You are already ahead of the game because you have been preparing your own taxes in the past, most people are scared of preparing their own taxes because they have been convinced there is some big mystery involved, this myth has been largely perpetuated by the accounting/tax preparing industry who naturally want to charge you substantial sums to fill out relatively simple forms and offer advice that may or may not fit your financial situation or your philosophy. If you educate yourself regarding the various methods of depreciating assets and use the schedule 'F' as a guide to track and document your expenses and purchases you will be able to prepare a quick estimate any time during the year to help you make decisions regarding spending on infrastructure and aquiring equipment or supplies. When you have an outside job and farm income you are allowed to deduct losses in excess of your farm income up to the amount of your own or your spouses non farm income if filing jointly, this may present a chance to offset some of your non farm tax paid in if you are building your equipment line or adding or improving farm infrastructure. Knowing where you stand all year also tells you where and how to invest profits if you have few purchases to make outside of the next years inputs. I would never blindly follow an accountants advice without at least doing my own research on the subject, I know a lot of people who do not have a clue as to what they are signing every year.
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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