Farm Income Expense - Feed Purchased

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 require-ments 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 Preproductive Period

Election to deduct certain preproductive period expenses. If the preproductive period of any plant you produce is more than 2 years, you can elect to currently deduct the expenses rather than capitalize them. But you cannot make this election for the costs of planting or growing citrus or almond groves that are incurred before the end of the fourth tax year beginning with the tax year you [...]

Farm Income Expense

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 require-ments such as business licenses and fees. Check with your state and local governments for more information. Additional information. Pub. 225 has more [...]

Farm Income - Car and Truck Expense

You can deduct the actual expenses of operating your car or truck or take the standard mileage rate. You must use actual ex-penses if you used five or more vehicles simultaneously in your farming business (such as in fleet operations). You cannot use actual expenses for a leased vehicle if you previously used the standard mileage rate for that vehicle. You can take the standard mileage rate for [...]

Amortization - Description of Costs

Only enter costs for which the amortization period begins during your tax year beginning in the current tax year. Describe the costs you are amortizing. You may amortize the following: Geological and geophysical expenditures (section 167(h)) Pollution control facilities (section 169) Bond premiums (section 171) Research and experimental expenditures (section 174) The [...]