Preparing Taxes for a Farmer On-Demand Webinar

Summary

Farming is a unique activity with its own set of special tax issues. Farmers may deduct business expenses such as real estate taxes and personal property taxes on farm business assets, including farm equipment, animals, farm buildings and more. In addition, the preparation of Schedule J (Form 1040) using income averaging, help mitigate higher income taxes in higher income years. The impact of cooperative product sales on the qualified business income deduction (QBID) also affects taxable income. This course will discuss several of these unique concepts and teach tax professionals how to calculate farming expenses and income averaging to save tax dollars for their farming clients.

Objectives

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

• Identify whether a client’s activity is a farm activity
• Select a tax effective method of calculating farm income and expenses
• Prepare Schedule D (Form 8995-A) - Special Rules for Patrons of Agricultural or Horticultural Cooperatives
• Apply depreciation methods unique to assets used in 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.