1 / 6

Taxes: A Farmer’s Perspective

Taxes: A Farmer’s Perspective. AAE 320. Goal. Understand for a practical perspective how major types of taxes work for farmers. Taxes paid by Farmers. Property (real estate) taxes Sales taxes Employment taxes Income taxes Self-employment taxes Gift taxes Death (estate) taxes.

kenna
Télécharger la présentation

Taxes: A Farmer’s Perspective

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Taxes: A Farmer’s Perspective AAE 320

  2. Goal • Understand for a practical perspective how major types of taxes work for farmers

  3. Taxes paid by Farmers • Property (real estate) taxes • Sales taxes • Employment taxes • Income taxes • Self-employment taxes • Gift taxes • Death (estate) taxes Our focus in AAE 320

  4. Income Taxes • IRS form 1040: Income taxes (see handout) • Page 1: List income sources • Wages/salaries • Interest/dividends (Schedule B) • Business income (Schedule C or C-EZ) • Capital Gain/Loss (Schedule D) • Farm Income/Loss (Schedule F) • Adjustments • Deductible part of SE Tax (Schedule SE) • Adjusted Gross Income (AGI): Bottom Page 1

  5. Income Taxes • Page 2 Form 1040: Taxes and Credits • Itemized Deductions (Schedule A) • If choose to itemize, deduct property taxes paid and mortgage interest on home here • Calculate Taxable Income • Brackets in 2011 Progressive Tax: pay 10% on the first $8,500 earn, then 15% on the next $26,000 earn, etc.

  6. Other Taxes • Self-Employment Tax: Form 1040 line 56 (Schedule SE) • Not on Form 1040 • Property taxes, Sales taxes, Employment taxes • Gift Taxes: of you give something to someone, you may owe gift tax (Gift tax return form 709) • Estate tax: when you die, your estate may owe taxes (Estate tax return form 706)

More Related