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Honored Advisor

Taxes done yet?

Ours went to the CPA in Richmond on Monday. Had one 1099 in the mailbox (USDA, of course) when we got back, and I knew one investment statement was not coming in time, so asked the guy to put enough info together, email had received that one yesterday, so I forwarded that.

That seems to be about it for us. I expect it to be a pretty high tax liability year, since the pigs did well, all our rents were flowing in, and not much needed to be spent, above normal operating expenses. Oh, well...First World problem to have.

Are you guys done yet?
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Senior Advisor

Re: Taxes done yet?

Nope, my appointment isn't for about 3 weeks.
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Advisor

Re: Taxes done yet?

I haven't even got the mAjority of my loan statements yet. Going to likely file in april
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Veteran Advisor

Re: Taxes done yet?

Paperwork all done but I won't write those checks until I have to.

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Honored Advisor

Re: Taxes done yet?

Well, you guys with no worries yet must have off-farm jobs in the mix! We file 02/28!
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Senior Contributor

Re: Taxes done yet?

Finished my '13 taxes last week. Thanks to $7.50/bu corn and $16/bu beans, best gross income year in cash grain farming ever.  And, thanks to fast depreciation sec 179, I have replaced several older large pieces of machinery with brand new to keep my tax bill to a very miminum. I don't see '14 turning out as good with $4.20 corn and $13 beans, and fast depreciation now only $25,000

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Senior Advisor

Re: Taxes done yet?

I'll be finishing mine up and taking them in later this week.  

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Senior Contributor

Re: Taxes done yet?

I've always had much lager off farm income. Now that I'm only working at the factory part time, does any one know if my deadline is still April 15. BTW my wife works and makes much more than my farm and factory income combined.
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Senior Advisor

Re: Taxes done yet?

I think it is IRS topic 416, but I'm not a tax person.

 

"If you have income from your farming or fishing business, you may be able to avoid making any estimated tax payments by filing your return and paying your entire tax due on or before March 1 of the year your return is due. This rule generally applies if at least ⅔ of your total gross income was made from farming or fishing in either the current or the preceding year. If March 1 falls on a weekend or legal holiday, you have until the next business day to file your return and pay the tax."

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Senior Contributor

Re: Taxes done yet?

Thank you Jim. If it's 2/3 I should be good. I better check on this soon though.
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