Dixie Chan is a tax preparer licensed with the California Tax Education Council and has been preparing income taxes for over 25 years. Here are her tips for preparing your taxes this year.
• Take a few minutes to review your tax return from the previous tax year. This can work as a reminder of the income and expense items you reported earlier. It can jog your memory and work as a checklist for what you need to gather for this year's tax return.
• If you own a business, you should review your depreciation schedule from the prior year. Let your preparer know if any items being depreciated were sold, lost, or stolen during the year. Also include any depreciable items purchased recently like equipment or breeding livestock.
• Make sure you have all your tax documents before heading to see your tax preparer. These include your W-2 and 1099 forms, your mortgage and property tax statements, form for unemployment, earned interest, stock sales, retirement distributions, college tuition and books. Don't forget the 1095 form for your health insurance.
• An internet search can help you become more knowledgeable on tax issues specific to your operation prior to discussions with your preparer.
Join us on Wednesday, February 15th for the next Farmer-to-Farmer Breakfast with farm and ranch tax expert Dixie Chan! She will go over key tax concerns for producers such as hobby loss rules, depreciation, hiring your children, and possible income tax implications due to the anticipated repeal of Obamacare. Her husband Bryant Chan, a retired IRS investigator, will also talk about identity theft.
Bring your tax questions and enjoy a delicious breakfast with other local farmers at the Happy Apple Kitchen. Registration closes February 13th. Register at http://ucanr.edu/foothillfarmingtaxes
Video Link: https://www.facebook.com/FoothillFarming/