|New Farmer’s Tax Guide now available on IRS website|
|Friday, December 06, 2013 2:09 PM|
COLUMBUS, Ohio — The Farmer’s Tax Guide is now available on the Internal Revenue Service’s IRS.gov website for use in preparing 2013 tax returns. This IRS publication applies to individuals who cultivate, operate, or manage a farm for profit. For tax purposes, a farm includes livestock, dairy, poultry, fish, fruit, and truck farms, as well as plantations, ranches, ranges, and orchards.
“Ohioans filed more than 72,000 farm tax returns for tax year 2011,” said Jennifer Jenkins, IRS spokesperson for Ohio. “The newly updated Farmer’s Tax Guide offers useful information for all Ohio farmers, whether they’re farm owners or tenant farmers. If you’re on the front end of putting food on our tables, this guide provides information you really need to know. It’ll help you figure your taxes and complete your tax return.”
The guide includes tax updates for 2013 and 2014, to help farmers plan ahead. It also covers recordkeeping and record retention requirements. Other topics include tracking farm income, expenses, employment taxes and sample tax returns.
“Some Ohio farmers may be eligible to take the new, simplified method for business use of home deduction. Also, farmers and ranchers in several Ohio counties may qualify for special drought-related tax relief,” Jenkins said. The tax relief applies to Ohio counties Brown, Butler, Clark, Clermont, Clinton, Darke, Fairfield, Fayette, Franklin, Greene, Hamilton, Highland, Jackson, Madison, Montgomery, Pickaway, Pike, Preble, Ross, Scioto, Vinton and Warren, which were listed by the National Drought Mitigation Center (NDMC) as having suffered exceptional, extreme or severe drought conditions. Farmers and ranchers in counties contiguous to a county listed by the NDMC may also qualify for the drought-related tax relief. Details are available at IRS.gov.
Electronic filing, or e-filing, is an option for many farmers. “E-filing is the fast, easy and accurate way to send your tax return to the IRS, and it’s not just for individuals filing their returns,” Jenkins said. “Farmers and other business owners can check out their e-filing options on the IRS website.”
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