Do you need a resource to answer those tough farm tax questions? If so, farmers can receive a free copy of IRS Publication 22, the 2010 Farmers Tax Guide, at their local county OSU Extension office. The 2010 Farmer’s Tax Guide is an 89 page publication which explains how the federal tax laws apply to farming. This guide can be used as a guide for farmers to figure taxes and complete their farm tax return.
Some of the new topics for the 2010 tax year which are included in this publication are: standard mileage rate, increase in deduction for start-up costs, limitation on excess farm losses, increased section 179 expense deduction dollar limits, extension of special depreciation allowance, property eliminated from definition of listed property, decrease in personal casualty and theft loss limit, disaster losses, self-employed health insurance deduction, and wage limits for social security tax. More information can be found at the IRS website at:
The Rural Tax Education Site has an example Schedule F on their web site to help producers as they complete their Schedule F. The sample return can be found on web site at: http://ruraltax.org/
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