The taxable income for farmers can vary greatly from year to year, whether it be from deferring insurance proceeds, deferring grain sales, or general cycles in the futures market. As a result of this income variation, an individual’s applicable tax rate may vary from 0% to 39.6%. One way to help “balance out” these oddRead more
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Quick business decisions can be important, whether it is buying a piece of equipment at an auction sale or selling commodities. If you spend too much time over-thinking the situation or trying to analyze all the possibilities, you might miss the whole opportunity all together. These missed opportunities can cost you money, and no oneRead more
Whenever a producer has a crop insurance claim, I am sure most tax advisors get asked about deferring the proceeds until the following year to avoid paying any taxes. However, depending upon the type of claim you have, you may not qualify to defer it at all. I bring this up due to the popularity ofRead more
