Dry Bean Scene

There are several strategies farmers and ranchers can be using during the tax planning season. AgCountry Farm Credit Services Vice President of Taxes Renee Fink says one of the main strategies is deferring crop insurance. Learn more in the latest Dry Bean Scene on the Red River Farm Network, made possible by the Northarvest Bean Growers Association.

Tax Management Program Being Offered

A tax management program will be offered through NDSU Extension to farmers and tax preparers on December 1 via Zoom.
“This program provides an excellent opportunity for agricultural producers and tax preparers to learn and ask questions about tax management alternatives while there is still time to implement year-end tax management decisions,” says Ron Haugen, North Dakota State University Extension farm management specialist.
Experts will provide federal income tax updates and tax management alternatives. Program topics include:
  •  Federal income tax update
  • IRS update
  • Identity theft and breaches
  • Tax management upon retirement
  • Net operating losses, like kind exchanges
  • Drought forced livestock sales
  • Deferred crop sales
  • Qualified business deduction (199A)

Section 179 Conformity Sign into Law

Minnesota Governor Tim Walz has signed the bonding and tax bill. This includes conformity with the federal Section 179 expensing provision for farmers. That change is retroactive to 2018. The $1.9 billion bonding bill includes $627 million to improve roads and bridges.

IRS Waives Tax Filing Deadline for Farmers

The Internal Revenue Service issued final regulations implementing sections of the Tax Cuts and Jobs Act related to farm income on February 8. As a result, the IRS has extended the deadline for qualifying farmers and ranchers to file taxes to April 15. Producers requesting a waiver must include Form 2210-F with their 2018 tax return.