Tax Management Information

Rural Tax Education

Income tax management is not minimizing total taxes owed, but rather maximizing after-tax net income over the lifetime of the business. Minimizing the near-term tax liability often results in overcapitalizing the business through the purchase of assets or purchasing inputs to create deductions that reduce taxable income to near zero. Additionally, agricultural producers miss an opportunity to build Social Security benefits (especially disability coverage) by not having significant net farm income and paying self-employment taxes.

Tax Topics:

Tax Planning for Farmers

This article provides an overview of tax management and planning concepts, plus where to find additional information.

Managing Income Taxes After Year-End

A taxpayer may want to modify their tax bill either higher or lower at the conclusion of the year. This fact sheet will walk through a couple of provisions that allow them to make those modifications.

Managing Income Taxes Before Year-End

Income tax management is not minimizing total taxes owed, but rather maximizing after-tax net income over the lifetime of the business.

See All Tax Topics

Additional Resources:

A Review of Farm Bankruptcy

 

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This information is intended for educational purposes only. You are encouraged to seek the advice of your tax or legal advisor, or other authoritative sources, regarding the application of these general tax principles to your individual circumstances. Pursuant to Treasury Department (IRS) Circular 230 Regulations, any federal tax advice contained here is not intended or written to be used, and may not be used, for the purpose of avoiding tax-related penalties or promoting, marketing or recommending to another party any tax-related matters addressed herein.