You do not need to file/pay estimated taxes now, so no penalty involved. You are starting a new business....tax is not due until next March 1, if you show a profit.
Schedule F is just one of many forms you"ll need to file then......and yes, I recommend doing that thru a LPA or CPA who has adequate knowledge of FARM taxes. Most do not have a clue. Accountant needs to set up a depreciation schedule with you for all property that is farm related, including personal vehicles, allocating appropriate farm use, so proper deductions are taken.
In December, do tax planning, reviewing this year, and planning for next year. Advisor should recommend what to buy/sell THIS year, to maximize deductions. Jan 1 is too late.
I"ve been farming full-time for 41 years, after starting from scratch, and the December planning is some of the most important. Early years I figured if I was broke at year-end, I had maxed deducs......yes, I did, but in later years, with discretionary income to allocate, the year-end planning gains importance. Early years or late, planning during the year is important.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
