Schedule J: Income Averaging for Farmers and Fishermen Schedule J is used to elect to figure out your income tax by averaging, over the previous three years, all or part of your taxable income from your trade or business of farming or fishing. This election might lower taxable income from f...
Although the basic principle is similar, don't get confused between income spreading and income averaging. They are actually two different strategies. While income spreading is available to anyone with large incomes, income averaging is only available to farmers and fishermen in the United States.3 ...
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