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Tag "tax liability"

Illinois Farm Business: Capital Purchases Down? Expect More Tax Liability.

Illinois Farm Business: Capital Purchases Down? Expect More Tax Liability.

👤By Gary Schnitkey, Bradley Zwilling, University of Illinois Ag Economists 🕔Dec 6, 2017

Many Illinois grain farmers have reduced capital purchases in recent years, with prospects for further cuts in 2017 and future years. Overall, reducing capital purchases is a prudent step in times of low grain farm returns. Reducing capital purchases, however,

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Farm Taxes: The Importance of Estimating Your Deferred Tax Liability

Farm Taxes: The Importance of Estimating Your Deferred Tax Liability

👤By Brandy Krapf, Dwight Raab, Bradley Zwilling, and Bailey Fletcher, University of Illinois 🕔May 19, 2017

Because agriculture producers can use cash accounting for federal and state income tax purposes, there is a recognizable difference between taxable farm income and accrual farm income. These differences can have an immense impact on tax liability, earnings, and net

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Farm Taxes: 5 Tasks to Consider Before January 1

Farm Taxes: 5 Tasks to Consider Before January 1

👤By Ron Haugen, North Dakota State University 🕔Dec 14, 2016

Traditionally, farmers try to do tax planning to limit their tax liability. With the downturn in the agricultural economy, limiting tax liability may not be an issue, but tax planning is still an important factor. Some producers may have generated a net

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