Tax Return.

[highpointfarm]

Hi everyone,

This past summer I have officially started to make my hobby into my life. I started a small farm! I am wondering if their are any government incentives/Tax returns/ Etc. that is availible to small farm owners.I live in NY if that helps.... Also is their like a min. profit or something?

Any help is appreciated...

 

[FireTigeris]

After April you can call the IRS and ask, it is their job to answer.

Before April they are very busy for things like that...

 

[Oregon Blues]

Get a copy of schedule F and look at it. It is self-explanatory. there are tax advantages because you can deduct a lot of stuff.

There are all sorts of government programs that are supposed to be good for farmers. My experience is that they are designed in a way that they aren't beneficial at all.

They did a great deal here where Uncle Sam would pay half the cost of installing underground pipe for irrigation water. Hot diggety. I had the extension agent out, but Uncle Sam insisted that the pipe be bedded in trucked in sand. Never mind that it was going through a field of 100% sand.

The trucked in sand made the cost so high that my half to have Uncle Sam help me with the expense would cost me twice what it would cost to do it all by myself without trucking in unnecessary sand.

Every government program I've looked at was something similar.

 

[highpointfarm]

could you supply me with a link for "Schedule F?"

 

[gardendufus]

could you supply me with a link for "Schedule F?"

http://www.irs.gov/pub/irs-pdf/f1040sf.pdf

 

[highpointfarm]

Thanks =]