If you have farm income on schedule F you need to pay it in full by March 1st.
No estimated taxes, but don't fall behind the March date. Becomes difficult as some places don't send out 1099s until mid Feb.....
A good farm CPA can easily be worth the $4-500 as they set up your tax plan. Even on a small farm like yours. Perhaps you are very tax wavy, but....
Farming is all about balancing yearly, mid-term, and long term purchases and depreciating each properly to fit your plans for making income some years, and not so much other years.
If you buy land, you can depreciate tile or buildings on it, and fence if these are items you will use. And many many other odd little things.
It is a game, the govt wants to tax you to death, you need to plan and work the game just like they do.
A good CPA can really save you a bundle every year, ESP with both the town job and now the farm business. Meeting with him in November to set up your plan would again, be money well spent, to get you up and running on this fun adventure.
This is not H&R Block, this is a good CPA that does farm taxes......
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 - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
... [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.