Products & Services

Tax Preparation

A Farm Credit East tax specialist can take a look at your situation and provide specific advice that will help you capture every deduction the law allows. Agricultural businesses are subject to a variety of tax laws, deductions and requirements that may not be familiar to non-specialized advisers and tax preparers. Using a Farm Credit East tax specialist ensures you’ll receive the correct deductions and allowances, while avoiding penalties for failing to meet any special requirements.

Frequently overlooked tax provisions

  1. Depreciation. Has the optimum amount been taken?
  2. Prepaid farm expenses, such as feed and supplies.
  3. Special credits, such as targeted job credit, rehabilitation credit, earned income credit and investment credit.
  4. Tax benefits that cannot be taken in one year, but can be carried over to another year (investment credit, net operating loss).
  5. The sale of assets on Schedule F. Many preparers report these sales, which forces farmers to unnecessarily pay self-employment tax on the income.
  6. The tax considerations of various business structures (partnerships, S-corporations, C-corporations).

Types of tax returns prepared by Farm Credit East

  • Individual returns
  • Sole proprietor with schedule F or C
  • Partnership
  • 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

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.

Get in Touch!

 
F.A.Q.
  • Am I eligible for Farm Credit East tax preparation services?
    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.
  • 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.
  • What happens if I get audited?
    Farm Credit East is willing to represent you in an audit. We will prepare the reports and help you navigate through the process.
  • What happens if a mistake is made?
    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.
  • What is the cost?
    We charge by the number of hours needed to file 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 return with you. If you are not happy with our service, we have a satisfaction guarantee. You tell us what the service was worth to you and pay that price.
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