Tax Planning & Prep
Let us take the worry out of tax season.
Tax Services We Offer
There are several ways to realize deduction, including:
For example, operating as a partnership may offer more tax savings than operating as a sole proprietor.
Family tax planning
Hiring family members to work in the business could reduce family tax liability.
Setting up retirement plans, medical plans and other fringe benefits could mean attractive tax deductions for many businesses.
Agricultural businesses are subject to a variety of tax laws, deductions and requirements that may not be familiar to nonspecialized advisers and tax preparers. Using a Farm Credit East tax specialist ensures you'll receive the correct and maximum deductions and allowances while avoiding penalties for failing to meet any special requirements.
Tax Planning & Preparation FAQs
- Marriage, retirement, purchasing a home, etc.
- Starting a new business.
- Income and expense analysis and projections
- Major purchases, sales and investments, including leases
- Depreciation schedules.
- Organizing farm records
- Bringing in another owner
- Exiting your business
We suggest you consult with a Farm Credit tax planner well in advance of filing your tax return. It’s also a good idea to talk to us when you’re considering a change in your business.
You can be assured that the financial information you give to your Farm Credit East tax specialist is strictly confidential. If you borrow from us, you decide whether your loan officer may see your tax records.
We generally charge by the number of hours needed for tax planning and/or filing your tax return. The cost of our service is dependent on the complexity of your operation. Your Farm Credit East tax specialist can give you an estimate after discussing your tax plan or return with you. We have a satisfaction guarantee if you are not happy with our service.
You are responsible for working with Farm Credit East to ensure that your tax deadlines are met. This means holding regular conversations with your tax specialist and regularly updating your records. Also, you will need to make up-to-date records available to your tax specialist to accurately plan for your future. We can help with your Recordkeeping needs as well.
- Individual returns.
- Sole proprietor with Schedule F or C
- S corporation and C corporation
- Fiduciary (for estates and trusts).
- Part-time farmers and fishermen.
- Payroll tax reporting
- Sales tax reporting.
- Estate returns.
- Gift taxes.
- Amended returns.
- Sales and gasoline tax refunds.
- Retirement plan reporting.
Your Farm Credit East specialist will take a close look at your whole situation and provide specific advice to get you the most out of your tax provisions. Some of the frequently overlooked provisions that your specialist can help you identify include:
- Depreciation. Has the optimum amount been taken?
- Prepaid farm expenses, such as feed and supplies
- Special credits, such as rehabilitation credit, earned income credit and investment credit.
- Tax benefits that cannot be taken in one year but can be carried over to another year (investment credit, net operating loss).
- The sale of assets on Schedule F. Many preparers report these sales on Schedule F, which forces farmers to unnecessarily pay self-employment tax on the income.
- The tax considerations of various business structures (partnerships, S corporations, C corporations).
You do not need to borrow from us for us to prepare your taxes. You are eligible if you are an individual or enterprise involved in agriculture, fishing and aquaculture, as well as timber, nursery, greenhouse, vineyard and similar operations. Managers, employees and part-time farmers may also use Farm Credit East tax preparation services.
Farm Credit East is willing to represent you in an audit. We will prepare the reports and help you navigate through the process.
We will work with you to correct the mistake. If it is our mistake, we will pay any penalties that may occur. If it is due to misinformation, we will work to correct the issue with you for the future and minimize the current penalties.
"Mark knows current tax laws so we rely on his advice for the tax implications of business options that we may be considering, which helps us make the best decisions for our business."
Ron & Nancy Robbins
North Harbor Dairy
Sackets Harbor, New York
View From the Field
"Farm Credit East helps us make the best decisions for our business."
Ron and Nancy Robbins own an 800-cow dairy farm, 6,000-acre crop operation and busy agritourism business called Old McDonald's Farm in Sackets Harbor, New York. Already busy operating these diverse businesses, the Robbins hired a tax preparer to file their taxes. But the preparer was not timely. The Robbins wanted to change, but they were concerned about the time needed to build a new relationship. They turned to Farm Credit East, where they already were a borrower.
Ron was shocked at how easy it was to work with his local Farm Credit East tax preparer, Mark Kellogg. Ron came to us for the tax preparation service but left with much more. He gained an accurate and timely tax return and a team of financial experts. Now he doesn't have to explain to his loan officer what his accountant did or what his tax planner said. Instead, at Farm Credit East, he works with knowledgeable experts in all aspects of business financial services.