Re: TAX TIME! where to report farm income on 1040

Posted by coshoo on February 12, 2019 at 11:54:51 from (65.101.152.183):

In Reply to: TAX TIME! where to report farm income on 1040 posted by c.w n.y on February 12, 2019 at 11:02:14:

I don't do Schedule F anymore, but I do do Schedule C (Profit of Loss from Business). I use OLT.com (Online Tax calculation program), which I recommend highly. No cost for Federal return, a few bucks for state return. My Schedule C total ended up on Line 6, Total Income, which is where the bottom of Schedule C says to put it. Look at your Schedule F, it probably says the same thing (you're not trying to use a Schedule F from a prior year, are you? "That could be a problem". If you put it on line 18, you'll be getting a friendly letter from the Commissioner of Internal Revenue.

A guy I have coffee with is a retired CPA, and he believes that the complexity of doing tax returns these days pretty much requires you to use a tax calculation computer program of some kind- he believes that failure to do so would constitute malpractice by a CPA, although a lay person could probably plead ignorance and get through an audit with nothing more than recalculation of tax owed. I used Turbo Tax for a couple of years, but the more complex your return is, they higher version you need, at higher cost, of course. OLT can do all the schedules and worksheets, and its free. Downside is you need to know something about taxes to use it- You need to know whether you may be eligible for the Bolivian Mesquite Weevil Credit, or not, when it asks you the question. It will explain it if you aren't sure, but goes much faster if you have some knowledge.

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