Posted by tractormiallis on September 03, 2013 at 13:55:49 from (216.18.244.12):
This is my first year of really farming, and I have cash cropped nearly 120 acres. I also work off the farm at another job. Usually do my own taxes, and now am unsure about my 2013 tax year. Figuring my crops will increase my income and taxes, do I need to file estimated taxes? Is there a penalty for owing the IRS too much tax? I know filing schedule F is needed, and I have set up a farm plan and track all farm expenses and income so as to run it as a business and NOT hobby. My plan is to slowly grow my farm acreage. I know it is early before thinking of taxes, but trying to plan ahead. Any advice is appreciated.
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Today's Featured Article - On the Road with Dave Gohl: Tractors and Farming - by Dave Gohl. I never thought I'd live to see the day, when I could call myself a farmer. What allows me to say this? Well, when our family moved to our 20 acre site near New Prague, Minnesota, I had one thought in mind. You guessed it, farm it somehow. A little history is in order. In my younger days, mom, dad and my brother made frequent visits to dad's youngest brother Pete, who took over the home farm from grandpa MIke. It was the typical set-up, milk cows, pigs & chickens. In the winter, we'd play
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