Products & Services

Tax Planning

We are here to save you money

Long-term planning can mean significant savings when it comes time to file your returns. The tax experts at Farm Credit East are up to date with the tax laws affecting businesses like yours. Our specialists can address virtually all your business concerns and are available to you throughout the year to analyze and discuss year-to-date activities, tax saving strategies and the tax consequences of every business decision. They will work with you to ensure you are not paying more than you should and to help forecast your end-of-year tax liabilities.

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Get all the deductions you deserve

There are several ways to realize all the deductions you are entitled to, including:

Business organization. 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.

Fringe benefits. Setting up retirement plans, medical plans and other fringe benefits could mean attractive tax deductions for many businesses.

Section 105 Plans

Farm Credit East works with TASC which provides Section 105 Health Reimbursement Arrangements. These may fit certain business purposes. For more information click here.

Events and activities affecting your tax situation:

  • 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

Farm Credit East Free Tax Review (first-time customers only)

A Farm Credit East tax specialist will discuss with you all the circumstances surrounding your business and personal life, which could have an effect on your business’ tax situation.

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  • Estate Planning

    Keep your agribusiness in the family as you transition into retirement using Farm Credit East estate planning services. We can help ensure a comfortable retirement while the next generation keeps your business thriving.

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  • Tax Preparation

    Let Farm Credit East work with the IRS while you operate your agribusiness. Our experts will file your state and federal taxes and make sure you get every deduction you are entitled to keep money in your pocket!

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  • When should I call Farm Credit East?
    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.
  • Are my records confidential?
    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.
  • What is the cost?
    We charge by the number of hours needed for tax planning. The cost of our service is dependent on the complexity of your operation. Your tax specialist can give you an estimate after discussing your tax planning needs with you. If you are not happy with our service, we have a satisfaction guarantee.
  • What are my responsibilities as a customer?
    You are responsible to work 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 record-keeping needs as well.
View From The Field
“Farm Credit East helps us make the best decisions for our business.”
A smooth transition

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, N.Y. 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.

How we helped

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.

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