UVM Extension New Farmer Project

Last night I ‘did’ a webinar for the New Farmer Project about farm taxes. It was a concepts-based presentation, as opposed to a forms-based presentation. New Farmer Webinars

NOTE: IRS announced that the March 1 tax filing deadline for farmers who do not pay estimated taxes has been moved back to April 15, 2013. Farmers who do not make quarterly estimated tax payments usually must file federal income tax by March 1. But because Congress did not pass tax legislation until 2013, this deadline has been moved. To use the April 15 deadline for a farm return, the taxpayer must complete IRS Form 2210-F and check the ‘waiver’ box.

Farmers must file the farm return, Form 1040 Schedule F. This is where you list your farm income and farm expenses. Schedule F  2012 version pictureThe bottom line is profit. And that number is carried onto your Form 1040, which summarizes all of your personal…

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