Radiance3 wrote:
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Business reminder to ensure tax are minimized.
From plantation to the market, anything you've spent to raising those beans, until sales to the market are all tax deductible. Make sure all are on records, and properly documented, defined, and classified.
If you use equipment or machinery on your plantation until sales. Depreciations on cars, trucks, machines used in productions and transports are all deductible expenses.
Please don't forget depreciating the equipment of the machines according to the life of those machines. (How long the machines last). The depreciations are all deductible expense every year until fully depreciated.
Those machines all helped generate your revenue. And depreciations over the life of those assets are tax deductible.
I was an Accountant and Auditor. Good luck!
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Thanks for the info I have a pretty good accountant that I've been with 46 yrs and he's done me good.