Education Commons^™

Farm Losses Versus Hobby Losses: Farmers Must Plan Ahead To Avoid Adverse Tax Consequences, Jc Hobbs

Rural Tax Education

The hobby loss rules which determine whether a venture is a business or a hobby, is a frequently misunderstood area of tax law that causes producers who are experiencing difficult economic times to worry, perhaps unnecessarily, that the venture will be viewed as a hobby rather than a true business venture. This article is intended to provide information to help producers reduce the likelihood that the business venture will be deemed a hobby.

How Do The At-Risk Rules Apply To A Farm Business?, Jc Hobbs

Rural Tax Education

The majority of farm businesses will not be subject to the at-risk rules. However, when a business is subject to these rules, the deduction of losses will be limited to the amount that the producer has at risk. The amount at risk is the amount the taxpayer could actually lose from the activity. If the at-risk limitation rules do not apply, other rules such as the passive loss rules or the hobby loss rules could still limit loss deductions. The purpose of this article is to explain the at-risk limitations as they apply to both farm and non-farm business activities. …

Prepaid Farm Expenses, Jeffrey E. Tranel

Rural Tax Education

Farmers and ranchers often pay for feed, supplies, fertilizer, and other inputs in one year and use those items in the following year. They may do so to pay lower prices, guarantee availability, for planning purposes, and/or other reasons.

The Internal Revenue Code allows qualified farmers and ranchers (farm-related taxpayers) to deduct the costs of such purchases in the year that the purchases are made rather than the year in which such items are used. Generally, the deduction for pre-paid farm supplies is limited to 50% of other deductible farm expenses (all schedule F deductions except supplies) for the year.

Farm, Farming And Who’S A Farmer For Tax Purposes, Guido Van Der Hoeven

Rural Tax Education

Meeting the qualifications of farming and being a farmer under the Internal Revenue Code (IRC) allows for special benefits; however, not all agricultural producers meet these qualifications even if they are producing agricultural products, which is why it is vitally important for operators of farms and their tax professionals to understand the IRS tax definitions of farm, farming and farmer. One of the benefits of being classified as a farmer is the exclusion of certain receipts from income as in the case of conservation payments as allowed under IRC Section 175.

Operators of farming businesses may associate the term farmer …

Choices For Your Farm Operating Loss, George F. Patrick

Rural Tax Education

Many young or beginning farmers may find that their projected farm expenses exceed anticipated farm receipts for the current tax year. These farm losses may be experienced during a start-up period. However other losses may be the result of unexpected events. For some producers, farm losses may generate cash inflows in the form of tax refunds. Tax law allows choices with respect to farm losses. Farm losses realized in one tax year may be carried back 2 years or 5 years1 to obtain refunds of taxes previously paid. If the loss is not carried back, or if the full loss …

Manure Storage Selection, John Harrison, Dallen Smith

All Current Publications

The objective of this fact sheet is to help producers understand the factors that might influence the selection of a particular type of manure storage facility. Manure storage facilities covered include solid systems, slurry systems, and liquid (lagoon systems).

Nutrient Concentrations In Manure Storage Facilities, John Harrison, Dallen Smith

All Current Publications

The objective of this fact sheet is to help producers understand the nutrient loss and retention characteristics of different types of manure storage. The concentration of nutrients in manure storage facilities is important for planning land application activities. Nutrient concentration is usually the critical factor in determining the amount of manure to be spread per acre of land. Manure systems similar in type and management may have characteristically similar concentrations of manure nutrients.

Manure Storage, Process Improvement For Animal Feeding Operations, John Harrison, Dallen Smith

All Current Publications

The objective of this fact sheet is to help producers understand the need for manure storage facilities.

Safety In Manure Storage Facilities, John Harrison, Dallen Smith

All Current Publications

As livestock operations become larger and numbers of employees more numerous, safety becomes a critical issue in manure storage.

Types Of Manure Storage, John Harrison, Dallen Smith

All Current Publications

The objective of this fact sheet is to help producers understand the characteristics of different types of manure storage facilities. Factors that might influence the selection of a particular type of manure storage facility are discussed. Manure storage facilities discussed include solid systems, slurry systems, and liquid (lagoon systems).

Animal Manure Removal Methods For Manure Storage Facilities, John Harrison, Dallen Smith

All Current Publications

A well-designed manure storage facility must also be well managed to prevent environmental concerns from developing. Probably the single most important requirement in operating and maintaining a manure storage facility is to ensure that the facility does not overflow or discharge.

Food Safety Of Beef - From The Farm To The Table, Charlotte Brennand, Kevin Heaton

All Current Publications

No abstract provided.

Horse Safety It's Just Good Sense"", Jill Webster

All Current Publications

Utahns experience more horse injuries than any other states in the west.