Farm Taxes

[Bright Raven]

If you do your own taxes, expect to spend some time reading! Farm income, gain or loss, that shows up on Schedule F is reported on Schedule 1.

For Individuals:
The farm income gain (loss) is entered on Line 18 of Schedule 1, Additional Income and Adjustments to Income. In past years, the gain (loss) arrived at on Schedule F was recorded directly on Form 1040. With the new version of Form 1040 that goes into use this year (2018 Tax Year), the gain (loss) from Schedule F is reported on Schedule 1.

 

[1982vett]

$50 software will do a lot of reading for you.

 

[Bright Raven]

$50 software will do a lot of reading for you.

Yes without doubt but I have been a paper filer for all my life. After 50 years of filing, I feel more comfortable with pencil and paper.

 

[True Grit Farms]

A good farm accountant will make you more money than cattle.

 

[1982vett]

$50 software will do a lot of reading for you.

Yes without doubt but I have been a paper filer for all my life. After 50 years of filing, I feel more comfortable with pencil and paper.

No doubt I like to understand the forms. Know where the numbers flow to and from. I use tax software befor I take my reports to a cpa. Some reading is still required. Presently I'm reading up on HSA's.

 

[Caustic Burno]

$50 software will do a lot of reading for you.

Yes without doubt but I have been a paper filer for all my life. After 50 years of filing, I feel more comfortable with pencil and paper.

No doubt I like to understand the forms. Know where the numbers flow to and from. I use tax software befor I take my reports to a cpa. Some reading is still required. Presently I'm reading up on HSA's.

If anything every happens to my CPA I'm screwed.

 

[pricefarm]

I use turbo tax. I often wonder if a cpa could save me any money. I have the farm income plus two rental houses and mine and my wife's day job also.

 

[True Grit Farms]

I use turbo tax. I often wonder if a cpa could save me any money. I have the farm income plus two rental houses and mine and my wife's day job also.

Yes, your to late for last year. Find a good farm CPA and schedule a meeting during the summer to talk with them. We went to three different CPA before we found one that my wife was comfortable with.

 

[Bigfoot]

I use turbo tax. I often wonder if a cpa could save me any money. I have the farm income plus two rental houses and mine and my wife's day job also.

Best money you'll ever spend is on a cpa. Especially, with those rental houses.

 

[Bestoutwest]

A good farm accountant will make you more money than cattle.

The first year we did anything ag related we hired the big firm in town. Spent close to $500. The following year my wife did them. We got the same money back. Maybe it's just my wife, who knows....