Preparing Taxes for Farmers Webinar

Summary

Farming is a unique business with specific tax considerations. Farmers can deduct business expenses like real estate taxes and personal property taxes on assets related to their farm, such as equipment, animals and buildings. Additionally, by using income averaging on Schedule J (Form 1040), farmers can reduce their tax burden during years with higher income. This course will cover these distinct tax concepts and teach tax professionals how to calculate farming expenses and apply income averaging to help save taxes for their farming clients.

Objectives

Upon completion of this course, you will be able to:

• Identify when a client’s activity qualifies as a farm activity
• Select a tax effective method of calculating farm income and expenses
• Apply depreciation methods unique to assets used in farming
• Prepare Schedule F (Form 1040), Profit or Loss from Farming
• Prepare Schedule J (Form 1040), Income Averaging for Farmers and Fishermen

Course Details

Subject matter experts will answer your questions during the presentation. We make every effort to answer as many questions as possible during the webinar but we may not be able to directly address every question.

This webinar includes the presentation slides, attendee top questions and access to the webinar recording.