Do you need a resource to answer those tough farm tax questions? If so, you can access the Farmer’s Tax Guide (IRS Publication 225) online at: https://www.irs.gov/pub/irs-pdf/p225.pdf.
The 2020 Farmer’s Tax Guide explains how federal tax laws apply to farming. This guide can be used as a guide for farmers to figure taxes and complete their farm tax return.
The explanations and examples in this publication reflect the Internal Revenue Service’s interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. However, the information given does not cover every situation and is not intended to replace the law or change its meaning.
Some of the new topics for the 2020 tax year which are included in this publication are: Tax treatment of Coronavirus Food Assistance Program (CFAP) payments, Payroll Protection Program (PPP) Loans and Forgiven Debt, Increased section 179 expense deduction dollar limits, COVID-19 related employment tax credits and other tax relief, Redesigned Form W-4 for 2020, New Form 1099-NEC, and much more.
A limited number of paper hardcopies of the 2020 Farmer’s Tax Guide will also be available at the Highland County OSU Extension Office. If you would like a paper copy, contact the Extension Office at 937-393-1918.
The Rural Tax Education Site has additional resources for agriculturally related income and self-employment tax information that is both current and easy to understand: https://ruraltax.org/.
The above information was provided by Barry Ward, director, OSU Income Tax Schools, leader, production business management.
Southern Ohio Farm Show
Holiday Lighting Contest
All community members, rural or urban, will have an opportunity to participate in the Southern Ohio Farm Show through a holiday lighting contest. Extension staff will record the illuminated displays on December 8-10. The collective illuminated displays will be combined into a community highlight video for the Dec. 23 episode of the Southern Ohio Farm Show.
Enter your display at go.osu.edu/SOFSHolidayLights by Dec. 7.
To complete the entry form, you will need to include your name, address, county location of the display, and acknowledge that you will have your illuminated displays turned on for the evenings of Dec. 8-10. Be creative and use this opportunity to spread some holiday cheer.
For more information about the Southern Ohio Farm Show or other OSU Extension programming, contact the Highland County Extension Office at 937-393-1918.
Brooke Beam, Ph.D., is an agriculture and natural resources/community development educator, College of Food, Agricultural, and Environmental Sciences, OSU Extension Highland County.