We conclude our year-end tax tips series with NSDU Extension Farm Management Specialist Ron Haugen. Haugen says one way to reduce tax liability is through retirement planning. “Even if you’re young, you have to think about retirement. It’s a good idea to put a deposit into your retirement account that’s deductible as well. Farmers and fisherman have a special perk where they can file on March 1 without making deposit.” Most businesses must make quarterly deposits. “Farmers can actually file by April 15 with anybody else if they have made a single deposit by January 15. That March 1 deadline comes very quickly, so I encourage producers who have tax planning done to make a deposit by January, so you have more time to get your tax prepared.”
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