NDSU Extension Farm Management Specialist Ron Haugen reminds farmers to be aware of the tax filing deadlines. “Farmers have always had this perk in their filing season. If they file earlier, they don’t have to pay any penalties for underestimating their taxes. If farmers do make an estimated tax payment by January 15 they have until April 15. If you haven’t done that, the deadline is March 2.” There are just a few things to be aware of as you gather your information. “Farmers are eligible to use the 200 percent declining balance depreciation. New agricultural machinery can be depreciated over five years,” explains Haugen. “Like-kind exchange has changes. When you do machinery trades, you must treat them as two separate transactions.”
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