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 - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
... [Read Article]
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