The Farmer’s Guide to Tax Preparation

Year-end farm tax season is upon us.

The end of the year and the start of a new one represents a time when farmers and ranchers begin preparing for the imminent tax season as the deadline to file taxes for small agribusiness owners is April 15th. Getting a head-start on tax preparation for your farm can result in more deductions that equal less taxable income and more savings in the coming year.

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A Look at Recent Updates to Tax Deductions on Farm Equipment

Farm taxes are not something that any grower looks forward to, but recent updates to Section 179 might help your bottom line.

At AgAmerica Lending, our team likes to stay informed of relevant information that can help you grow your agribusiness. There are some new laws when it comes to your taxes that could mean additional deductions and savings when it comes time to file in 2019. Updates to depreciation in Section 179 allow for greater limits for tax deductions on farm equipment, for example. But first, it’s important to remember that these deductions apply to agribusinesses on a small and medium scale.Read More

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