Understanding the purpose of a tax form or schedule is never a pleasant experience. That's why we created a comprehensive tax form library, showcasing the most frequently used tax forms and schedules you may encounter. We believe the process of staying compliant with your taxes should be as effortless as possible.
General Information
- What is the form number? Form 1040 Schedule J
- What government agency is it filed with? The Internal Revenue Service (IRS)
- What is the form name? Income Averaging for Farmers and Fishermen
- What is this form about? Form 1040 Schedule J is used to figure out and report income averaging for farmers and fishermen. This allows them to spread their taxable income over three years, potentially reducing the tax burden in a particularly profitable year. By employing income averaging, farmers and fishermen can benefit from a more consistent tax liability, especially given the unpredictable nature of their industries.
What does it look like?
Resources
Looking for more information about this form? Here are some helpful resources:
- About the form - https://www.irs.gov/forms-pubs/about-schedule-j-form-1040
- Example copy of the form - https://www.irs.gov/pub/irs-pdf/f1040sj.pdf
- Form instructions - https://www.irs.gov/pub/irs-pdf/i1040sj.pdf
How can we help you today?
Looking for more information about this or other tax forms? The tax team at DiMercurio Advisors are tax compliance experts. We are passionate about ensuring you are well-informed and in control of your tax situation.
