With the end of the year right around the corner, many agricultural operations are already thinking about tax time and getting their 2022 papers in order. One thing agrarians want to avoid on their taxes is having their farm being classified as a “hobby” instead of a business, according to specialists at Oklahoma State University (OSU).
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Tax advisor shares how to avoid hobby farm designation
Ensuring a farm or ranch meets IRS documentation and activity requirements is important for keeping the tax benefits associated with a business, not just a hobby.
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