Income tax problems in 2020?

Income tax problems in 2020?
With government payments and improved crop prices, tax management is extra important this year.

Payments from the Market Facilitation Program, Coronavirus Food Assistance Program, Paycheck Protection Program, crop insurance, etc., have pumped close to $40 billion into the U.S. farm economy in 2020. If you are thinking of deferring any of these government payments, only crop insurance may offer the possibility of deferral. In February, USDA was predicting a reduction in U.S. farm income, but now it’s predicting growth in farm income, up to $115 billion.

This increase in government income could cause unexpected tax consequences for some farmers this year.   For more of the article, please click here.

Related:  Iowa Farm Bureau's annual Iowa Farm Income Tax webinar was held earlier this month.   The recording and materials are at this link.

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