O'CONNOR, WELLS & VANDER WERFF, LLC
2014 FARM TAX WORKSHEET
Farm Name
Employer ID No.
-
Principal Crop or Activity
Filing 1099 Forms: Did you make payments that require filing 1099 Forms? Yes____ No____ If yes, will 1099 Forms be filed? Yes____ No____
Tax Elections: 1) De Minimis Safe Harbor: Yes____No____ 2) Small Taxpayer: Yes____No____ Building
FARM INCOME:
1. Items Bought for Resale:
2.
DATE BOUGHT
DATE SOLD
SALES PRICE
COST
PROFIT (LOSS)
Feeder Cattle ..................
$
$
[1] $
Hogs ...............................
$
$
[1] $
Sales of Raised Farm Products:
a. Steers Raised ................. $
f. Soybeans ...................................... $
b. Calves Raised ................. $
g. Corn ............................................... $
c. Pigs Raised ..................... $
h. Wheat and Oats............................. $
d. Milk (Gross before deductions) $
i. Hay and Straw ............................... $
e. Vegetables ...................... $
j. Other: ______________________ $
Subtotal of Raised Farm Products .................................... $
Less: Per-Unit Retain Allocations Reclassified to Line 3 ... $ <
3.
> [2] $
Cooperative Distributions (Attach all 1099 Forms)
a. ___________________
$
Subtotal of Cooperative Distributions $
b. ___________________
$
Less: Personal Use ........................... $ <
c. ___________________
$
Plus: Per-Unit Retain Allocations ...... $
d. ___________________
$
= Taxable Cooperative Distributions ............................... [3] $
>
4.
Agricultural Program Payments (Attach all 1099 Forms) ..................................................................................... [4] $
5.
Commodity Credit Loans Reported as Income for Tax Purposes .................................................................... [5] $
Have you received any USDA direct or counter-cyclical payments or CCC Loans? Yes _____ No _____
Have you previously reported CCC loans as income? Yes _____
No _____
6.
CCC Loans Forfeited (CCC Treated as Loans) ............................................................................................... [6] $
7.
Crop Insurance Proceeds (Deferral Possible) ................................................................................................. [7] $
8.
Custom Hire (Machine Work) Income.............................................................................................................. [8] $
9.
Federal Gas Tax Credit From Last Year’s Return ........................................................................................... [9] $
10. Farmland Preservation Credit From Last Year’s Return ................................................................................. [10] $
11.
Hedging Gains/(Losses)…….(Attach all 1099 Forms) ........................................................................................ [11] $
12.
Other (List):
[12] $
[12] $
[12] $
[12] $
Office use only
Total Income =
LIVESTOCK SALES:
(Use A & B for purchased livestock and C for raised livestock and indicate (*) for sales to related parties)
A. Dairy cows, breeding stock and bulls bought and held over 2 years and brood sows and boars bought and held over 1 year.
# SOLD / DESCRIPTION
DATE BOUGHT
DATE SOLD
SALES PRICE
$
$
$
$
$
COST
$
$
$
$
$
A/D
G/L
$
$
$
$
$
$
$
$
$
$
B. Dairy cows, breeding stock and bulls bought and held less than 2 years and brood sows and boars bought and held less than 1 year.
# SOLD / DESCRIPTION
DATE BOUGHT
DATE SOLD
SALES PRICE
$
$
$
$
COST
$
$
$
$
C. Raised brood sows and boars held:
A/D
G/L
$
$
$
$
$
$
$
$
Raised dairy cows and bulls held:
Over 1 year ..................................... $ ______________
Over 2 years............................................... $
Less than 1 year.............................. $ ______________
Less than 2 years ....................................... $
SALES OF FARM ASSETS (Other than Livestock): Please indicate (*) for assets sold to related parties.
DESCRIPTION OF ITEM
DATE BOUGHT
DATE SOLD
SALES PRICE
$
$
$
$
$
FEDERAL FUEL TAX CREDIT for farm use only on which tax was paid
Undyed Diesel Fuel / Kerosene________ (gallons) x .243 = $________
Gasoline________ (gallons) x .183 = $________
COST
$
$
$
$
$
A/D
G/L
$
$
$
$
$
$
$
$
$
$
Office use only
Total Gains =
§1231 Gains =
§1245 Gains =
$___________
$___________
$___________
FARM EXPENSES: (Identify any interest or rent paid to a related-party individual or entity)
1. Auto Expense using standard mileage rate:
Total miles _____________- personal miles_____________= farm miles_____________x 56¢ = .......
