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
- Depreciation. Has the optimum amount been taken?
- Prepaid farm expenses, such as feed and supplies.
- Special credits, such as targeted job credit, 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, which forces farmers to unnecessarily pay self-employment tax on the income.
- 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
- 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.