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