Farm Taxes
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A freebie from the IRS
There was a new law passed last year that allows all taxpayers that use the standard deduction to take an extra deduction of up to $1,000 for real estate taxes paid on a personal residence. This deduction is in addition to the standard deduction. This deduction applies to farmers who do not itemize their deductions. […]
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March 1 is file your taxes time
Farmers are unique. The IRS allows them to pay their income taxes later than almost anybody else. Noramally all returns are due on April 15 of each year and taxpayers need to pay in their taxes by either having enough withholding taken out of their wages or paying 4 equal quarterly estimated tax payments in order to not […]
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When Average is Great
Uncle Sam offers a tax advantage to farmers and fishermen that no other taxpayers receive. When your income is very high compared to previous years, the tax laws allow you to assume that you were able to average all of your farm income over a four year period. This can save you several thousand dollars […]