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Farm Income Expense - Taxes
Article ID: 34870
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Question
Farm Income Expense - Taxes
Answer
You can deduct the following taxes on this line.
Real estate and personal property taxes on farm business assets.
Social security and Medicare taxes you paid to match what you are required to withhold from farm employees' wages.
Federal unemployment tax.
Federal highway use tax.
Contributions to state unemployment insurance fund or disability benefit fund if they are considered taxes under state law.
Do not deduct the following taxes on this line.
Federal income taxes, including your self-employment tax. However, you can deduct one-half of self-employment tax on Form 1040, line 27 or Form 1040NR, line 27.
Estate and gift taxes.
Taxes assessed for improvements, such as paving and sewers.
Taxes on your home or personal use property.
State and local sales taxes on property purchased for use in your farming business. Instead, treat these taxes as part of the cost of the property.
Other taxes not related to your farming business
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Article Details
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454
Created on:
Jun 15, 2013
Date updated:
Sep 04, 2015
Posted in:
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