Farm Income Expense - Employee Benefit Programs

http://www.irs.gov/pub/irs-pdf/i1040sf.pdf Deduct contributions to employee benefit programs that aren't an incidental part of a pension or profit-sharing plan included on line 23. Examples are accident and health plans, group-term life insurance, and dependent care assistance programs. If you made contributions on your behalf as a self-employed person to a dependent care assistance program, [...]

Farm Income Expense - Custom Hire (machine work)

Enter amounts paid for custom hire or machine work (the machine operator furnished the equipment). Do not include amounts paid for rental or lease of equipment that you operated yourself. Instead, report those under Rent or Lease of Vehicles, Machinery and Equipment. [...]

Farm Income - Conservation Expenses

http://www.irs.gov/pub/irs-pdf/i1040sf.pdf Use Schedule F (Form 1040) to report farm income and expenses. File it with Form 1040, 1040NR, 1041, 1065, or 1065-B. Your farming activity may subject you to state and local taxes and other requirements such as business licenses and fees. Check with your state and local governments for more information. Additional information. Pub. 225 has more [...]

Farm Income Expense - Freight and Trucking

http://www.irs.gov/pub/irs-pdf/i1040sf.pdf You can deduct the actual expenses of operating your car or truck or take the standard mileage rate. You must use actual expenses if you used five or more vehicles simultaneously in your farming business (such as in fleet operations). You can't use actual expenses for a leased vehicle if you previously used the standard mileage rate for that vehicle. [...]

Farm Income Expense - Insurance

You can generally deduct the ordinary and necessary cost of insurance for your farm business as a business expense. This includes premiums you pay for the following types of insurance. • Fire, storm, crop, theft, liability, and other insurance on farm business assets. • Health and accident insurance on your farm employees. • Workers' compensation insurance set by state law [...]