Are You Guilty of the #1 Tax Trap? Find Out Now

November 18, 2015 12:00 PM
 
Are You Guilty of the #1 Tax Trap? Find Out Now

“Thou shalt not pay taxes.”

This is a common sentiment among many, especially farmers, but believe it or not, not paying enough income tax is the biggest tax trap farmers too often fall into. Paul Neiffer, The Farm CPA, says while not paying taxes is a part of a farmer’s genetics, sometimes they take it too far. By not taking advantage of all the available exemptions, standard deductions and not maximizing the 15% tax bracket, many farmers will wind up paying big at retirement.

 

Paul Neiffer explains:

How far have you gone to avoid paying taxes? How did it work out? Let us know in the comments.

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Comments

 
Spell Check

lefty
asdf, MN
12/7/2015 04:25 PM
 

  Pullmyfingure- that is land tax, not income. Too bad they always write the obvious articles when it's too late.

 
 
PullMyFinger
Chappell, NE
11/19/2015 12:38 PM
 

  Please try to find a single farmer in Nebraska that owns land who does not pay HUGE taxes.

 
 
Bob
London, OH
11/18/2015 03:53 PM
 

  Started using accrual accounting for farm 30 years ago. Paid my fair share of taxes. As I got closer to retirement I started to use custom hire rather than invest in over-priced equipment. Retiring from farming this year with plenty of cash in bank, low taxes, farm almost paid for. Life is good!

 
 

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