As far as income tax goes if your accountant is familiar with agricultural tax returns then I would say all you got to do is just show up with receipts. All farm income is reported on a Scedule F. It really isn't that bad for small time guys like me and you I have attached a link to the IRS guide on farmers taxes. It actually can be sorta helpful and maybe a good idea to read through even if you accountant is gonna handle everything.
As far buying equipment, parts, seed, chemicals, etc. tax exempt that maybe a state by state thing. In SC all you have to do is fill out a form stating it is for ag use with each vendor that you purchase from and you can buy your stuff tax exempt.
I know of some people that fill out a Scedule F even though all they do is drive around on a tractor and plant food plots. It is my understanding that if they are ever audited the IRS will want to see some evidence that they are actually trying to run a business (make money) not just create a tax shelter. Not in anyway saying that is what you are doing, but it may be good to show a profit every once in a while. I understand that on small acres like ours if you take all of the deductions the big boys do that can be hard, but I try to be rational and fair to myself and the goverment about it. With these prices you might be surprised that you can make a little (not a lot) of money. Best of luck to you!!
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