• About Us
  • News
  • Join H&S
    • Careers
    • Merge With H&S
  • Contact Us
  • 1-800-924-6891
H&S Companies
  • Home
  • About Us
  • News
  • Our Services
      •   Accounting
      •   Assurance
      •   Business Consulting
      • ERP Systems
      •   Hospitality Specialists
      • I.T. Strategy & Consulting
      • Income Tax Provision
      •   Manufacturing Specialists
      •   Payroll Services
      •   Pension Administration
      • Research and Development Tax Credit
      •   Strategic Planning
      • Taxes
      •   Wealth Management
  • Client Tools
    • Client Login
    • Forms & Resources
    • File Upload
    • Upload Tax Documents
  • Locations
    • Big Rapids
    • Cadillac
    • Fremont
    • Grand Rapids – Cascade
    • Grand Rapids – West
    • Greenville
    • Hart
    • Lansing
    • Mount Pleasant
    • Muskegon
    • Reed City
    • Rockford
  • Forms & Resources
  • Client Login
  • File Upload
  • Pay Your Bill
  • Careers
  • Contact Us
  • 1-800-924-6891
  • Menu Menu

Tax Tips for Farmers

March 27, 2013/in Tax Tips/by revel


Tweet

Below are a few tax tips for anyone who owns or operates a farm:

  • If your crops were damaged and you received insurance payments for the damages, that money counts as income. You must report it to the IRS.
  • You can deduct ordinary expenses that are considered to be common in the farming business. Additionally, you can deduct necessary expenses that are considered necessary for business.
  • You’re allowed to deduct reasonable wages paid to your full-time and part-time employees. Be sure to withhold Social Security, Medicare, and income taxes from your employee’s wages.
  • If you purchased items for resale, such as livestock, you may be able to deduct the cost in the year of the sale, including freight charges for transporting livestock to your farm.
  • If bad weather forced you to sell more livestock or poultry than normal, you may be able to wait on reporting the gain of the sale.

 

For more information, contact Michaelia Breuker at 231.924.8072.

 

breuker-michaelia-accountant-farm-agricultureMichaelia Breuker
Accountant Specializing in Farm & Ag
231.924.8072
michaeliab@hscompanies.com

Tags: Farm & Ag, Michaelia Breuker, Tax Tips
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
  • Share by Mail
  • Link to Dribbble
https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png 0 0 revel https://www.hscompanies.com/wp-content/uploads/2017/11/HS-logo-edit.png revel2013-03-27 08:00:482018-03-27 20:41:28Tax Tips for Farmers

Recent Posts

  • Governor Whitmer signs legislation phasing out retirement tax & raising working families tax credit
  • Congrats to our Muskegon Office!
  • Estate Planning 101 Virtual Seminar
  • Receiving an Earned Income Tax Credit for 2022?
  • Questions on the changes related to R&D costs?

Categories

  • Affordable Care Act Tips + Updates
  • Articles
  • Committed to Our Communities
  • Fraud and Forensic Investigation
  • Locations & Services
  • Media
  • Newsletters
  • Press Releases
  • QuickBooks Tips
  • Tax Checklist
  • Tax Tips
  • Uncategorized
CPA's & Business Advisors
Need Help?
Pay your Bill

About Us | Our Services | Forms & Resources | 1-800-924-6891

Remote Desktop Server – Internet Explorer | Remote Desktop Server – Non Internet Explorer | Company Store | Uniprint Client

Copyright © 2023 H&S Companies. Site by CurlyHost.

Beware of Early Withdrawal Penalties H&S April Newsletter Now Available CPA's & Business Advisors
Scroll to top