I had an LPA from 1972-1988. Only time I got audited, but it worked out ok since LPA missed some deductions and put some in wrong categories. Went to a real CPA firm....they say they like to be "aggressive" with IRS. Never audited since, and they are worth every penny of the 5-600 annual tax prep fees, plus the 200 per hour Dec planning session. No way I would know how to fill out all of the forms, and I"m no dummy! Farming, any business, you HIRE those who make you money! Tax advisor, feed man, crop guy.
I legitimately expense 51% of car expense, 90% of truck expense to the farm. Never questioned. If your CPA doesn"t recognize that as legit expenses for any business....fire him!
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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