FISHERMEN, DON’T FORGET SCHEDULE J By David G. Hanger March 11, 2014 I am prompted to jot this “heads up” memo by a prominent local fisherman who insists that Schedule J is not being used on many fishing returns prepared here in town. It is an easy mistake for even a licensed pro to make because the conditions common to use of the form do not occur all the time. While I am somewhat skeptical of my fisherman’s observation, it would be too costly to ignore. Schedule J is income averaging for fishermen and farmers only. With the big fishing seasons here recently Schedule J saves big bucks. Schedule Js I have prepared this year have saved in aggregate around $100,000, with a range from $4 saved to more than $18,000 saved. Obviously, $4 is no saving at all, but in most cases the savings has been in the thousands. This is not chump change if overlooked, but in fact is a significant loss both to the individuals and to the community. If missed in prior years, tax returns can be amended. Do not miss this opportunity to save yourself mon David G. Hanger, EA, MBA
Received March 10, 2014 - Published March 11, 2014
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