As farmers prepare for tax season, AgCentric Farm Business Management Instructor Ron Dvergsten says the first step for farmers to contact their tax preparer. “Do an estimate to see where you are tax-wise.” In addition, come prepared for the meeting. “Have all of your cash income and expense records as updated as possible,” says Dvergsten. “Keep in mind what additional bills need paid between now and year-end, as well as any other possible revenues that may come in.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.