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Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
In our post yesterday on the deferred payment contracts, we had indicated that there were six different combinations of income that could be reported using the three contracts shown. A couple of very observant readers had indicated we had missed one. The one missed was that all three contracts could be reported in 2013. Therefore, to recap the amounts that could be reported as follows:
These are the seven different amounts of income that could be reported. For example, if you wanted to increase your income by $150,000, you would have to decide between $130,000 and $180,000. You would not be able to pick exactly $150,000.
Many thanks to the observant readers out there for catching this.
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