Tax Guide for Farmers – Deductible Expenses, Part 1

The Internal Revenue Code includes laws that govern the unique income and expenses associated with farming. One such section of law pertains to expenses incurred by a farm business.

This article is the first in a series on the various business expenses associated with farming. This article is specifically on deductible expenses. If you operate or work on a farm, the materials covered in these articles may be of use.

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Tax Guide for Farmers – Cancellation of Debt

There are unique tax laws that apply if you have income or expenses related to working on a farm. If you operate or work on a farm, when you prepare your tax return, you must understand these tax laws.

This publication, the sixth in a series of articles on taxes for farmers, focuses on Cancellation of Debt. The previous entries covered Recordkeeping and Accounting, Income from the Sale of Farm Products, Rent Income, Agricultural Program Payments, and Income from Cooperatives. Continue reading

Tax Guide for Farmers – Income from Cooperatives

If you operate or work on a farm, when you prepare your tax return, you must understand the tax laws that apply to the various unique income and expenses related to farming. This publication, the fifth in a series of articles on taxes for farmers, focuses on Income from Cooperatives. The previous entries covered Recordkeeping and Accounting, Income from the Sale of Farm Products, Rent Income, and Agricultural Program Payments.

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Tax Guide for Farmers – Agricultural Program Payments

For those who operate or otherwise work on a farm, there are special tax considerations that must be taken into account when preparing your tax return. This publication, the fourth in a series of articles on taxes for farmers, focuses on Agricultural Program Payments. The previous entries covered  Recordkeeping and Accounting, Income from the Sale of Farm Products, and Rent Income. Continue reading

Tax Guide for Farmers – Recordkeeping and Accounting

Farming is defined by the IRS as the operation or management of a farm for profit, whether you are the owner or tenant of the farm. Farming can include the raising of dairy, fish, fruit, livestock, or poultry.

There are special tax considerations that those in the business of farming must take into account. This publication focuses on recordkeeping and accounting. Continue reading

Tax Deductions for Business Expenses – Reporting

If you incur expenses related to your business, you may be able to deduct those expenses on your tax return. In previous articles, we touched on deductible business-related travel, entertainment, gift, and transportation expenses, as well as requirements for recordkeeping to support your expense deductions. This publication is focused on the requirements for reporting expenses on your tax return in order to obtain business-related expense deductions.

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