Glossary

Form 4835 – Farm Rental Income and Expenses

What is Form 4835 – Farm Rental Income and Expenses?

IRS Form 4835, “Farm Rental Income and Expenses,” is a tax form used by individuals or entities that own farmland but rent it out to someone else who does the actual farming. The landowner uses this form to report their income from renting the farmland and deduct related expenses. It’s important for situations where the landowner does not materially participate in the farming operation, which is crucial to understand.

Glossary Article

Recommended for You

Form W-2G – Certain Gambling Winnings

Form W-2G is an IRS tax form used to report certain gambling winnings. It's important to understand this form to properly handle your taxes related to gambling.

Public Notice of Tax Lien Sale

A Public Notice of Tax Lien Sale is an announcement typically issued by a taxing authority to inform the public about the impending sale of property due to unpaid taxes.

Business Domain Name Renewal Deduction

Business domain name renewal fees are tax-deductible expenses, essential for maintaining online business presence. Learn about key requirements and compliance for deductions.

Residential Clean Energy Equity Credit

The Residential Clean Energy Equity Credit is designed to incentivize homeowners to adopt clean energy solutions, providing tax breaks to enhance energy efficiency and equity.

Business Circular Economy Tax Credit

The Business Circular Economy Tax Credit is a governmental incentive designed to encourage businesses to adopt sustainable and circular economic practices, promoting environmental responsibility and economic efficiency.

Small Employer Pension Plan Startup Credit

The Small Employer Pension Plan Startup Credit offers tax relief to small businesses implementing new retirement plans, encouraging employee retirement savings.

Tax Deductions for Nonprofit Donors Deduction

Tax deductions for nonprofit donors allow individuals and businesses to reduce taxable income by claiming contributions made to eligible organizations.

Renewable Energy Systems Maintenance Credit

The Renewable Energy Systems Maintenance Credit provides tax incentives for taxpayers maintaining renewable energy systems, encouraging sustainable energy practices.

CP3219B Notice: Notice of Deficiency with Right to Petition Tax Court

The CP3219B notice is an official IRS notification informing you of a proposed tax deficiency, giving you the crucial right to challenge it in Tax Court. It's essential to understand this notice and respond appropriately.

Municipal Water Resilience Workforce Credit

The Municipal Water Resilience Workforce Credit is a tax incentive designed to support workforce development in municipal water infrastructure projects. This allows eligible taxpayers to reduce their tax liabilities while promoting the resiliency of vital water systems.

CP503F Penalty Reduction Process

The CP503F Penalty Reduction Process offers taxpayers a structured way to address and reduce IRS penalties. It's crucial for maintaining compliance and resolving potential tax issues.

CP504B Notice: Intent to Levy on State Tax Refund

The CP504B notice is a formal notification from the IRS that they intend to take your state tax refund to pay off overdue federal taxes. This notice means you need to take action to avoid losing your refund.

Community Climate Equity Credit

The Community Climate Equity Credit is a tax initiative that incentivizes investments in projects promoting climate resilience and social equity.

Custom Mobile App Maintenance Deduction

The Custom Mobile App Maintenance Deduction allows businesses to claim tax benefits for expenses related to the upkeep of mobile applications, optimizing financial strategies.

CP503O Reminder

The CP503O Reminder is a tax notice prompting taxpayers to address outstanding tax balances. It's vital for maintaining compliance and avoiding penalties.

Customer Loyalty App Development Deduction

The Customer Loyalty App Development Deduction allows businesses to deduct expenses related to developing customer loyalty apps, fostering customer engagement and retention.

Local Business Tax Credit

The Local Business Tax Credit incentivizes local businesses to promote economic growth by reducing tax liabilities through specific deductions and credits.

CP89H Notice

The CP89H Notice is an IRS communication informing taxpayers of potential unidentified discrepancies in their returns, prompting them to verify and rectify their tax accounts.

Collection Statute Expiration Date (CSED)

The Collection Statute Expiration Date (CSED) is the deadline by which the IRS must collect taxes you owe. Knowing this date is crucial for managing tax debt.

Waiver for Missing Supplemental Forms

A waiver for missing supplemental forms allows taxpayers to request relief from penalties for not submitting necessary tax documents by the deadline. It's essential for maintaining compliance and avoiding fines.