Ag producers should do year-end tax planning

  • Crop insurance proceeds can be deferred to the next tax year if a producer is a cashbasis taxpayer and can show that normally income from damaged crops would be included in a tax year following the year of the damage. (Pixabay photo)
    Crop insurance proceeds can be deferred to the next tax year if a producer is a cashbasis taxpayer and can show that normally income from damaged crops would be included in a tax year following the year of the damage. (Pixabay photo)
    Now is the time to consider year-end income tax planning. There have been changes to the tax law in 2025 that agricultural producers should be aware of.“When tax planning, it is best to start with year-to-date income and expenses, and estimate them for the remainder of the year,” said Ron Haugen, North Dakota State University Extension farm management specialist. “Estimate deprecia...

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