Tax planning season is here. “It’s always a good idea to get started around this time of the year,” said NDSU Extension Farm Management Specialist Ron Haugen. Farmers have a lot to consider when doing their taxes, especially with their equipment. “There are a lot of things that people can do as far as buying equipment and depreciation. There’s the 179 expense where you could write off most of the costs. Right now, you can deduct up to $1.22 million of equipment. So, that’s quite a healthy amount that you can deduct all in one year.”
