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Guidance for Special Types of BusinessesRules for Businesses in Certain Industries/Market Segment Specialization Program Guides (MSSP)/Market Segment Understandings (MSU)Farming Self-Employment Tax/Farm Optional Method Self-Employment Tax. You usually have to pay SE tax if you are self-employed. You are usually self-employed if you operate your own farm on land you either own or rent. You have to figure SE tax on Schedule SE (Form 1040). If you are in the farming business, either as an individual or as a partner, you may be able to use the farm optional method to figure your net earnings from farm self-employment. This method allows you to continue paying SE tax for your social security coverage when your net profit for the year is small or you have a loss. Table 15-1 Can I Use the Optional Methods?
Publication 225 Farmer's Tax Guide |