Description:

This book is for preparing 2023 taxes. 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.

• Completing Schedule F
• Differentiating between cash and accrual methods of accounting for reporting farming activities
• Identifying different types of farm income and expenses
• Completing Schedule J, Income Averaging for Farmers and Fishermen
• Determining which expenses must be capitalized versus expensed
• Summarizing the depreciation rules for assets used in farming
• Completing Schedule SE, Self-Employment Tax
• Listing the factors used for determining whether a farm has a profit motive

Product Details:

Item Number: 23318

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 272 pages

Nonmembers – Join Now, Save More!

Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.