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MagnifySM Makes Tax Season Easier

Whether you prepare your own returns or hire a professional, you know that the work of tax season begins well before the first number is entered on an actual tax form. Hours are spent tracking down paperwork, making sure records are up-to-date, and generally getting documents in order.

MagnifySM, a one-of-a-kind ag financial management tool from Farm Credit Services of America (FCSAmerica), can help save you and your accountant time and stress. Transactions made from an FCSAmerica WorkSmart® line of credit are automatically imported into Magnify throughout the year, making the tax season much easier, according to Tony Jesina, senior vice president of FCSAmerica’s related services, which include Magnify.

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“The things that tend to get forgotten at tax time are the small, one-off purchases throughout the year – the package of bolts from the hardware store or the bottle of vaccine from the feed store. Those things add up,” he says. “And if those transactions were made using an AgriBuy rewards card, they automatically flow into Magnify throughout the year and are available to the person preparing taxes.”

Magnify also helps  to categorize transactions and reconcile accounts. “It’s not uncommon for a tax preparer to spend several hours moving entries between accounts before they can begin the work of preparing a tax return,” Jesina notes. “Magnify can streamline this work because of its ability to allow for easy categorization of many transactions using a standardized chart of accounts, and its find-and-recode function to simplify recoding similar entries. In addition, reconciliation is easier because Magnify can ensure that a producer’s accounts are in balance.”

The financial management tool can help producers get a head start on tax season by allowing their tax professional to view their records before the end of each year and identify or correct any transactions that might need to be recoded. In addition, a preview of up-to-date information could allow a tax professional to assess a likely tax liability and address issues, such as additional deductions, before the end of the tax year or anticipate cash flow needs.

 “Plus, Magnify has created opportunities for accountants to invest more time in higher-value activities like tax planning and consultation because they will spend less time on data management tasks,” Jesina added. ”That’s a win-win for the accountants and their customers.”

Farm Credit Services of America is dedicated to serving the agricultural credit, risk management and financial needs of farmers and ranchers in Iowa, Nebraska, South Dakota and Wyoming. For areas outside of our chartered territory, visit FarmCredit.com to locate an association near you.

Click to learn more about Magnify. To request information, locate your local FCSAmerica office, call 800-884-FARM, or complete the form below:

 

Magnify is a service mark of Farm Credit Services of America.
Magnify was developed for American agriculture in partnership with Xero and Figured.  


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