If you have farm income on schedule F you need to pay it in full by March 1st.
No estimated taxes, but don't fall behind the March date. Becomes difficult as some places don't send out 1099s until mid Feb.....
A good farm CPA can easily be worth the $4-500 as they set up your tax plan. Even on a small farm like yours. Perhaps you are very tax wavy, but....
Farming is all about balancing yearly, mid-term, and long term purchases and depreciating each properly to fit your plans for making income some years, and not so much other years.
If you buy land, you can depreciate tile or buildings on it, and fence if these are items you will use. And many many other odd little things.
It is a game, the govt wants to tax you to death, you need to plan and work the game just like they do.
A good CPA can really save you a bundle every year, ESP with both the town job and now the farm business. Meeting with him in November to set up your plan would again, be money well spent, to get you up and running on this fun adventure.
This is not H&R Block, this is a good CPA that does farm taxes......
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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