Tax Filing Tips for Farmers

Tax Filing Tips for Farmers

Tax Season Tax Season

March 2, 2016

NASHVILLE, Tenn. (RFD-TV) - The deadline for filing taxes this year is still more than a month away, but now is the time for filers to plan ahead, especially those in the agriculture community. Farmers and members of the ag industry should be aware of tax policies that can help them.

Paul Neiffer is an accountant that specializes in ag accounting, and says that a recent action by congress will benefit the farming community. Passed into law last year, Section 179 of the IRS Tax Code allows farmers to deduct, for the current tax year, the full purchase price of financed or leased equipment. 

Neiffer also believes that farmers must understand how crop insurance will impact their portfolio. Crop insurance is reported on the gross, meaning farmers can be short changed. To counter this, Neiffer suggests that farmers should keep detailed records before the filing season, regardless of the size of their operation. 

For more information on how farmers and members of the ag community can prepare for tax season, check out the following pages from the IRS:

https://www.irs.gov/publications/p225/ch03.html  

https://www.irs.gov/uac/Reporting-Farm-Income-and-Expenses

https://www.irs.gov/uac/Newsroom/10-Things-to-Know-about-Farm-Income-and-Deductions

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