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Articles tagged under: Tax Preparation

Rethink Traditional Tax Strategies

Published December 16, 2025

As farm margins tighten heading into year-end, farmers are being urged to rethink traditional tax strategies. NDSU Extension Farm Management Specialist Ron Haugen says lower incomes can change how they approach deductions and expenses. “The income tax code is very…
Top StoriesLatest NewsAg Business

Keep Records Updated to Ease Tax Planning Process

Published December 8, 2025

As the year draws to a close, farmers are focusing on tax preparation and financial organization. Dakota College-Bottineau Farm Business Management Instructor Morgan Stutrud says keeping records up to date can make year-end tax prep much easier. “Good record keeping…
Top StoriesLatest NewsAg BusinessCrops

Prioritize Year-End Tax Planning

Published December 4, 2025

With the year drawing to a close, farm business management instructors are reminding producers to get their tax planning in order. Betsy Jensen, Farm Business Management Instructor at Northland Community and Technical College, says accurate reporting of items like 1099s…
Top StoriesLatest NewsAg Business

Tax Preparation Tip #4

Published December 14, 2022

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…
Latest NewsAg Business

Tax Preparation Tip #3

Published December 14, 2022

We continue our series of end-of-year tax tips with NDSU Extension Farm Management Specialist Ron Haugen. We talked about deferring income and spreading income to other year for grain farmers, but Haugen says livestock producers can also use income deferral.…
Latest NewsAg Business

Tax Preparation Tip #2

Published December 14, 2022

Our year-end tax planning tips continue with NDSU Extension Farm Management Specialist Ron Haugen. Haugen tells farmers to consider income averaging. "It's not the same as a net operating loss. If you have a higher income one year, you can…
Latest NewsAg Business

Tax Tip

Published December 14, 2022

Tax planning is something that should be done year-round, but NDSU Extension Farm Management Specialist Ron Haugen says many decisions are being made now. "The Emergency Relief (Program) payments that we got in 2022 were actually from disasters from previous…
Latest NewsAg Business

Tax Planning and Cash Flow 2023

Published November 15, 2022

AgCentric Executive Director Keith Olander says this year's tax season and planning for 2023 may be more challenging than years past. Supply chain issues remain and rising input costs present new problems for farmers and ranchers when planning purchases. "If…
Latest NewsAg Business

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