Courtesy of NAA:
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.
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.
Upcoming Free Webinar
Event: Schedule F (Profit or Loss from Farming)
Date: Wednesday, March 22
Time: 3 p.m. Eastern
Click here to: Register in advance for the webinar on March 22, 2023.
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.