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The best ways to save taxes on a farm or ranch

If this is the first time that you are filing taxes after becoming a farmer or a rancher or you are still confused about filing taxes after being a farmer for years, you must learn tips and tricks on how you can save taxes on a farm/ranch most effectively.

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The best ways to save taxes on a farm or ranch

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  1. The best ways to save taxes on a farm or ranch

  2. If this is the first time that you are filing taxes after becoming a farmer or a rancher or you are still confused about filing taxes after being a farmer for years, you must learn tips and tricks on how you can save taxes on a farm/ranch most effectively.

  3. The first and the most important thing to know in this regard is that your backyard produce sales do not qualify you for taxes; especially if you also work full time and that job is not related to farming or ranching

  4. The IRS does not qualify the money you are making from gardening as a hobby or planting for home use as you do not depend on that income to run the house

  5. Even if you own a farm or a ranch but it is operated by the tenant, it means that you have not materially participated in the farm’s operation management and no longer have to play self-employment tax on the rental income

  6. The good thing about saving taxes on farm or ranch is that farmers get a lot of deductions for the expenses they make; the list of expenses they can deduct is a long one and includes seeds and plants, veterinary costs for livestock, depreciation, chemicals, feeds, fertilizers and lime, insurance, mortgage interest as well as storage and warehousing

  7. FOR MORE INFORMATION CONTACT US AT • www.solidrockwealth.com

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