Farming is a unique activity with its own set of special tax issues. This webinar is a beginner’s guide for tax preparers who want to learn the basics and begin preparing individual income tax returns for farmers. You will learn depreciation rules specific to farming, farm income averaging, farm income and its association with social security benefits. We’ll also walk you through the sale of assets unique to farmers and how to prepare Schedule F, Profit or Loss From Farming.
Upon completion of this course, you will be able to:
- Identify whether a client’s activity is a farm activity.
- Evaluate whether a client’s farming activity is a hobby or for profit and summarize the implications.
- Identify various types of farm income for clients at the tax desk.
- Determine whether farm income received by taxpayers is taxable.
- Correctly calculate farming expenses.
- Correctly apply depreciation methods unique to assets used in farming.
- Assess when the rules regarding excess farm losses apply.
- Describe farm income averaging and when to use it.
- Accurately complete Schedule F, Profit or Loss from Farming.
This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Q&A transcript. CPE is issued after exam is successfully completed.
Les Marti, EA