Posted by tractormiallis on September 03, 2013 at 13:55:49 from (216.18.244.12):
This is my first year of really farming, and I have cash cropped nearly 120 acres. I also work off the farm at another job. Usually do my own taxes, and now am unsure about my 2013 tax year. Figuring my crops will increase my income and taxes, do I need to file estimated taxes? Is there a penalty for owing the IRS too much tax? I know filing schedule F is needed, and I have set up a farm plan and track all farm expenses and income so as to run it as a business and NOT hobby. My plan is to slowly grow my farm acreage. I know it is early before thinking of taxes, but trying to plan ahead. Any advice is appreciated.
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Today's Featured Article - The Ferguson System Principal An implement cutting through the soil at a certain depth say eight inches requires a certain force or draft to pull it. Obviously that draft will increase if the implement runs deeper than eight inches, and decrease if it runs shallower. Why not use that draft fact to control the depth of work automatically? The draft forces are
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