If you need help filling out your taxes – and who doesn't – there is a new site on the Internet that may be able to help. The "Rural Tax Education" website is designed to give country folks including farmers and ranchers an online resource for up-to-date tax information.
The site has Extension and tax preparers from all over the country, from Utah State to the University of Vermont and all points in between, who contribute information to the site. If you like the local touch, Guido van der Hoeven, an Extension specialist and agricultural economist from our own neck of the woods at N.C. State University, is one of the contributors.
A sampling of the topics covered include defining a "farmer" for tax purposes, comparisons between farm losses and hobby losses, a look at the sale of business property, like-kind exchanges, self employment taxes, and more.
There is also a sample farm income tax return online and a detailed explanation of how it is filled out.
Find out more by visiting the site at www.ruraltax.org