Introduction to farm taxes: intro-to-farm-taxes (New as of 04/03/13)
A tax organizer workbook – print it out, fill it in, attach your documents and then either use it to do your taxes using a computer program or take it to a paid tax preparer. The workbook asks some questions that are unique to farms and ranches – some paid tax preparers would not know to ask, but they will know what to do when you give them the information in this form. Likewise, you wouldn’t know all the sections of a computer program to go to, but if you answer all these questions first, and then make sure to find a place in the computer program to put all your answers, (the better programs have screens where you can look up information on tax topics) you will probably end up with a fairly accurate return. Farm and Ranch Tax Organizer
Fact Sheet on Hobby Loss Rules - From University of Vermont Extension – applies anywhere subject to United States Federal Taxes and just as applicable for a ranch (or any other type of business) as for a farm.
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