Tax Planning & Prep

• 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

• 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.

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.