IRS 2007 Farmers Tax Guide pub 225

IRS 2007 Farmers Tax Guide pub 225 - Publication 225 Cat No...

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Publication 225 Contents Cat. No. 11049L Introduction ..................... 1 Department What’s New for 2007 ............... 2 of the Farmer’s Treasury What’s New for 2008 2 Internal Reminders ...................... 2 Revenue Tax Guide Service Chapter 1. Importance of Records .......... 3 For use in preparing 2. Accounting Methods ............ 4 3. Farm Income ................. 7 2007 Returns 4. Farm Business Expenses ........ 18 5. Soil and Water Conservation Expenses ................... 26 Acknowledgment: The valuable advice and assistance given us each 6. Basis of Assets 29 year by the National Farm Income Tax Extension Committee is gratefully acknowledged. 7. Depreciation, Depletion, and Amortization 35 8. Gains and Losses ............. 47 9. Dispositions of Property Used in Farming 55 10. Installment Sales .............. 59 11. Casualties, Thefts, and Condemnations 64 12. Self-Employment Tax ........... 71 13. Employment Taxes 75 14. Excise Taxes 79 15. Estimated Taxes 82 16. Sample Return ................ 84 17. How To Get Tax Help 103 Index ......................... 105 Introduction You are in the business of farming if you culti- vate, operate, or manage a farm for profit, either as owner or tenant. A farm includes stock, dairy, poultry, fish, fruit, and truck farms. It also in- cludes plantations, ranches, ranges, and orchards. This publication explains how the federal tax laws apply to farming. Use this publication as a guide to figure your taxes and complete your farm tax return. If you need more information on a subject, get the specific IRS tax publication covering that subject. We refer to many of these free publications throughout this publication. Get forms and other information See chapter 17 for information on ordering these faster and easier by: publications. The explanations and examples in this publi- Internet www.irs.gov cation reflect the Internal Revenue Service’s in- terpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. How- ever, the information given does not cover every situation and is not intended to replace the law or change its meaning. This publication covers subjects on which a court may have made a www.irs.gov/efile decision more favorable to taxpayers than the interpretation of the Service. Until these differing
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interpretations are resolved by higher court deci- misconduct, waste, fraud, or abuse by an IRS subject to the Medicare part (2.9%). See chapter sions, or in some other way, this publication will employee, you can call 1-800-366-4484 12. continue to present the interpretation of the (1-800-877-8339 for TTY/TDD users). You can Husband-wife farm. Beginning in 2007, you Service. remain anonymous. and your spouse, if you are filing married filing The IRS Mission. Provide America’s taxpay- jointly, may be able to make a joint election to be Farm tax classes. Many state Cooperative ers top quality service by helping them under- taxed as a qualified joint venture instead of a Extension Services conduct farm tax workshops stand and meet their tax responsibilities and by partnership. See chapter 12.
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IRS 2007 Farmers Tax Guide pub 225 - Publication 225 Cat No...

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