Tax Planning & Prep
Tax planning is a year-round effort. Our specialists understand agriculture as well as ag taxes, so we can develop a plan to minimize the taxes you need to pay. Our tax preparers can take the burden of doing your taxes – and look for every deduction you deserve.
Let us take the worry out of tax season.
Tax Services We Offer
There are several ways to realize deduction, 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.
Agricultural businesses are subject to a variety of tax laws, deductions and requirements that may not be familiar to nonspecialized advisers and tax preparers. Using a Farm Credit East tax specialist ensures you'll receive the correct and maximum deductions and allowances while avoiding penalties for failing to meet any special requirements. Review our tax preparation requirements.
Get Started
Ready to get a head start on your taxes? We encourage you to review our requirements before submitting an inquiry. If you’re aligned with our standards and commitment to your business, contact your local Farm Credit East office to get started.
Tax Planning & Preparation FAQs
- 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.
| Product | Minimum Pricing |
| Basic 1040 tax return without a business schedule | $250, or time entered, whichever is greater |
| 1040 tax returns with business schedules (including C, E, and F) | $750, or time entered, whichever is greater |
| 1099’s | $150 for the first 10, with $15 for each additional 1099. Any accounting work to determine the list of vendors will be billed at an hourly rate |
Above pricing is subject to change. For additional tax services, such as tax planning, 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.
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.
Business customers must provide one of the following:
- A backup to their accounting software (e.g. QuickBooks or CenterPoint)
- Submit a profit and loss report or summarized financials (not check stubs, receipts or bank statements).
If you do not have this information, we’d encourage you to consider Farm Credit East’s recordkeeping services prior to pursuing our tax services.
Yes. To ensure the timely completion of tax returns, information to process 1099s must be received by January 17, with a processing cutoff date of January 31.
All other information needed to complete the tax return must be received by March 15, otherwise the return will be put on extension.
Customers who have their returns completed after April 15, will receive communication in May requesting all outstanding information required to prepare the tax return (excluding any outstanding K-1s that have yet to be received) by June 1.
- 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.