River Hebért, NS ~ Today we met with our new farm accountant. We do all of our book-keeping using Quickbooks Pro but feel a little intimidated this year doing our taxes on our own. So, we met with an accountant in our area who works with a lot of farmers and grew up on a dairy farm. She recommended we consider AgriInvest which is “a self-managed producer-government savings account that allows producers to set money aside which can be used to recover from small income shortfalls, or to make investments to reduce on-farm risks.” So, we’re planning on checking it out. We had assumed it might not be very useful for our size and type of farming, but she seemed to think it was a good idea.
We also need to figure out what percentage of our van and house we use for the business so we can factor in those expenses. Luckily, we’ve kept a mileage log the whole season and will easily be able to figure it out for our van. The accountant said we are way ahead on that than most….and that most people just have to estimate at the end of the year.
I just read a book called “Beating the Taxman” I got from my dad when we started our business. It’s a quick read since not every section relates to every business. I enjoyed it and felt like I could better understand what our accountant was saying and think of questions to ask.