New Farmer's Tax Guide now available on IRS website
The Internal Revenue Service Farmer’s Tax Guide is now available on the IRS.gov website for use in preparing upcoming 2013 tax returns. The publication contains information on the farming business either as an owner or tenant.
“The number of farm tax returns filed in North Carolina in 2011 was more than 47,000. In Virginia, that number was more than 40,000 and in West Virginia it was more than 16,000,” said Mark Hanson, an IRS spokesperson inGreensboro. “Farmers should take just a few minutes at IRS.gov to download this publication and keep it handy—it’s full of valuable information to find out how federal tax laws apply to farming and how to figure your taxes and complete your tax return.
The guide includes annual updates, if applicable, about new laws or regulations and details the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Other topics include tracking farm income, expenses, employment taxes and sample tax returns.
“I encourage farmers and anyone else with their own business to look into IRS e-file,” Hanson added. “Electronic filing is the fastest and most accurate way to complete your federal income tax return. You can use your personal computer, visit an authorized IRS e-file provider or, if you qualify, a Volunteer Income Tax Assistance (VITA) site.”
The Farmer’s Tax Guide, as well as other IRS forms and publications, can be accessed at IRS.gov or ordered by calling toll-free, 1-800-TAX-FORM. Telephone assistance is available by calling the IRS business and specialty line at 1-800-TAX-4933.