Colder, icy, harsh winter weather means producers need to be aware of increased livestock energy requirements to ensure their animals are able to withstand the extreme outdoor conditions, according to a forage expert from the Ohio State University OSU College of Food, Agricultural, and Environmental Sciences. Any questions about these topics should be addressed to your tax professional or the IRS at or www. It hit early, and started with rain. A few select features include:. In Michigan, that is about 2. However, caution should be used in deferring too much income into future years because it may push you into a higher tax bracket. Select from the tabs at the top of the page to access this month's entire offering by category. Crop insurance proceeds and government crop disaster payments can be deferred to the next tax year if a producer is a cash-basis taxpayer and can show that normally income from damaged crops would be included in a tax year following the year of the damage. Traditionally, producers try to do tax planning to limit their tax liability. Machinery or equipment purchases can be made before the end of the year to get a depreciation or expense deduction in
Ron Haugen is a Farm Management Specialist with a % extension appointment, employed from October to April each year.
About Ronald Haugen — Agribusiness and Applied Economics
He manages. Ron Haugen. Ronald Haugen, M.S. Farm Management Specialist Office: Richard H. Barry Hall F Phone: Email: @ndsu.
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edu. Ron Haugen (Nov-Mar) Farm Management Specialist NDSU Extension Richard H.
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Barry Hall NDSU Dept. P.O. Box Fargo, ND.
Most grain elevators or sales barns will defer sales until the next tax year. The additional first-year bonus depreciation has expired. When talking to breeders about cow herd efficiency, I get asked many questions.
It hit early, and started with rain. Prediabetes means a person has a blood glucose blood sugar level higher than normal, but not high enough to be diabetic. This is done on schedule J.
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Do income tax planning before year ends Cattle Business Weekly
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About Dr. David Bullock — Agribusiness and Applied Economics
“Projected Crop Budgets,” for nine regions of North. Dakota, Farm Management Planning Guides. Short-term and Long-term Agricultural Planning Prices for North Dakota Ron Haugen, Farm Management Specialist.
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Tim Petry, Livestock.
Defer income to This is done on schedule J. North Dakota income tax questions can be addressed to the North Dakota Tax Department at or www. Pay real estate taxes or interest.
Typically, discounts are received by paying for these expenses in the fall.