Forms that Most Farmers have to File
Following is a list of forms that we hope most of you would find comprehensive and the explanations simple to understand and follow.
- Form 1040 and Schedule F Report all your taxable income on form 1040 after figuring it out on Schedule F. Form 1040 is your income tax return, contains all the figures for your income, credits, deductions, and refunds. Dont forget to put your Social Security on each page of Form 1040 and Schedule F, used to figure out your taxable income and gain and loss from farming.
- Schedule J If you have a high income in year 2000 than your previous three years, filing schedule J may save you some taxes this year.
- Form 2210 its all in the name of the form, Underpayment of Estimated Tax by Individuals, Estates, and Trusts. For farmers and fishermen use form 2210-F.
- Form 3800 for filing General Business Credits.
- Form 4136 To claim a credit for federal taxes that you have paid on fuels, like gasoline, file this form. The credit can only be claimed for fuel that was used a)off the highway for business, b)not in the home (except undyed diesel fuel and kerosene), and c)on the farm for farming.
- Form 4562 Concerns depreciation and Amortization (paying off your debts in installments). You can also claim Section 179 deduction here.
- Form 4684 All losses and gains resulting from casualties and thefts are entered on this form.
- Form 4797 For reporting of any sales of business property.
- Form 4835 Any share of crops or livestock you received in return for allowing someone to use your land as a tenant is farm rental income and should be reported on this form. The only condition is that you didnt help in managing or running the farm, in that case its farm income.
- Form 943 Use this form to report all income tax withheld from your employees plus all the Social Security and Medicare taxes paid.
- Form 2290 (1999 and 2000) If you use a truck or a tractor on the highway from June 1st to July 31st that exceeds 55,000 pounds in gross weight, use this form to figure and pay your taxes for highway usage during this period plus you can also claim credit for this period if your mileage is less than 7500 miles.
- Form 4868 To get an extension of deadline to file income tax returns. This will not however extend the time to pay your taxes due.
- Form 8822 Inform IRS about your change of address.
- Form 1065 Farm partnerships need to file this form by the 15th day of the fourth month the partnership tax year ends.
(Source: IRS website)