Annually, you will need to prepare and maintain the following:
IRS Form Schedule F
IRS Schedule F is used to report taxable income earned from farming or agricultural activities. This schedule mist be included on Form 1040 tax return regardless of the type of farm income and whether it’s a primary business activity or not.
Documentation to Track Your Harvests & Sales (Harvest Report)
- Livestock & Poultry
- All Other Activities
- Or in lieu of the provided reports, you may submit an annual report which must include the following:
- Your name and the name of the Agribusiness for which you are filing.
- The number of employees besides yourself (full-time, part-time, seasonal)
- The period for which you are reporting (typically January 1 through December 31).
- A monthly summation of each item harvested throughout the year, the total poundage for each item, the amount sold of each item, and the average sale price. If livestock, please indicate what number of animals were sold live, which animals were sent to the Abattoir or other slaughterhouse, and any unexpected losses and their value.
Filing of licensure paperwork annually.
If renewal is not obtained, a penalty fee of 10% of the license fee is assessed on a monthly basis until the license is brought current by the Department of Licensing and Consumer Affairs.
If the licensee wishes to discontinue the business license, notification must be made to the Department of Licensing and Consumer Affairs before the license expires.