The end of the year means tax preparation. AgCentric Farm Business Management Instructor Nathan Converse says managing income by pre-paying expenses is always an option. “This depends on how the year went. Right now, I have farmer clients who are considering deferring or doing a fair amount of pre-buying to help manage taxes. Others may have had more expenses this year due to the drought where they’re looking to take extra income or doing less pre-buying to help manage their tax situation.” Converse encourages famers to look at tax planning as a tool. “That can help you determine if you should pre-buy, deferring income or taking some of that this year.”
