The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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.
Most farmers are on a calendar year basis for reporting their income taxes and one of the items that came about back in early 2010 is not available until they file their income tax returns for 2011. This credit is called the "HIRE" credit and is available to any taxpayer who meets the following requirements:
If you meet all of these requirements, then you qualify for an additional $1,000 income tax credit that may offset your income tax on a dollar for dollar basis.
Now is a good time to review your employee's records to see if you qualify for this credit.
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