In 1817 Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes.” Income tax time is just arounce the corner and farmers need to start getting prepared.
A good resource that can help is the free Farmer’s Tax Guides available at your local University of Missouri Extension center.
The is a free publication and is very helpful in explaining tax related issues. Whether you file your own taxes or hire a professional tax preparer, you still need to understand the basic farm income tax principals.
The Farmer’s Tax Guides discusses topics such as what’s new in 2013 & 2014, farm income, farm business expenses, basis of assets, depreciation & amortization, gains & losses, disposition of property, installment sales, self-employment tax, etc. To request one of these free publications call or stop by your local MU Extension Center.
Tax forms may be obtained through the IRS website, www.irs.gov.
For more information on other farm tax related questions feel free to contact one of the Agriculture Business Specialists in our region:
Wesley Tucker
tuckerw@missouri.edu
417-326-4916)
Mark Jenner
jennermw@missouri.edu 660-679-4167
Brent Carpenter carpenterb@missouri.edu 660-827-0591
Nathanial Cahill
cahilln@missouri.edu
660-747-3193
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