Form What Is IRS 1040a vs. Form 1040 Schedule F 2023

Let's talk about irs forum schedule f line by line instructions farming profit and loss don't go anywhere welcome back folks to another edition of the awesome studio kiwi show how are you today i hope you are doing fantastic i'm doing marvelous if you already ask me and if you are doing as great as i am go grab a cup of coffee or tea or vodka and let's roll in today's conversation i want to talk to you about schedule f farming profit and loss and really farming is a complicated business and navigating navigating tax laws only makes it more complex right now fortunately there is an irs form an irs publication rather publication 225 which has a lot of info about keeping tax records accounting for form income and expenses and how the tax laws apply to farm operations so right now i'm putting on the screen right now the snapshot of the of the publication 225 this is farmer's tax guide along with the link to that to the irs website so this is the documents that helps individuals involved in agribusiness navigate the farming specific tax code and it details and outlines how the federal government taxes farms so individuals will be liable for taxes if the farm is operated for profit whether the taxpayer owns the farm or is a tenant all right very important and on the publication 225 you can also find the different accounting methods that farmers may use for running their operations and how farmers must report from income and along with uh publication 225 the irs also has publication 51 and we're showing this to you right now on on the on the screen and publication 51 is a document specific to the employers of agricultural workers...