By MELINDA WILLIAMS
The Internal Revenue Services’ Farmer’s Tax Guide for preparing 2013 tax returns is now available on the IRS website, IRS.gov.
More than 40,000 farm tax returns were filed in Virginia in 2011, the most recent figures available. The tax guide provides information beneficial for owner and tenant farming businesses.
Mark Hanson, an IRS spokesperson in Greensboro, N.C., said the guide is “full of valuable information to find out how federal tax laws apply to farming and how to figure your taxes and complete your tax return.”
Besides including annual updates of new laws and regulations, the guides also detail the benefits of record keeping, what kinds of records to keep, and how long they should be kept. Other topics include tracking farm income, expenses, employment taxes and sample tax returns.
“I encourage farmers and anyone else with their own business to look into IRS e-file,” Hanson added. “Electronic filing is the fastest and most accurate way to complete your federal income tax return. You can use your personal computer, visit an authorized IRS e-file provider or, if you qualify, a Volunteer Income Tax Assistance ( HYPERLINK “http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers” \t “_blank” VITA) site.”
The tax guide and other IRS forms and publications also can be obtained by calling toll-free, 1-800-TAX-FORM. Telephone assistance is available by calling the IRS business and specialty line at 1-800-TAX-4933.