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Agricultural Income Training (English Version)

This section provides an overview of agricultural income tax issues, focusing on defining agricultural income for tax purposes and eligibility. It covers filing requirements, recordkeeping, tax rules, and benefits for farmers, including options for estimated tax payments and income from non-farming activities.

5. Ag Income Evaluation

Be sure to click outside the answer field after answering each question to prompt the next question.

1. In addition to growing crops or raising livestock do you have other activities on your land such as renting the facility for camping, hunting, or weddings, or offering classes?

2. In addition to growing crops or raising livestock do you also make products for sale such as cooked or baked goods, cheese, beverages, processed meat including meat that has been cut and wrapped, or spun or dyed yarn?

3. Are you aware of special rules for estimated tax payments for farmers and ranchers?

4. Are you aware of special rules for farm/ranch bankruptcy?

5. Awareness of special rules for agricultural debt relief?

6. Are you aware of special rules for paying Optional SE Tax using the "Farm Method"?

7. Are you aware of Income Averaging for farmers and ranchers?