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.
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