there may be more expensive programs that would do that for me, but I kind of prefer it this way. [/QUOTE]
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