How to Complete a Schedule F (1040) Form for a Limited Liability Company

A limited liability company must complete and submit the appropriate tax forms to the IRS. You must file a Schedule F form for profit or loss from farming with the following forms: 1040, 1040NR, 1041, 1065 or a 1065B. Follow these steps to fill out a Schedule F form.

Difficulty: Moderate

Instructions

Collect the Schedule F Form and Guide

1. Visit your local IRS location to get the Schedule F form and instructions. Find the office near you through the IRS Web site (see the Resources section below).

2. Print out the form yourself through the IRS Web site.

3. Go to your local postal office or library, where you'll find many tax forms and guidebooks.

Complete a Schedule F Form for a Limited Liability Company

4. Collect your pertinent business information to include on the form, such as name and official mailing address of the limited liability company and the employee identification number (enter this in place of a Social Security number).

5. Enter the agricultural product code for line B (find descriptions of activities in part 4). Select the cash or accrual box. (If you are part of a farming syndicate, you cannot select cash.)

6. Fill out the form line by line, entering all the information that applies to the farming business you conduct. For example, indicate the total for sale of livestock or other supplies on line 1 and the cost for the livestock or supplies on line 2, and then subtract line 2 from line 1.

7. Follow the instructions in an official IRS guidebook to complete the rest of the form. You can also contact an accountant with a specialization in agricultural business to file your taxes.

Submit the Schedule F Form to the IRS

8. Mail the completed Schedule F form along with your 1040 tax return to the IRS by April 15 of the year you are filing. (For special due dates if April 15 falls on a Sunday, check the IRS online).

9. File online with e-file at the IRS Web site. Call TeleTax at [phone] to hear a list of helpful tax messages and information.

Tips & Warnings

• The LLC should file the Schedule F form to give details regarding farm income and expenses.
• If you use any highway trucks or tractor-trailers in your farming business, you may have to pay a federal highway motor vehicle use tax. Fill out a 2290 form.
• Farming activities can be subject to state and local taxes and other requirements such as business licenses and fees.
• You cannot deduct expenses that did not produce farm income, such as the cost of animals you raised that died or maintenance of your home.

Resources

• Internal Revenue Service