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.
- 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)
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.
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.
Northarvest Bean Grower – Our Mission:
NHBGA, growers representing growers through the check-off system, is North America’s largest supplier of quality dry beans. Working together to better the industry through promotion, research, market development, education of consumers and monitoring of governmental policy. Our future goals must be continued market exposure and careful monitoring of new ideas, consumer choices, and producer needs.
50072 E. Lake Seven Road, Frazee, MN 56544