As a farmer in British Columbia, it can be difficult to know how to navigate the world of provincial and federal taxes. Leskun and Son Accounting has been serving farmers throughout the Fraser Valley and beyond for years, and our experienced accountants specialize in offering tax services that help you to make the most of your money. We are always happy to offer tax tips to BC farmers or to put together a customized service package that will suit any farm’s needs.
Tax Tips for Farmers in BC
Tax preparation and filing can be a hefty procedure for any business, and things can get especially complicated for farms as the lines between the business and lifestyle can often get blurry. At Leskun & Son, we are happy to share some of the many ways that farmers can make their lives easier when it comes to taxes. Some professionally recommended tax tips for farms in BC include:
Track All Expenses
Keeping track of all expenses in one easy to access area can make a big difference when tax season comes around and you need to report spending for your farm. All records should be kept organized and a detailed account needs to be kept up to date of all expenses.
Keep Separate Accounts
It can often be too easy as a business owner to lump together personal and business expenses, especially when your business is a farm, and you live on the property being worked. This should be avoided as much as possible in order to make taxes easier to track. Keep separate accounts for the business and your personal life and be sure to differentiate between expenses.
Know Your Deductibles
There are a great many tax deductions available to farms in BC that farmers are not always aware of. By learning about all of the tax deductions that are available, you can equip yourself to maximize your tax return. This can in turn free up your finances so you can make bigger and better changes for your farm.
Use Accounting Software
The right accounting software makes it easier to track your farm’s income and expenses, cutting back the amount of time that you need to spend on organizing financial records. It is also a great way to ensure that your records are accurate when tax season comes around.
If you would like to learn more tax tips for BC farmers, or to get started with any of our comprehensive tax services, including tax preparation, planning, and filing, please reach out to our qualified and experienced team so that we can help answer your questions.