Posted by LAA on September 05, 2013 at 08:06:47 from (86.51.147.113):
I was reading through the post about farm related taxes and I was amazed how many respondents advised paying tax in before it was actually due. If that is what CPA’s and Accountants are advising their Farmer clients I am glad I don’t use one. The idea is to protect as much of your hard earned money as possible from tax and or use the money as you see fit for upgrades and improvements and take the deductions. Anyone in business should have a plan to protect their cash position and managing for minimum tax payout is number one on the list. You certainly never want to pay a nickel of tax before it is due, much less make non compulsory tax payments throughout the year, that is pure folly, not only would you be surrendering the use and control of your own money you also have no way of knowing what kind of unforeseen expense you may incur later in the year or if you may want or need the money in case a real bargain on some needed equipment or inputs comes along. In windfall years the additional or unexpected profits can go to equipment or infrastructure improvements that meet section 179 guidelines instead of tax. Just about anything you buy or any improvement you make is discounted by your normal tax rate percentage, this is especially true of someone with an off farm job or whose spouse has outside income.
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