Farmer Filing Due Date Update
As most of our readers know, the IRS has extended the March 1 farmer filing deadline to April 15, 2013 for those farmers who MISS the March 1 deadline. One of the major forms that farmers were waiting for was Form 4565 – Depreciation which was released yesterday.
However, there are still several forms that will most likely not get released until after March 1 that are important to farmers. These include:
- Form 4136 – Credit for Federal Tax Paid on Fuels,
- Form 8582 – Passive Activity Loss Limitations, and
- Form 8903 – Domestic Production Activities Deduction.
Most likely the most important form is the last one since almost all farmers will have some type of Domestic Production Activity Deduction calculation to perform. Therefore, there should be no issue with waiting until after March 1 to file and pay your income tax since these forms are most likely not available until at best, near the original March 1 deadline.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
I have a farm that is a LLC to limit my liabilities.
tax wise, does it matter if I own the farm or the LLC?