- PO Box 778 Linn, MO 65051
- getstarted@cgm-cpa.com
- 573-744-CPAS (2727)
Farming has its own set of tax rules not applicable to most taxpayers. Tax preparers treating farming like just another business will overlook opportunities such as:
If you want your operation to be as tax-efficient as it can be, work with a CPA who understands these nuances.
The IRS Code contains dozens of advantages specific to farmers. Proactive planning is the key to taking advantage of these opportunities.
Once we have a strong base of tax planning, our goal is to file tax returns with accuracy and compliance, in order to preserve the great tax planning that was done. We also help you understand what exactly is being filed, rather than just making you sign a piece of paper.
Sometimes, tax minimizing takes a backseat to ensuring the next generation is set up for success. The correct tax structure takes the tax liabilities of multiple generations into account, along with other financial interests of the family.
Managing how much cash we have on hand in a farming operation can be complex. Banking and USDA options need to be weighed against their costs. Families may need to distribute cash for general living. And, we want enough cash on hand to take advantage of opportunities.
Everyone knows that most farmers never really retire, but we should consider how IRAs and 401(k)s can benefit us, and that we pay in an optimal amount of social security taxes for a reasonable benefit.
Because nobody really wants to deal with payroll tax filings, and there are also some special payroll opportunities and reports applicable to farming operations.
