NAICS code: 999999
There’s nothing like eating fresh ingredients that you’ve just cultivated on your farm and sitting down to a meal. You probably won’t, but you can save money on your taxes!
Being a farmer has never been more rewarding. It is so simple to harvest your savings and keep even more money in your pocket by simply taking advantage of the everyday business expenses that your farm must incur.
We have put together a list of the most common write-offs for farmers that you can use to deduct your expenses.
🐮Farm animals
Write it off using: Schedule C, Box 13 (Fixed asset)
If you own livestock, such as cows, horses, or pigs, you can deduct their costs from your taxes.
🌾Livestock feed
Write it off using: Schedule C, Box 22
The cost of food used to feed livestock on the farm is considered to be deductible on your tax return.
🌽 Plants & Seeds
Write it off using: Schedule C, Box 38 (COGS)
It is possible to take the tax deduction on the cost of seeds and plants that you purchase for growing and harvesting.
⛏️ Farming supplies
Write it off using: Schedule C, Box 22
You can deduct the cost of small supplies that you use for farming purposes, such as shovels and hoes.
👨⚕️ Veterinary care
Write it off using: Schedule C, Box 17
If your livestock becomes sick or needs medical attention, you can deduct the vet bills from your payments.
📉 Depreciation of equipment
Write it off using: Schedule C, Box 13
There is a tax deduction available for the depreciation of your equipment and machinery.
🌐 Website & hosting fees
Write it off using: Schedule C, Box 8
There is a full tax deduction available for Squarespace, Wix, GoDaddy, and other website service fees.
⚒️ Repairs & maintenance
Write it off using: Schedule C, Box 9
The amount you spend on car repairs and scheduled maintenance can be deducted from your tax return.
💬 Advertising
Write it off using: Schedule C, Box 8
Your company can deduct the cost of print and online advertising for your business as a write-off.
🤝 Assistance provided by contractors
Write it off using: Schedule C, Box 11
It is possible to get a tax deduction for the costs of freelancers, contractors, or other services that help you run your business.
📦 Materials for packaging
Write it off using: Schedule C, Box 22
Are you looking to ship any of your products? The materials you purchase to keep it safe during transportation can be deducted from your taxes.
📱 Education for farmers
Write it off using: Schedule C, Box 27a
Deduct any courses, training sessions, or seminars that will make you a better farmer, regardless of whether the subject matter is farm safety or sustainable agriculture.
🧮 Fees for accountants
Write it off using: Schedule C, Box 17
Is professional auditing your account records and preparing your taxes something you pay someone to handle for you? The fees they charge are deductible from your taxes.
📋 Policy for farm insurance
Write it off using: Schedule C, Box 15
It is possible to claim the cost of any farm insurance you purchase for the purpose of protecting your barns and assets or covering you from liability.
🚜 Machines and equipment for farming
Write it off using: Schedule C, Box 13 (Fixed assets)
Tax deductions are available for large machinery and equipment used in farming.