New Farmer's Tax Guide now available on IRS website
DALLAS — The Internal Revenue Service Farmer’s Tax Guide is now available on the IRS.gov website for use in preparing upcoming 2012 tax returns. The publication contains information on the farming business either as an owner or tenant.
“There were more than 244,000 farm tax returns filed in Texas for tax year 2010,” said Clay Sanford, an IRS spokesman in Dallas. “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 really encourage farmers and anyone else with their own business to look into IRS e-file,” Sanford added. “Electronic filing is the fastest and most accurate way to complete your federal income tax return. You can use your personal computer or visit an authorized IRS e-file provider.”