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What You'll Learn
Tax season can be one of the most stressful times for farmers, but it doesn't have to be.
Jayce Hafner, CEO of FarmRaise, and her colleague Morgan walk through five practical strategies for taking the stress out of farm taxes. The session covers how to set up an expense tracking system that maps to Schedule F categories, the difference between cash and accrual accounting and why most farm accountants recommend cash, how to tell tax credits from tax deductions and which ones farmers commonly miss, how to avoid the most frequent tax mistakes, and when it's worth bringing in a tax professional. Kyle Haney from Local Line closes with a walkthrough of the sales tax, order export, and QuickBooks-compatible reporting tools built into Local Line, plus Canadian-specific tax tips.
No matter what expense tracking system you use, build in categories that map back to your Schedule F and tag your transactions in real time. This helps at tax time and makes it easier to build a balance sheet and income statement.
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