Introduction to Schedule F Self-Study

Summary

This course is great for preparers who have clients who earn a living as a self-employed farmer. You will learn how to properly prepare Schedule F, Profit or Loss from Farming, and other major related forms while focusing on individual income tax issues. The course also includes information about identifying hobby farms and material about the depreciation and accounting methods that have changed under the 2017 Tax Cuts and Jobs Act (TCJA).

Objectives

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

• Complete Schedule F, Profit or Loss From Farming.
• Identify the unique timing of certain farm income and expenses.
• Identify the sources of income generated from farming operations.
• Differentiate between taxable and tax-exempt government program payments.
• Complete Schedule J, Income Averaging for Farmers and Fishermen.
• Identify the proper reporting of farm-related income on Form 4797, Sales of Business Property.
• Identify the allowable expenses and deductions for farmers.
• Compute the amount of farming loss allowed under the loss limitation rules.
• List the depreciation methods allowed for assets used in farming updated under TCJA.
• Differentiate between cash and accrual methods as related to farm income and expense reporting.
• Complete Schedule SE, Self-Employment Tax.
• Summarize how to report the income and expenses from a farming activity determined to be a hobby.

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.