On this page, you will find some useful topics for beginning farmers. The linked fact sheets are a good place to start to get basic information you may need as you consider your tax situation.
These topics are for educational purposes only. We encourage you to seek the advice of a tax or legal professional.
The hobby loss rules which determine whether a venture is a business or a hobby, is a frequently misunderstood area of tax law that causes producers who are experiencing difficult economic times to worry, perhaps unnecessarily, that the venture will be vi...
Meeting the qualifications of farming and being a farmer under the Internal Revenue Code (IRC) allows for special benefits; however, not all agricultural producers meet these qualifications even if they are producing agricultural products, which is why it...
Form 1099 is used to report various forms of income other than wages, salaries, and tips to the Internal Revenue Service (IRS) and to the recipient of the payment. Agricultural producers may both receive Form 1099 information returns and be required to is...
This article will introduce depreciation and depreciation calculations. Additional articles are available at ruraltax.org that provide more in-depth information regarding the items listed above.
Knowing the deadline to file your federal income tax return is important, as late filing can generate penalties. In addition, taxpayers should know when tax payments are due because payments can be a major expense to consider in cash flow planning.
Most taxpayers working for an employer have FICA and Medicare withheld from their wages. The amount withheld is matched by their employer. Consequently, they will receive retirement and medical benefits when they reach retirement age.
This article provides an overview of tax management and planning concepts, plus where to find additional information.
A taxpayer may want to modify their tax bill either higher or lower at the conclusion of the year. This fact sheet will walk through a couple of provisions that allow them to make those modifications.
This article will share steps a farmer/rancher can take to get the best value from that service and ensure a strong working relationship with their tax professional.
Income tax management is not minimizing total taxes owed, but rather maximizing after-tax net income over the lifetime of the business.
This decision tool is to be used to estimate your tax liability. It is for informational and educational purposes and should not considered tax or legal advice. You may need to work with your tax professional to determine the correct information to be entered in the Tax Estimator Tool.
