Year-end tax considerations
Farmers are putting together year-end tax and accounting information.
Compeer Financial tax specialist Dan Coulthard says there are several considerations this time of year.
“Consider deferring money, looking at purchasing equipment I know this year that’s kind of been not as lucrative as you may want to say with the higher interest rates versus the prior years.”
He tells Brownfield farmers might actually have a higher tax implication in a down year versus a good year.
“Don’t feel that they’ve made the money this year like they have in the past with the depressed prices and everything, but from a perspective of there’s money in the checkbook, they’ve been able to pay all their bills and notes, they’ve made some money.”
He says there are situations where farmers will want to defer income to next year on grain sold and can work with the elevator to reserve payment until January.