Verified FBN Member (ND)

General

Tax burden

Hey Guys, it's looking to be the first year in a while that I'll have a profit on the farm. Especially being that I've had 1.5 years worth of harvests this year.


I've been reading a little about bonus depreciation and what not. I don't really want to buy a new pickup and I'm not necessarily dying for any equipment on the farm.


Other than prepaying expenses, what year end strategies do you guys have to decrease your tax burden?

3


Verified FBN Member (ND)

Just my opinion, but you may consider paying a little more tax this year if you don’t really need anything. I suspect the 12% tax bracket m...

More

2


Verified FBN Member (OH)

Have the elevator hold your grain check until after the first of the new year.

3


Verified FBN Member (TX)

(edited)

Some of that depends on how your farm operation is set up. For example, if you are a sole proprietor you might be able to file using income ...

More

1

Join the Community Forum. It’s Free.

Our FBN ® Community Forum is exclusive to . To become a Verified Farmer, sign up for your free account and gain access to our secure online farming community.