New bulletin available on farm income taxes: Am I a farm business?
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Many people find taxes to be complicated and even intimidating. Tax returns for farmers may be many pages long, involving multiple forms and schedules. Determining your status as a farmer and your operation’s status as a farm business is an important start. Determining your business structure has significant implications for taxes as well.
Farm Income Taxes: Am I a Farm Business? (Bulletin E3510) from Michigan State University Extension explores how to begin navigating income taxes, including the potential impact your business activities and business structure may have on how you file taxes. Visit the DEMaND Series website to download this new resource today. Check out additional articles, bulletins, webinar recordings and more!
The DEMaND Series (Developing and Educating Managers and New Decision-makers) helps the next generation of farm operators learn about financial and business management strategies. These strategies help individuals grow in their capacity to meet the complex needs and challenges of managing a successful farm business. Whether individuals represent a succession of generations, transition from employee to owner, or are new to farming, the DEMaND series offers a fresh look at farm management.
