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.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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