Farm Start Up Decisions for Taxes
Channel: WVU Extension Experts
Date: 2020-10-06

Farm Start Up Decisions for Taxes
Presented by Lisa Jones, Program Coordinator, WVU Extension Service Small Farm Center

This video covers important start up decisions that farmers make, which impact taxes. It includes questions to ask as a new farm business owner with reference to an IRS chart, how to get a business registered, and recordkeeping decisions.

Here is a guide from the IRS for new businesses on questions to ask yourself as a new business owner, https://www.irs.gov/publications/p583#f15150b01

West Virginia Secretary of State New Business Registration, https://sos.wv.gov/business/pages/RegNewWVBus.aspx

Apply for an Employer Identification Number (EIN) Online, https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

University of Maine Extension Farm Account Book, https://extension.umaine.edu/beginning-farmer-resource-network/find-resources-and-assistance/planning-managing-your-farm-business 

West Virginia State Tax Office, SALES AND USE TAX FOR AGRICULTURAL PRODUCERS, https://tax.wv.gov/Documents/TSD/tsd371.pdf

West Virginia State Tax Department, https://tax.wv.gov

This is material is based upon work supported by USDA/NIFA under Award Number 2018-70027-28588. This event is sponsored by the Northeast Extension Risk Management Education Center. 

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WVU Extension Service Small Farm Center does not provide professional tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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