This is probably going to be the year of lower income, says Paul Neiffer, The Farm CPA.
Given that situation, farmers should consider bringing in some extra income, such as deferred income from 2013 or 2014. This would allow them to smooth out their income so it is around the same for each year.
They should take a similar approach to machinery purchases. If farmers have bought equipment, but are still waiting to see what Section 179 is going to be, taking advantage of deferred payment contracts could be to their advantage.
Paul Neiffer explains:
What are your tax concerns this year? Are you considering bringing in some deferred income? Let us know in the comments.