Well things have come home to roost. The pun was intended. Have you been reading our blog and thinking to yourself how can Stix have this much free time during tax season? That is no longer the case. I had to work on both Saturday and Sunday this weekend. The reason is that there is a tax deadline specific to farms and ranchers that comes up this week. I never had to deal with this deadline before. Here are some new tax issues and questions that I had to ask clients already this year. Even non-accountants should find this funny.
How long will the IRS allow you to depreciate a sheep, bull, or pig?
Hey Mr. Client, how many sheep did you have in inventory this year?
If you keep your livestock for more than one year, is it a long term capital gain?
I am certainly no longer in the city. Now that things have gotten into high gear, I am sure to be putting in closer to normal tax season hours. I just hope that the number of Sundays will be few.
Stix
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