It’s the time of year when tax staff across Farm Credit East are working extra-hard to help our customers wade through the complexity of farm income taxation. Before the craziness of income tax season set in, Jean Gallagher spent some time chatting with Nick Norton, a Tax Specialist in our Presque Isle, ME, branch office about his career with Farm Credit East so far.
Tax planning is often thought of as a quick check of your figures to make sure you are set for income tax. When in reality, it has evolved into much more. As a financial services consultant, I realize the importance of taking time to go out to the farm and have direct contact with a customer – not just during tax season, but all throughout the year.
In 2018, New York introduced the Empire State Apprenticeship Tax Credit Program. The tax credit is available to employers in select industries who hire an apprentice to learn their business. Grey Bennis, Farm Credit East Tax Associate, talks about the details of this tax credit.
As we approach the holiday season, or tax-planning season as we like to call it, there are major tax changes that will require proactive planning with your tax professional. The tax law changes that have been in the news may seem overwhelming, but it is more important than ever to spend time optimizing tax strategies to reduce your tax liability. Here are some of the important tax planning strategies to consider.