A farm business management instructor from northwest Minnesota says the better farmers manage their income now the fewer tax headaches they�ll have in the New Year. Betsy Jensen with Northland Community and Technical College says it�s common for farmers...
A farm business management instructor from northwest Minnesota says the better farmers manage their income now the fewer tax headaches they�ll have in the New Year.
Betsy Jensen with Northland Community and Technical College says it�s common for farmers to make some end of the year business decisions for tax purposes. But she says farmers should be closely monitoring �the size of the crops and the inputs they�re deferring. How much income from 2023 are they pushing into 2024?�
She says after farmers meet with an accountant for a tax estimate, they should evaluate their current assets.
