Importance of Agricultural Tax Planning

Posted on | December 7, 2009 | No Comments

Tina Barrett, Executive Director of the Nebraska Farm Business, Inc. discusses farm tax issues common to farm operations. Minimizing the tax burden is critical to a farm business. Planning one to two years ahead helps the producer situate themselves so they are not paying for more taxes than necessary. Actions, such as income averaging, will depend on the farm’s history and current situation. Prepaying input or adding capital purchases are other techniques that can help. It can be difficult balancing decisions based on what is best for managing the farm versus what is best for minimizing taxes. These types of decisions need to be carefully weighed for each farm business. (www.nfbi.com) This video is supported in part by the Nebraska Tax Institute, (http://conferences.unl.edu/tax/). Where the tax professionals go to learn. View Video

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