Is there anything more satisfying than sitting down to a meal made from the fresh ingredients you just cultivated on your farm? Probably not, but saving money on your taxes can come close!
For farmers, that’s easier than ever. Simply by writing off the everyday sort of business expenses your farm requires, you can harvest your savings and keep even more green in your pocket. Now that’s a bounty worth crowing about!
Schedule C, Box 13 (Fixed asset)
The cost of livestock, like cows, horses, and pigs, can be deducted on your taxes.
Schedule C, Box 22
Food to feed livestock on the farm is considered tax-deductible.
Schedule C, Box 38 (COGS)
Write off seeds and plants you purchase to grow and harvest.
Schedule C, Box 22
Small supplies like shovels and hoes you use to farm are tax-deductible.
Schedule C, Box 17
Deduct vet bills if your livestock become sick or needs medical attention.
Schedule C, Box 9
Write off what you pay for any car repairs and scheduled maintenance.
Schedule C, Box 13
The depreciation on your machinery and equipment is considered tax-deductible.
Schedule C, Box 8
Print and online advertising costs for your business are considered write-offs.
Schedule C, Box 8
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
Schedule C, Box 11
Freelancers, contractors, or other services that help you run your business are tax-deductible.
Schedule C, Box 22
Need to ship any of your produce? Materials you buy to keep it safe in transit can be deducted.
Schedule C, Box 27a
Whether they're on farm safety or sustainable agriculture, deduct any courses, training sessions, and seminars that make you a better farmer. You don't have to get a degree or certificate at the end.
Schedule C, Box 17
Do you pay a professional to audit your financial records and take care of your tax planning? Their fees are a write-off.
Schedule C, Box 15
Any farm coverage you pay for, to cover you from liability or protect your barns and assets, is tax-deductible.
Schedule C, Box 13 (Fixed assets)
Large machinery and equipment needed for farming are tax-deductible.
Even if you work primarily from your home or farm, the occasional trip to pick up supplies, meet a buyer, or attend the local farmers market still allows you to claim part of your car expenses.
Schedule C, Box 27a
Parking for a meeting downtown, or any other work trip, is tax-deductible!
Schedule C, Box 27a
A toll while driving to or from a work destination is tax-deductible!
Schedule C, Box 13
If you buy a new car, you can write off part of the cost every year for five years.
Schedule C, Box 22
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Schedule C, Box 15
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Schedule C, Box 9
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
If you go out for lunch with a partner or fellow farmer and the conversation centers around work, you can claim the business meal deduction.
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
You can apply the travel tax deduction to many different aspects of travel. Such as transportation, lodging, or on-the-go meals.
Keep this in mind if you go out of town for things like vendor network sessions, farming conferences, animal breeding seminars, or fairs.
Schedule C, Box 24a
Planes, trains, and car rentals are all work-related travel costs that can be written off.
Schedule C, Box 24a
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
Schedule C, Box 24a
When you're traveling for work, all meals are tax-deductible. Even takeout!
Remember: You qualify for the home office deduction if you have an at-home workspace that you regularly work at.
So if you have a desk where you conduct research or manage your inventory, you can claim it!
Schedule C, Box 18
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
Schedule C, Box 21
You can write off up to $2,500 for individual repairs to your property.
Form 8829
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Form 8829
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
Form 8829
It'd be hard to work in an office without running water, huh? You water bill counts.
Schedule C, Box 25
Your Comcast bill is a tax write-off. You need internet to do your job!
