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Description:

This book is for preparing 2022 taxes. Farming is a unique industry with its own set of special tax issues. Knowing these special rules is essential for tax professionals preparing farm tax returns. This textbook focuses on individual income tax issues to help tax professionals new to preparing farm tax returns. You will learn how to properly prepare Form 1040, Schedule F, Profit or Loss From Farming, and other major related forms, which depreciation and accounting methods are available to farmers, and how to identify hobby farms.

Topics include:

• Completing Schedule F
• Differentiating between cash and accrual methods as related to farm income and expense reporting
• Identifying the proper reporting of farm-related income on Form 4797, Sales of Business Property
• Completing Schedule J, Income Averaging for Farmers and Fishermen
• Listing the depreciation methods allowed for assets used in farming
• Identifying the requirements for claiming §179 and bonus depreciation
• Completing Schedule SE, Self-Employment Tax
• Listing the nine relevant factors in the regulations under §183 that can be used to determine whether a farm has a profit motive

Product Details:

Item Number: 22318

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 272 Pages

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