Introduction to Schedule F Workshop Scheduled in Mullen

Woman works on taxes at desk — Sole proprietor farming businesses use IRS Schedule F, Profit or Loss from Farming to report income and expenses of the farming business. Schedule F can be used by partnerships, corporations, trusts and estates to report farming activities.

September 26, 2024

Nebraska Extension will host an Introduction to Schedule F, Tax Planning for Farms and Ranches Workshop from 11 a.m. to 12:30 p.m Thursday, Oct. 3, at the Hooker County Courthouse, 102 N Cleveland Ave., in Mullen, Nebraska.

The workshop will cover:

Basic tax information: What are income taxes? What are income tax brackets?
Who qualifies as a farm for tax reporting purposes?
What is a Schedule F?
Cash vs. accrual accounting
Tax documentation

“Farmers and ranchers, especially new and beginning producers, often have questions about tax planning for their business,” said Jessica Groskopf, extension educator. “This workshop will provide them with the basic information they need when filing a Schedule F.”

This workshop is free to attend, but registration is encouraged. To register, call Nebraska Extension in the Central Sandhills area at (308) 645-2267.

Tags:

Taxes