Rooster Hill Farm

Last week we sat down with Jessica Bolding, CPA and I went over the farms finances! She was such a big help!! It became very clear that there were a lot of things we were missing out on such as:

• mileage for farm related activities
• % of electricity, water
• Not to use the Accrual System

Each year the IRS comes out with an IRS Farm Reporting Book that details the farming requirements.

It also became very clear that there are things that I care about that the IRS does not care about. I have to keep track of my egg production so I know how we are doing however the IRS does not care. They do care about my purchases and if they are going to be depreciated over time or if we will be taking the whole item in one year.

Finally, it became clear that although I keep all of our receipts I was not organized enough. So, I am organizing all of my expense & income receipts by month and paper clipping them together hopefully this will simplify the tax reporting. Finally, I will be saving 15% of my income if I make it over my expenses to pay taxes.

Learning at RH