FARMERS' TAX GUIDE NOTES CHANGES FOR 2008
WASHINGTON, D.C. -- Farmers preparing to file for the 2008 tax season should note that the Internal Revenue Service has changed its 2008 Publication 225, Farmers' Tax Guide, according to a Nov. 26 IRS Web notice.
The IRS notes that on pages 2 and 66 under "Federally declared disasters," Item 2 of the numbered list was changed to reflect the correct line number for the worksheet. It now reads: "You can deduct a net disaster loss even if you do not itemize your net disaster loss on line 6 of the Standard Deduction Worksheet -- Line 40 in the Form 1040 instructions."
The Farmers Tax Guide explains how the federal tax laws apply to farming. Farmers are urged to use the publication as a guide to figure their taxes and complete their returns. If more information is needed on a subject, farmers are urged to get the specific tax publication covering that subject. Those additional publications are mentioned throughout the Farmers' Tax Guide, along with ordering information.
For a copy of the Farmers' Tax Guide, download below.
IRS Publication 225 Farmers' Tax Guide