Story Pitch: Top Tax Tips for Farmers

According to the USDA's Economic Research Service, there were more than 63,000 farms in Pennsylvania in 2009. The IRS has specific tax forms and deductions just for those in the agriculture business. Save on your 2010 tax returns by considering the following when filing taxes for your farm:

 The 179 expense election has increased
 Weather related conditions
 Deductable farm labor wages-do kids count?
 Depreciation of tangible and intangible property
 Consider your hobby a business

For more information on these deductions, and other tips for farmers please contact Kathleen Miller at (215) 917-6188 or kmiller@picpa.org or Jacqueline Barnard at (267) 675-6255 or jbarnard@picpa.org. Interviews with local CPAs on this topic and more are also available.