A farm business management instructor from northwest Minnesota says the better farmers manage their income now the fewer tax headaches they’ll have in the New Year.
Betsy Jensen with Northland Community and Technical College says it’s common for farmers to make some end of the year business decisions for tax purposes. But she says farmers should be closely monitoring “the size of the crops and the inputs they’re deferring. How much income from 2023 are they pushing into 2024?”
She says after farmers meet with an accountant for a tax estimate, they should evaluate their current assets.
