Have you been hard at work selling all those wonderful hand raised veggies, meats, and berries? Did you can and market those homemade goodies for people to eat? Then you will be needing to do some tax stuff that can seem daunting and unsurmountable.
Here to help out is the new Rural Tax Education which was created by the University of Utah to help guide both seasoned and new farmers through the tax process. This was created in partnership with the USDA and they have created a 2022 Farm Tax Estimator tool to make sure you have an idea of what might be owned as you plan out your expenses. A Small Farm Tax Guide is also in the works for people to utilize.
If you have further questions on aspects of taxes and want to hear more about a specific topic, try attending some of there webinars that they have periodically. There is currently one scheduled for Oct. 17th, 2022 for Hobby Losses and can be registered for on their home page.
This is an introduction to Rural Taxes from Farmers.gov that answers many questions you might have.
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