Farm Income - Other Expense
Farm Income - Other Expense
Other Expenses
(1) paid, if you use the cash method of accounting, or (2) incurred, if you use an accrual method of accounting.
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Accounting fees.
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Advertising.
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Business travel and meals.
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Commissions.
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Consultant fees.
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Crop scouting expenses.
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Dues to cooperatives.
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Educational expenses (to maintain and improve farming skills).
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Farm-related attorney fees.
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Farm magazines.
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Ginning.
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Insect sprays and dusts.
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Litter and bedding.
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Livestock fees.
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Marketing fees.
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Milk assessment.
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Recordkeeping expenses.
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Service charges.
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Small tools expected to last one year or less.
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Stamps and stationery.
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Subscriptions to professional, technical, and trade journals that deal with farming.
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Tying material and containers.
Loan expenses. You prorate and deduct loan expenses, such as legal fees and commissions, you pay to get a farm loan over the term of the loan.
Tax preparation fees. You can deduct as a farm business expense on Schedule F the cost of preparing that part of your tax return relating to your farm business. You may be able to deduct the remaining cost on Schedule A (Form 1040) if you itemize your deductions.
You also can deduct on Schedule F the amount you pay or incur in resolving tax issues relating to your farm business.
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