Archive for the ‘Farm Taxes’ Category

Ten Things You May Not Know about Farm Income and Deductions

by P. Lewis Robinson
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Mar
22

If you are in the business of farming, there are a number of tax issues that you should consider before filing your federal tax return. The IRS has compiled a list of 10 things that farmers may want to know before filing their federal tax return.

  1. Crop Insurance Proceeds You must include in income any crop insurance proceeds you receive as the result of crop damage. You generally include them in the year you receive them. (more…)