You do not need to file/pay estimated taxes now, so no penalty involved. You are starting a new business....tax is not due until next March 1, if you show a profit.
Schedule F is just one of many forms you"ll need to file then......and yes, I recommend doing that thru a LPA or CPA who has adequate knowledge of FARM taxes. Most do not have a clue. Accountant needs to set up a depreciation schedule with you for all property that is farm related, including personal vehicles, allocating appropriate farm use, so proper deductions are taken.
In December, do tax planning, reviewing this year, and planning for next year. Advisor should recommend what to buy/sell THIS year, to maximize deductions. Jan 1 is too late.
I"ve been farming full-time for 41 years, after starting from scratch, and the December planning is some of the most important. Early years I figured if I was broke at year-end, I had maxed deducs......yes, I did, but in later years, with discretionary income to allocate, the year-end planning gains importance. Early years or late, planning during the year is important.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Show Coverage: The Old Gold National Antique Tractor Show - by Cindy Ladage. Over the fourth of July weekend, the Illinois State Fairgrounds in Springfield, Illinois, was the site of the Old Gold National Antique Tractor Show. Tractors of all makes and models were displayed and separted into categories by their age. Deere, Oliver and even a Wards and Keck Gonerman were part of the crowd. A sea of red International Harvester's seemed to be the the model with the biggest showing. The crowd was decent for the scorching July heat. The opening day started o
... [Read Article]
Latest Ad:
1958 FORD RARE 4x4 801 TRACTOR, ELENCO/FRONT DRIVE, FRONTLOADER AND WEIGHTED REAR WHEELS, FIVE SPEED, LIVE PTO, GAS ENGINE, NEW REAR WHEELS AND TIRES, ENGINE RUNS.
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