2. Chemicals ...................................................................................................................................................
3. Custom Hire (See Note 2 Below) ................................................................................................................
4. Employee Benefit Programs (Include Section 105 Medical Plan Expense) ......................................................
5. Feed Purchased ..........................................................................................................................................
6. Fertilizer and Lime ......................................................................................................................................
7. Freight and Trucking (Include Milk Hauling) ..............................................................................................
8. Gasoline, Fuel, Oil & Grease (Don’t include Home or Personal Use) ........................................................
9. Insurance on Buildings, Livestock, Machinery & Crops: Total $__________ less $________ for Home =
10. Interest Paid on Farm Loans to Individuals and Organizations (See Note 2 Below)
Name
1098 Mtg?
Amount
Name
1098 Mtg?
Page 2
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
Amount
a)
Yes / No
$
f)
Yes / No
$
b)
Yes / No
$
g)
Yes / No
$
c)
Yes / No
$
h)
Yes / No
$
d)
Yes / No
$
i)
Yes / No
$
e)
Yes / No
$
j)
Yes / No
$
Total Interest Paid $
Less: Home Interest (Reported on page 2 of Personal Worksheet) & Personal Interest $ <
> [10]
Net Farm Interest $
[10]
11. Labor Hired (See Note 1 Below) Exclude commodity wages paid from your total .................................. [11]
12. Pension and Profit-Sharing Plans ............................................................................................................. [12]
13. Rent or Lease (See Note 2 Below)
[ a ] Vehicles, Machinery, and Equipment ..................................... [13a]
[ b ] Land, Buildings, Animals, etc ................................................. [13b]
14. Repairs & Maintenance (Excluding Home) Buildings $__________ Machinery $__________ Total .. [14]
15. Seeds and Plants ........................................................................................................................................ [15]
16. Storage and Warehousing ......................................................................................................................... [16]
17. Supplies Purchased (General, Twine, Small Tools, Postage, Office Supplies) .......................................... [17]
18. Real Estate & Personal Property Tax:
Total $__________ less $________ for Home = [18]
Are the 2013 Real Estate Taxes paid? Yes / No
19. Electricity, Telephone and Internet Fees:
Total $__________ less $________ for Home = [19]
20. Veterinary Fees, Breeding Fees, and Medicine (See Note 2 Below)........................................................ [20]
21. Truck Expenses (Actual Costs for Insurance, License, Repairs, Tires, etc.) .............................................. [21]
22. Bank Service Charges and Safe Deposit Box .......................................................................................... [22]
23. Legal and Accounting (See Note 2 Below)
Total $__________ less $________ Personal = [23]
24. Food for Farm Labor
Total $__________ less $________ Personal = [24]
25. FICA Tax (Employer's Share) .................................................................................................................... [25]
26. Unemployment Tax .................................................................................................................................... [26]
27. Farm Dues and Associations .................................................................................................................... [27]
28. Farm Journals and Subscriptions............................................................................................................. [28]
29. Milk Marketing Assessments: NDPRB, WMMB and CWT ........................................................................ [29]
30. Other (List): ______________________________________________________________________ [30]
______________________________________________________________________ [30]
______________________________________________________________________ [30]
______________________________________________________________________ [30]
______________________________________________________________________ [30]
______________________________________________________________________ [30]
______________________________________________________________________ [30]
Total Expenses Before Depreciation .................................................................................................................
Depreciation............................................................................................................. ( please leave blank )
Total Expenses Including Depreciation.............................................................................................................
$_____________ MTG
$______________OTH
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
Office use only
ASSETS PURCHASED - Dairy Cattle, Breeding Stock, Vehicles, Machinery & Buildings (include sales tax)
Indicate (*) assets purchased from related parties.
Description of Item Purchased
New or
Used
Date
Bought
Cost or Boot Paid,
if Asset Traded
Net Income =
Description of Item Traded
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Wisconsin Only: Addition for 2013 MA Tax Credit $_________
Subtraction for 20% Depreciation Basis Adj. $
(1) If you paid employees, see the attached worksheet and the January 31, 2015 deadline for filing Forms W-2 and 943.
(2) Please see the attached worksheet for 1099 Forms filing requirements and the January 31, 2015 deadline.