Nov 12, 2012

Tax Tips for Farmers: The Case for NOT Prepaying Expenses 1

It’s standard practice for farmers, who are cash basis taxpayers, to accelerate expenses at year-end. Paying fertilizer, seed and chemical bills prior to Dec. 31 can create a paper loss and reduce your current year taxable income to near zero or below. The sister practice is to defer income into the following year by holding a portion of your corn and soybean crop to be sold after Jan. 1....More

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