Farm Taxes
Farm income doesn't arrive on a schedule, and neither do the decisions that shape your tax bill. I prepare farm returns and help you plan through the year, so a good harvest or a big purchase doesn't turn into a surprise in the spring.
Who I work with
I prepare returns and plan for farm operations of all sizes across the Midwest, including grain and livestock producers, family farms, and landowners with farm rental income.
What I help with
- Your farm return. Schedule F and the forms that go with it, prepared carefully and filed on time.
- Equipment purchases. How and when a purchase is deducted, and what that does to this year's tax and next year's.
- Livestock and crop sales. How different kinds of sales are taxed, including raised and purchased livestock.
- Timing of income and expenses. When to sell, when to pay for next year's inputs, and how to keep income from bunching into one year.
- Uneven years. Options for spreading the tax on a strong year, and for handling a weak one.
- Estimated tax. The special payment rules for farmers and how to use them.
How planning works
The best time to talk is before the year ends, while there's still room to act. We look at your income so far, what you expect to sell and buy, and what each choice does to your tax. You make the decisions with the numbers in front of you.
Common questions
Should I buy equipment before year end to lower my taxes?
Sometimes. A purchase the farm needs can lower this year's tax, but it also uses up deductions you may want in a higher-income year. I'll show you both sides before you sign anything.
Do farmers have to make quarterly estimated payments?
Farmers who earn most of their income from farming have a special rule. They can make one estimated payment in January, or skip estimates by filing and paying in full by March 1.
Can I delay income from a sale into next year?
In some situations, yes. It depends on what you sold and how the sale is set up. This is worth a conversation before the sale, not after.
I rent out my farmland. Is that farm income?
It depends on the lease and how involved you are. The answer changes which forms apply and whether self-employment tax is due.
If you'd like to talk through your operation, book a free intro meeting. There's no cost and no obligation.
Book a Free Intro Meeting