What are you taking to your appointment with the tax preparer?
Robert Holcomb, University of Minnesota extension ag business management educator, suggests making a document checklist that includes the following:
- A copy of the most up-to-date accounting report for tax year 2009.
- Documents that describe commodities sold with deferred payment contracts.
- Government payment documents that have been received with Farm Service Agency payments.
- Crop insurance documents showing benefits plus withheld premiums.
- Internal Revenue Service documents, including W-2’s and 1099’s showing income received.
- Accrual basis taxpayers should take a complete inventory list.
- Records of medical, dental, property tax, education and health insurance expenses.
- Determination of personal portion of utility, fuel and vehicle expenses.
- A copy of last year’s tax return and accounting records.
Source: the farm gate blog