A tax expert says there are things farmers should consider doing to reduce their tax burden next January.
Eric Gullicksrud with Compeer Financial says it starts with good, accurate recordkeeping. “In order to really kind of project out that last month, we’ve got to know exactly where the first ten or eleven months were in able to project that.”
Gullicksrud tells Brownfield they had several people who believed they wouldn’t have a 2023 tax problem but had to find ways to spend money before the new year. “They did a lot of pre-pays, and so when you have prepaid three months of your feed bill into 2023, your expenses are actually down then, and so quite a few of them got shocked that they had to do as much pre-pay again this year.”
And for farmers and others that crossed into the new year but still need a way to lower 2023 taxes.
