As the combines roll this harvest and everything for the year comes together in this final push, tax planning is probably not the first thing at the top of your mind. But if you have a proactive tax advisor, they should be getting hold of you right about this time to get a meeting on the calendar as soon as harvest wraps up. Late November and early December are ideal times for farm tax planning so you can reap the benefits and make better decisions through the end of the year. Have you heard from your tax planner yet?
Finding that perfect tax advisor for your operation is very important. The best kind of advisor you can employ is one who is forward-looking and has several years of experience, particularly in dealing with ag taxes and complex farming operations. You also want to make sure that your tax advisor is communicative and responsive to your questions and concerns.
Be ready when your tax advisor calls. They're going to want a few items before setting that post-harvest meeting. Darren Frye has a checklist of these items in his latest Finance First post at FarmFutures.com. Follow the link below for the full article.