December 18, 2015 - 4:12pm -- Anonymous

IRS publication 225, Farmer’s Tax Guide for use in preparing 2015 returns is now available for free at the Wayne County Extension office.  The publication explains how the federal tax laws apply to farming and can help tax preparers figure out their taxes and complete their farm tax return.  The guide features explanation of various farm business tax related topics along with examples of how to apply the tax laws.  Some of the topics covered include: farm business expenses, soil and water conservation expenses, depreciation, depletion and amortization, gains and losses, self-employment tax, fuel excise tax credits/refunds and more.