Tax Preparation & Equine Nutrition Focus of Annie's Project

 

December 6, 2018



(PR Extension)

Who would think the topic of tax preparation could be interesting and exciting? Missy Billing, CPA of Gardner and Billing, captivated and engaged participants of Annie’s Project earlier this week, according to Powder River Extension Agent Mary Rumph.

In the fifth week of Annie’s Project, a program designed to empower women in agriculture through financial knowledge and skill development, Billing explained that tax preparation works best if done throughout the year. Billing asked participants to match definitions of tax terms, followed by an exercise of catoragizing deductibles, non-deductibles and mixed items expenses that can be either, depending on how the expense is used. Cell phone expenses, for example can partially be deducted when used by family members while doing ranch work (haying, fencing, etc.), however, listing the entire expense of a teenager’s cell phone usage is not likely to be fully deductible in the eyes of the IRS. Part of tax planning is avoiding any “red flags” that might catch the attention of the IRS, explained Billing. She also stated that if you receive a letter from the IRS, respond to it in a timely fashion. She stressed the importance of receipts, especially when claiming fuel expenses and encouraged ranchers to have an envelope in each vehicle to slip the receipt into after fueling up at a gas station.

“The credit card bill showing a purchase at Exxon is not enough in an audit,” explained Billing. “The receipt showing the actual gallons of fuel is needed,” she concluded.

Communication with other family members and business partners is paramount, said Billing, and it is a good idea to keep your accountant informed, especially if there are unusual expense or income events coming up.

The next topic addressed was equine nutrition by Melissa Ashley, MSU Extension Rosebud/ Treasure County Agent. Ashley explained the different levels of nutrition required by horses depending on their classification, including age and use. She illustrated the different parts of the digestive system and explained how forages and concentrates were utilized by the digestive track to provide nutrients. She gave an introduction to a vaccination protocol and talked in length about West Nile and the different symptoms that can be exhibited by an infected horse.

“Fortunately, there is a vaccine available to protect horses from West Nile,” stated Ashley.

The final Annie’s Project will be held next Monday, December 10th at the Broadus Community Center, beginning at 12:30 p.m. Topics and speakers include “Organic Production” by Margaret Scoles, renowned internationally with the Independent Organic Inspectors Association and “Keeping Livestock Healthy” by Abbie Schoonover, Broadus Vet Clinic.

Please contact the Extension Office at 436-2424 for more information.

 

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