Filing taxes for your farm business can get complicated quickly. These tax tips for farmers can help you learn what you need to report and how to take advantage of tax breaks available to you.
By Ben Luthi, Personal Finance Writer
creditkarma.com, April 12, 2018
Operating a farm often involves several different income sources and expenses, deductions and credits, all of which can complicate things when it’s time to file your taxes. While the average age for farmers as of 2012 was 58.3, first-time farmers are still entering the business — including millennials.
According to the USDA’s 2012 Agricultural Census, the number of farmers ages 25 to 34 increased nearly 2.2% between 2007 and 2012. What’s more, more than 469,000 farmers have been farming fewer than 10 years, and more than 171,000 have been farming for fewer than five years.
If you’re filing your taxes as a farmer for the first time — or are a long-time farmer who’s still confused about how farms get taxed — these five tax tips for farmers may help shed a little light on how it all works.
Read the full article here.