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United Dairy Farmers

The IRS has released the 2006 farmer's tax guide. The guide referred to as publication 225 contains all the pertinent information on the farming business - whether you are a farm owner or tenant. "If you cultivate, operate, or manage a farm for profit which includes stock, dairy, poultry, fish, fruit, vegetable, and truck farms, this guide would serve you well", IRS spokesperson, Clay Sandford said.


There are over 10 millions Americans who file farm tax returns or Schedule F. IRS publication 225 explains federal tax laws related to farming and how farmers and their tax preparers can figure out taxes and how to file a farming tax return. The updated IRS publication 225, which is one of the most helpful IRS publications, also provides new information on tax laws for 2006 and 2007.


"It does a wonderful job of explaining 90 percent of the tax law in relatively good fashion", said Guida van der Hoeven, a specialist from N.C Cooperative Extension Service and a member of the National Farm Income Tax Extension Committee - a group that reviews the publication for clarity and accuracy.


The Farm tax guide provides a host of information on issues such as what kinds of records farmers must secure and for how long, tracking farm income and expenses, employment taxes, tobacco buyout program, et cetera. The guide is also very helpful


in providing information written in layman's term, so that farmers can understand the tax language when communicating with a tax professional.


The Farmers Tax Guide as well as other IRS forms and publications can be obtained by calling 1-800-TAX-FORM or through the IRS website, www.irs.gov


Earnest Young is an Accounting and Tax writer for Accent Accounting & Taxes - http://accentaccounting.net/


Source: www.a1articles.com