Sound Ag Advice: Start Making Tax Plans Before End of Year
By Mark Askelson firstname.lastname@example.org (11/23/20)
Fargo, ND — As we get closer to the end of the year, now is a great time for farmers to start doing their tax planning. Not just because they probably have more time with harvest wrapped up, but because they still have to time make adjustments and put themselves in better position financially, according to Ron Haugen, NDSU Extension Farm Economist.
The are a number of strategies that have been place for years that farmers can utilize, including depreciation and deferrals, according to Haugen.
Other options include Income Averaging or contributing to a retirement plan or a charity to reduce your tax load.
If farmers are interested in learning more about tax planning, Haugen invites them to participate in a virtual seminar being held on December 1st.
The cost of the seminar is $10 per person. For more information or to register, visit the NDSU extension website, www.ag.ndsu.edu, and search “Income Tax Management for Ag Producers.”