Table of Contents
- Publication 225 - Introductory Material
- 1. Importance of Records
- 2. Accounting Methods
- 3.
Farm Income
- What's New
- Introduction
- Topics - This chapter discusses:
- Useful Items - You may want to see:
- Schedule F
- Sales of Farm Products
- Rents (Including Crop Shares)
- Agricultural Program Payments
- Commodity Credit Corporation (CCC) Loans
- Conservation Reserve Program (CRP)
- Crop Insurance and Crop Disaster Payments
- Feed Assistance and Payments
- Cost-Sharing Exclusion (Improvements)
- Payments under the Farm Security and Rural Investment Act of 2002
- Tobacco Quota Buyout Program Payments
- Other Payments
- Payment to More Than One Person
- Income From Cooperatives
- Cancellation of Debt
- Income From Other Sources
- Income Averaging for Farmers
- 4.
Farm Business Expenses
- What's New
- Introduction
- Topics - This chapter discusses:
- Useful Items - You may want to see:
- Deductible Expenses
- Reasonable allocation.
- Prepaid Farm Supplies
- Prepaid Livestock Feed
- Labor Hired
- Repairs and Maintenance
- Interest
- Breeding Fees
- Fertilizer and Lime
- Taxes
- Insurance
- Rent and Leasing
- Depreciation
- Business Use of Your Home
- Truck and Car Expenses
- Travel Expenses
- Marketing Quota Penalties
- Tenant House Expenses
- Items Purchased for Resale
- Other Expenses
- Domestic Production Activities Deduction
- Capital Expenses
- Nondeductible Expenses
- Losses From Operating a Farm
- Not-for-Profit Farming
- 5. Soil and Water Conservation Expenses
- 6. Basis of Assets
- 7.
Depreciation, Depletion, and Amortization
- What's New for 2007
- What's New for 2008
- Introduction
- Topics - This chapter discusses:
- Useful Items - You may want to see:
- Overview of Depreciation
- What Property Can Be Depreciated?
- What Property Cannot Be Depreciated?
- When Does Depreciation Begin and End?
- Can You Use MACRS To Depreciate Your Property?
- What Is the Basis of Your Depreciable Property?
- How Do You Treat Repairs and Improvements?
- Do You Have To File Form 4562?
- How Do You Correct Depreciation Deductions?
- Section 179 Deduction
- Claiming the Special Depreciation Allowance
- Figuring Depreciation Under MACRS
- Which Depreciation System (GDS or ADS) Applies?
- Which Property Class Applies Under GDS?
- What Is the Placed-in-Service Date?
- What Is the Basis for Depreciation?
- Which Recovery Period Applies?
- Which Convention Applies?
- Which Depreciation Method Applies?
- How Is the Depreciation Deduction Figured?
- How Do You Use General Asset Accounts?
- When Do You Recapture MACRS Depreciation?
- Additional Rules for Listed Property
- Depletion
- Amortization
- 8. Gains and Losses
- 9. Dispositions of Property Used in Farming
- 10. Installment Sales
- 11. Casualties, Thefts, and Condemnations
- 12.
Self-Employment Tax
- What's New for 2007
- What's New for 2008
- Introduction
- Topics - This chapter discusses:
- Useful Items - You may want to see:
- Why Pay Self-Employment Tax?
- How To Pay Self-Employment Tax
- Who Must Pay Self-Employment Tax?
- Figuring Self-Employment Earnings
- Methods for Figuring Net Earnings
- Reporting Self-Employment Tax
- 13.
Employment Taxes
- What's New for 2008
- Reminder
- Important Dates
- Introduction
- Topics - This chapter discusses:
- Useful Items - You may want to see:
- Farm Employment
- Family Employees
- Crew Leaders
- Social Security and Medicare Taxes
- Federal Income Tax Withholding
- Advance Payment of Earned Income Credit
- Reporting and Paying Social Security, Medicare, and Withheld Federal Income Taxes
- Federal Unemployment (FUTA) Tax
- 14.
Excise Taxes
- What's New for 2007
- Reminders
- Introduction
- Topics - This chapter discusses:
- Useful Items - You may want to see:
- Fuels Used in Farming
- Dyed Diesel Fuel and Dyed Kerosene
- Fuels Used in Off-Highway Business Use
- Fuels Used for Household Use or Other Than as a Fuel
- How To Claim a Credit or Refund
- Including the Credit or Refund in Income
- 15. Estimated Tax
- 16.
Sample Return
- Preparing the Return
- Schedule F (Form 1040), Profit or Loss From Farming
- Form 4562 Depreciation and Amortization
- Form 8903 Domestic Production Activities Deduction
- Schedule SE (Form 1040) Self-Employment Tax
- Form 4684 Casualties and Thefts
- Form 4797 Sales of Business Property
- Schedule D (Form 1040) Capital Gains and Losses
- Form 1040, Page 1
- Form 1040, Page 2
- Schedule J (Form 1040) Income Averaging for Farmers and Fishermen
- Completing the Return
- Preparing the Return
- 17. How To Get Tax Help
- Index
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