February 8, 2023 USTFA

Taxes and USDA Programs

Courtesy of NAA:

Tax time is a busy time of year for business owners, and this includes farmers and ranchers. Navigating filing your taxes can be challenging, especially if you are new to running a farm business, participated in disaster programs for first time, or are trying to forecast your farm’s tax bill. Receiving funds from USDA through activities such as a conservation program payment or a disaster program is considered farm income that includes a tax liability for farm businesses.

To better support America’s farmers and ranchers USDA has partnered with tax experts from across the country to connect producers to information and resources related to USDA program payments, asset protection, and the important relationships between federal income taxes and USDA farm programs.

Upcoming Webinars

Farm and Ranch Tax Strategies 2023
Date: Wednesday, February 22
Time: 3 p.m. Eastern
There is a strategy to managing your taxes and now is the time to start planning. Join USDA and Bob Rhea, University of Illinois Tax School, to learn about tax management options for 2023.
Register in advance for the webinar on February 22, 2023.

Schedule F (Profit or Loss From Farming)
Date: Wednesday, March 22
Time: 3 p.m. Eastern
The Schedule F is used to report taxable income earned from farming, ranching, and agricultural activities. Join USDA and Guido van der Hoeven, President, Land Grant University Tax Education Foundation, Inc. (LGUTEF), for a line-by-line review of this tax form.
Register in advance for the webinar on March 22, 2023.