Introduction to Schedule F Self-Study

Summary

Farming is a unique industry with special tax issues. Knowing these unique tax issues and related rules is essential for tax professionals preparing farm tax returns. This course focuses on basic income tax issues for individuals engaged in a farming activity and helps tax professionals who are new to preparing farm tax returns. You will learn which accounting and depreciation methods are available to farmers, how to properly report income and expenses on Schedule F, Profit or Loss From Farming, and how to determine whether a farm is a business or a hobby.

Objectives

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

• Complete Schedule F
• Differentiate between the cash and accrual method of accounting for reporting farming activities
• Identify different types of farm income and expenses
• Complete Schedule J, Income Averaging for Farmers and Fishermen
• Determine which expenses must be capitalized versus expensed
• Summarize the depreciation rules for assets used in farming
• Complete Schedule SE, Self-Employment Tax
• List the factors used to determine whether a farm has a profit motive

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.