Table of Contents.

Description:

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 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).

Introduction to Schedule F covers:

• Completing Schedule F, Profit or Loss From Farming.
• The unique timing of certain farm income and expenses.
• Sources of income generated from farming operations.
• Differentiating between taxable and tax-exempt government program payments.
• Completing Schedule J, Income Averaging for Farmers and Fishermen.
• Proper reporting of farm-related income on Form 4797, Sales of Business Property.
• Identifying the allowable expenses and deductions for farmers.
• Computing the amount of farming loss allowed under the loss limitation rules.
• Depreciation methods allowed for assets used in farming.
• Differentiating between cash and accrual methods as related to farm income and expense reporting.
• Completing Schedule SE, Self-Employment Tax.
• Reporting the income and expenses from a farming activity that is determined to be a hobby.

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2019

Format: Electronic

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Introduction to Schedule F Self-Study Course

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