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KY 51A158 free printable template
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51A158 (6-14) Commonwealth of Kentucky DEPARTMENT OF REVENUE FARM EXEMPTION CERTIFICATE IMPORTANT See Reverse Side for Additional Information This certificate may not be issued for purchases of tangible
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Come on now that we're here I will kick things off it will give Dennis a chance to catch up with us a little as I do a welcome to folks for joining us to this webinar on taxes and beginning farmers since it is that season again this year and this is an opportunity for you to learn some basics about the implications regarding taxation and farming and Dennis has been involved with this topic for some time and was part of a committee that wrote some IRS assistance information assistance information, so this should provide you a good basis for getting started with this webinar is part of the UVM new farmer program webinar series that's funded in part by a grant from the working lands Investment Board, and we're very excited to have you here and very excited to have Dennis able to talk to us so Dennis I'm going to turn this over to you and I assume you'll, you'll forward your slides as needed yes Heidi I will forward my slides as needed, and thank you for being here folks today, and thanks for your patience with my bumbling on the computer I'm going to visit with you some about taxes primarily federal income taxes and beginning farmers, and I'd like to thank a couple of the folks that provided me with some slides and some guidance on this Lauren jar van enrolled agent here in st. Johnsbury Mike Shabbat from UNH except extension and Carol's Intel from Farm Credit East in New Hampshire let's see the the general rule of the tax system is that if you get if it's to income and then the other another general rule is that income is taxable unless it's very specifically excluded and then an interesting quote that I came by a few years ago was that there is no table under which you can pass cash lots of times people talk about cash going under the table it's still taxable then let's see here these are some of the basics that I'm going to be hitting on today for the next 50 minutes or so first one startup decisions is your farm a hobby or is it a business either one is fine, but you should make sure you understand which is which in the implications of it another one is separating farm income and expenses from personal income and expenses third one it will tip our hat to depreciation and very briefly on the sales of business property we'll talk just a little about employer and employee issues a little bit about self-employment tax and a bit about Vermont taxation and farms this is the IRS publication called the farmers tax guide let's see it's not ninety pages of information on how the federal tax rules and regulations affect farmers in the United States like Heidi said I've been a member of this national farm income tax extension committee that's an acknowledgement on the front cover this thing is a annual publication and it's available online from IRS gov, and you type in irs.gov farmers tax guide publication two to 5 and bingo there you are there are 16 chapters in here I think the most interesting one is chapter number 4 farm business expenses I think it's...
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How many acres do you need to be considered a farm in Kentucky?
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What is kentucky farm form?
Kentucky Farm Form, officially known as the Kentucky Farm Income Tax Schedule, is a tax document used by farmers in the state of Kentucky to calculate and report their farm income for tax purposes. It is an additional form that is filed along with the taxpayer's individual income tax return. The form includes various sections to report income, expenses, and deductions related to farming activities. By completing the Kentucky Farm Form, farmers can determine their taxable farm income and calculate the appropriate amount of tax owed to the state.
Who is required to file kentucky farm form?
Individuals or entities engaged in farming activities in Kentucky are required to file the Kentucky Farm Form. This includes farmers who earn income from the sale of livestock, crops, timber, and other agricultural products.
How to fill out kentucky farm form?
To fill out a Kentucky Farm Form, follow these steps:
1. Obtain the Kentucky Farm Form: You can download the form from the official website of the Kentucky Department of Revenue or obtain a physical copy from the nearest Kentucky Department of Revenue office.
2. Personal Information: Begin by filling in your personal information such as your name, address, contact number, and social security number.
3. Farm Information: Provide all the necessary details about your farming operation, including the location/address of your farm, the type of farming you do (e.g., crop farming, livestock farming), and the size of the farm in acres.
4. Income and Expenses: Indicate your farm's income and expenses for the tax year. Include information about your production sales, any government payments or subsidies received, and other sources of farm income. Also, list your farm-related expenses such as feed, seed, equipment costs, and labor.
5. Deductions and Credits: Report any deductions or credits that you are eligible for as a farmer in Kentucky. This could include deductions for depreciation on farm equipment or certain qualifying business expenses.
6. Profit or Loss Calculation: Calculate your farm's profit or loss by deducting your total expenses from your total income. This will determine whether you have a net profit or loss for the tax year.
7. Sign and Date the Form: Ensure that you sign and date the Kentucky Farm Form to certify that the information provided is accurate and complete.
8. Submitting the Form: Once you have completed the form, make a copy for your records and submit the original form to the Kentucky Department of Revenue. Be sure to check the form instructions for any additional requirements or attachments.
It is important to note that the instructions and requirements may vary depending on the specific version and year of the Kentucky Farm Form, so always refer to the form's instructions for accurate and up-to-date guidance. Additionally, consider consulting with a tax professional or accountant for further assistance in properly completing the form.
What is the purpose of kentucky farm form?
The purpose of the Kentucky Farm Form is to provide a way for farmers in Kentucky to report and assess their property for taxation purposes. It is a form that allows farmers to apply for a reduced agricultural assessment rate on their land. By filling out this form, farmers can benefit from reduced property taxes if they meet the requirements for agriculture classification.
What information must be reported on kentucky farm form?
The information that must be reported on the Kentucky farm form typically includes:
1. General contact information of the farm owner or operator, including name, address, phone number, and email.
2. Details about the farm location, such as the physical address, county, and number of acres.
3. Farm ownership information, including whether the farm is owned or leased and the name and contact information of the property owner if leased.
4. Information about the type of farming operation, including livestock, crops, or both.
5. Livestock details, such as the number and types of animals on the farm.
6. Crop information, including types of crops grown, acreage, and yield estimates if available.
7. Farm income and expenses for the reporting year, including details of sales, losses, and expenses related to farming operations.
8. Conservation practices implemented on the farm, such as crop rotation, cover cropping, or nutrient management plans.
9. Any farm-related business activities, such as agritourism or on-farm sales.
10. Any government programs or assistance received by the farm, such as conservation programs or subsidies.
Please note that this information may vary based on the specific requirements of the Kentucky Farm Form, and it is recommended to consult the official form or relevant authorities for the most up-to-date and accurate information.
What is the penalty for the late filing of kentucky farm form?
The penalty for late filing of the Kentucky Farm Form depends on the specific circumstances and the amount of tax owed. If the form is filed late but the tax owed is paid by the original due date, there may be a penalty of 2% per month on the unpaid tax, up to a maximum penalty of 20%. If both the form and tax payment are late, there may be additional penalties and interest charged. It is advisable to consult the Kentucky Department of Revenue or a tax professional for accurate and up-to-date information regarding late filing penalties in Kentucky.
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