2012 Tax Season Officially Bites the Dust
Most farmers are used to a March 1 tax filing deadline. However, for many other farmers and other taxpayers, the final individual tax deadline is not April 15 but rather October 15. And like many of us from our school days, there are certain taxpayers that like to procrastinate (and procrastinate and so on). As usual, I had about 10 plus clients to get finally all done and processed today, but I just finished up with the last one about an hour ago and am just waiting to see if I get another call or e-mail.
With this deadline passing, our next major deadline is year-end with planning to get our farmers to the right amount of taxable income. This results in lots of checks being written on December 31, 2013 to make sure they get a deduction (I hope none of our farmers write the check on December 31 and mail after year-end. That is not good).
Since we have been tied down with tax extensions we have not been able to post as frequently for the last couple of days.
I will be speaking in front of the Michigan Society of CPAs next Tuesday on “Hedge Accounting”. If any of our CPA readers are there, please make sure to stop by and say hi.
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.
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