As the year comes to a close there’s one thing every farmer has on their mind, taxes. Don’t miss an opportunity to make a profit on your grain because you’re worried about the tax implication.
Mark Gold, of Top Third Marketing, told “AgDay” host Clinton Griffiths he hopes farmers don’t get so jaded on taxes they miss a chance to make a profit on their grain because whether you pay tax on it this year or next, you’ll have to pay at some point.
“I’d rather pay taxes on $4.50 corn this year than to pay taxes on $3.50 corn next year,” Gold says.
Watch the full AgriBusiness segment of “AgDay” below:
He says his firm had a client this year that had around $350,000 of profits in cattle puts but didn’t want to sell because he didn’t want profits on the books this year. Gold says that farmer might be right to wait and time will tell, but he says it’s not smart to pass up profits just to avoid taxes.
“I want to pay taxes on a lot of income and I don’t care what year it’s in,” he says.
Gold reminds farmers you will pay taxes on grain you sell. “You’ll have to pay the piper sometime,” he says. “I’d rather pay the piper with good profits than I would just getting by.”