End-of-year income tax tips

End-of-year income tax tips

It has certainly been a year of challenges. COVID-19 triggered major economic damage, a once-in-a-lifetime derecho flattened fields and pummeled grain bins, and drought compounded the damage. Because of these disasters, most farmers received some unexpected payments in 2020. These payments kept many farmers afloat through a very tough year, but proper management of this income is important to maximize its benefit.

The following summarizes key payments received by cash basis farmers in 2020 and their tax consequences:  For more, please click here.

To register for the 2020 Iowa Farm Income Tax Webinar on Thursday, November 5 at 1:00 with the author Kristine Tidgren and Charles Brown, ISU Farm Management Specialist, please click here.

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