As more U.S. Department of Agriculture (USDA) programs are linked in multiple ways to federal income tax returns, there is an increasing need to have accurate information available for farmers, ranchers and other producers.
According to Ruby Ward, Utah State University Cooperative Extension economist and co-chair of the National Farm Income Tax Extension Committee, a new Web site, www.RuralTax.org, has been created to provide agricultural producers with a source for agriculturally related income and self-employment tax information that is both current and easy to understand. Ward is project lead and received a grant from USDA's Risk Management Agency to create the Web site.
The recently launched Web site includes 20 peer-reviewed fact sheets on such topics as the definition of a farmer, depreciation and 1099 information returns. It also includes a sample federal income tax return with a farming example and links to other verified information.
Reprinted in part from eXtension.org