1 / 11

Tax Essentials for New Farmers: Rules, Regulations & Reporting

Learn about filing taxes for your new farm in the U.S., including income reporting, earned income tax credits, and sales tax regulations for meals. Understand the legal obligations and necessary documents to ensure compliance and avoid penalties.

naoko
Download Presentation

Tax Essentials for New Farmers: Rules, Regulations & Reporting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Taxes and Important Rules and RegulationsNew Farms for New Americans2012

  2. What Are Taxes?

  3. What is a Tax Return? • U.S. and State Government forms that report all income youearned in a year, starting Jan. 1. • Money earned from self-employment must be reported too, unless it is very little. • This is a legal obligation!

  4. Income? Money you make from: - Wages or Salary from a job. • Tips • Profits from self employment THIS INCLUDES MONEY EARNED FROM THE FARM! THIS INCLUDES MONEY EARNED FROM THE FARM!

  5. What You Need to File Taxes for Your Business • Net Income = Gross sales minus expenses.

  6. Earned Income Tax Creditand “Make Work Pay” Tax Credit • Earning money and reporting income may help you to get tax credits, such as the earned income tax credit and the “Make Work Pay” tax credit.

  7. ALSO…You may need to charge tax to your customers

  8. Vegetables, Fruit, Groceries. No Tax TAX

  9. Yes TAX MEALS

  10. Paying Meals Tax • If you sell prepared foods or individual portions that are kept hot or cold, you need to pay 9% tax. • 9% tax means for every $1.00 you sell, you owe $.09 in tax. • This can be shared to the consumer. • For more information, contact the Vermont Dept. of Taxes at 802-828-2551.

  11. Rules at the Farmers’ Market Prepared Foods and Vegetables • Need insurance Prepared Foods • Need Fair Stand License from Vermont Dept. of Health • Inspection at home and farmers market

More Related